United Kingdom
activeHalal bankingNeobank
- HQ
- London
- Fee
- Freemium / subscription SKUs — confirm live
Algbra
UK ethical / Sharia-screened EMI. FCA FRN 952360. Not FSCS.
Tap a star to jump to reviews
6.5Mixed
AlternativesFive questions
At a glance
Is it a bank?
No. Algbra is not a bank. Your money sits with Algbra FS UK Limited (EMI). Mastercard principal issuer from 2025..
If it fails?
Safeguarded e-money, not FSCS. Algbra’s own copy says the scheme covers banks, not EMIs.
Salary?
Not listed. An IBAN or sort code is not automatically a salary account.
Open from abroad?
Residency and KYC are gated. An App Store listing is not proof you can onboard.
Monthly fee
Confirm live ethical-account tariff
Account number
No IBAN-class local rail on this file.
NeoBankDB Verdict
Licence first · score second
6.5
/10 · Mixed
Algbra is an EMI. FSCS stays with Starling and Monzo. Use this for screened spend, not rent. The 2025 Mastercard principal-issuer step is a card fact, not a bank licence.
What it is
Algbra FS UK Limited, 22 Upper Brook Street, London. FCA FRN 952360 under the Electronic Money Regulations 2011. UK residents. Ethical / Sharia-screened positioning. They say they are not a bank. This desk agrees.
Best for: UK residents who want a screened spend account and will keep salary at Starling or Monzo.
Last checked 2026-08-28. Not advice.
What it does well
- +FCA EMI named
- +Honest ‘not a bank’ legal
- +Halal/ESG is the product
- +Principal Mastercard
What to watch
- −Not FSCS
- −UK-only
- −Not a salary bank
- −Small
Who holds the money
The account
- Platforms
- iOS · Android
- Account types
- UK EMI spend / ethical account
- Partner bank
- Algbra FS UK Limited (EMI, FRN 952360)
- Minimum balance
- £0
- Lowest monthly fee
- Confirm live tariff
- Who can open
- UK residents
- Availability
- United Kingdom
How money actually moves
- Who holds the cash
- E-money / stored-value — not a bank deposit
- How money moves
- Faster Payments
- Built for
- Personal · Halal
- Settlement
- App-ledger instant; bank rails per corridor
- Freeze risk
- Fintech reviews can pause inbound while they check a transfer
- Card
- Algbra lists a physical card and a virtual card on mastercard, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
Licence first
Safety
Safeguarded e-money, not FSCS. Algbra’s own copy says the scheme covers banks, not EMIs.
Who holds the money: Algbra FS UK Limited (EMI). Mastercard principal issuer from 2025.
- FCAAuthorised EMI — Algbra FS UK Limited, FRN 952360 · United Kingdom
Fees
- Monthly
- Confirm live ethical-account tariff
- FX markup
- Transparent-fee pitch — still a spread
- ATM
- Card schedule
Features
- –IBAN
- –Fee-free core
- –Multi-currency
- ✓Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- –Business
- –Kids
- ✓Halal
- UK EMI account
- Sharia-screened / ESG positioning
- Mastercard (principal issuer 2025)
- UK residents
- B Corp story
Score
- Safety25%
- 6.2
- Fees20%
- 7.0
- Features15%
- 7.4
- App15%
- 7.6
- Global15%
- 4.2
- Support10%
- 7.0
Change log
Full logLicence
FCA EMI FRN 952360; Mastercard principal issuer later in 2025
UK residents. Safeguarded e-money, not FSCS. Ethical / Sharia-screened spend, not a salary bank.
Available in
Straight answers
FAQ
01Is Algbra a bank?
Algbra is not a licensed deposit-taker in the classic sense. Money, if any, sits with Algbra FS UK Limited (EMI). Mastercard principal issuer from 2025..
02How is money protected?
Safeguarded e-money, not FSCS. Algbra’s own copy says the scheme covers banks, not EMIs.
03Where is Algbra available?
We list 1 market on NeoBankDB. Residency and onboarding rules still sit with Algbra.
04Card and wallets?
Algbra lists a physical card and a virtual card on mastercard, plus Apple Pay and Google Pay. Confirm the live product in the app — a card is not a current account.
05Can I open Algbra remotely?
Residency and KYC are gated. An App Store listing is not proof you can onboard from your country.
Ratings and reviews
No published user reviews yet. The NeoBankDB score still comes from licence, fees, and the product — not from an empty star average.
Alternatives
activeFeaturedHalal bankingBroker
- HQ
- New York
- Fee
- AUM fee on portfolios (live rate on site)
activeFeaturedNeobank
- HQ
- London
- Fee
- Free