Nominated Accounts

Important update for Al Rayan Bank savings customers

We have introduced a new feature to enhance the security and convenience of your savings accounts with Al Rayan Bank. 

You need to nominate a single account to which external payments and transfers are made. 

If you have already set up your nominated account, we appreciate your prompt action. If not, please do so through the Digital Banking Application or by speaking to us.

How to send us your nominated account information

If you are registered for Digital Banking, you can provide your nominated account information by logging into the Mobile Banking app or Desktop Portal and following these easy steps: 

• Go to the main menu, which is in the top left corner of the Mobile Banking App or bottom left corner of the Desktop Portal
• Choose “Manage Payees” from the menu options.
• If you already have a payee set up to an account where you are listed as an account holder, you can select this as your nominated account. Or you can create a new payee in your own name. We recommend that you select a Current Account as your nominated account.
• Select either the new payee you have created in your name, or the existing payee in your name, from the list and click on the pencil icon next to the payee’s details to edit.
• Review the displayed information, including the payee name, sort code, account number, payee reference, and payer reference.
• Below the payee details, you’ll see a tick box.
• Check this box to designate the selected payee as your Nominated Account.

If you are not registered for Digital Banking, click here to find out how to.  

Alternatively you call us to supply your nominated account details.

What’s changed:

• A nominated account is a bank or building society account where you can receive payments.  Nominated accounts help reduce the risk of criminals accessing your account and diverting funds to their own accounts. Payments can only be made to the nominated bank account details you have provided to us.
• Your nominated account can be with any UK bank or building society, as long as you are listed as an account holder.
• Savings accounts without a nominated account continue to earn profit, receive statements, and accept deposits from external accounts. However, you will not be able to make payments to other accounts until the nominated account details are provided.
• Direct Debits or standing orders are no longer allowed on savings accounts. Please make any necessary changes to any Direct Debits or standing orders associated with your savings accounts before this date.

What’s not changed:

• In-bound payments to your savings accounts are not affected by this change.
• Transfers between your own Al Rayan Bank accounts are not affected by this change.
• This change does not impact any Current Account or finance product you have with Al Rayan Bank.

Joint accounts:

• In most joint savings accounts, each account holder will require their own nominated account details. However, if your joint savings account is a Fixed Term Deposit, the nominated account information of the primary account holder will be used for all account holders.