Algbra review

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).

Algbra customer reviews

Algbra is highly rated on review site Trustpilot, with a score of 4.1 out of 5 from more than 200 reviews (updated January 2024). This gives it a “Great” rating.

Reviewers mentioned the “kind and friendly team members”, as well as the “excellent app” and “great cashback”. Others have also commented on its ethical stance. Those who didn’t rate Algbra as highly have mentioned difficulties with payments and having accounts closed.

There are currently no Algbra reviews on Google Play or the App Store.

Frequently asked questions

• What makes Algbra different from other digital banks?

  Algbra is committed to ethical banking. It donates and supports various environmental charities and projects. Algbra also provides its customers with tools to do the same on its app. For example, its carbon emissions tracker tool.

• What is value-based finance?

  Value-based finance is all about managing how you spend money to be more ethical. For example, not investing in corporations that emit a lot of fossil fuels. Algbra tracks your carbon emissions and houses your money in ethical industries. This makes your finances safer for the environment and society.

• How does Algbra track carbon emissions?

  Algbra combines data gathered from transactions, merchants and businesses and uses an algorithm to estimate the carbon footprint of every payment.