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Algbra

Algbra review

Algbra’s payment platform offers ethical banking for eco-concious customers.

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By

Kate Steere

&

Charlotte Berry

Updated

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The Algbra account is designed for customers looking for a sustainable and value-based digital banking experience. Completely digital, this platform is targeted towards eco-conscious and Sharia-compliant focused customers.

What is Algbra?

Algbra is an ethical fintech company where its customers can manage their money, save and spend sustainably. The UK-based banking app markets itself to eco-conscious and Shariah-compliant users.

Customers can benefit from Algbra’s value-based services, in-app analytics and spending insights.

The online platform offers free instant transfers and international transfers. Its main selling point is that it’s vowed never to hold its customers’ money in unethical industries. In addition to this, its values and ethics policy is grounded in Shariah-compliance, meaning it looks to provide an inclusive financial service that focuses on fairness and shared prosperity.

How does the Algbra business account work?

Algbra is a purely digital financial service. Customers can access its customer service 24/7 via its banking app.

After completing the quick onboarding process, customers can take advantage of in-app banking analytics and spending insights. Key features include:

  • Cashback rewards. Earn 1.5% cashback when you use Apple Pay or Google Pay. Earn 1% cashback on everyday card spending.
  • Carbon tracking. Track the carbon emissions of daily spending.
  • Support non-profits. Donate to environmental charities and projects via the banking app
  • Payments. Same-day transactions. Virtual and physical payment cards available.
  • Sustainability. Physical payment cards and packaging made from recycled materials.
  • Help. 24/7 customer support.

Is Algbra safe?

In the Algbra app, biometric identification (fingerprint or FaceID) is used to verify your identity every time you log in.

It also uses open banking technology, which makes sure that the account details you use when making a bank transfer match those of the account to which you are sending money.

The FCA (Financial Conduct Authority) regulates the payments platform as an electronic money institution. However, Algbra is not a registered bank, so your money isn’t covered by the Financial Services Compensation Scheme (FSCS).

Pros and cons of Algbra

Pros

  • Cashback rewards
  • Easy onboarding and account setup
  • In-app carbon emissions tracking tools
  • Committed to ethical banking
  • 24/7 customer support
  • Card can be used abroad
  • FCA regulated

Cons

  • Proof of UK residency required
  • Single currency (GBP)
  • No overdrafts available
  • Does not support international payments or direct debit
  • No FSCS protection

Our verdict: is an Algbra account worth it?

Algbra is specifically designed for customers looking for a value-based banking experience. The payment platform’s analytics tools track users’ carbon emissions and enables them to donate to non-profits. It aims to give its customers the reassurance that they are banking ethically and sustainably. And the best part is that it has no fees, even for using your card abroad.

The main downside with Algbra is that the account onboarding requires proof of UK residency. Potential customers who cannot provide proof will be denied an account. The other issue is that it doesn’t yet support multiple currencies, international payments or direct debit, although this is reportedly in the works.

If you’re thinking about opening an ethical or eco-conscious digital account, you can look at our green digital banking services of 2023 where we award our highest ranked sustainable UK banking services.

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