Algbra
Last Rated in Mar 2025
Algbra has been operating since 2022, offering a finance app and mastercard debit card. Besides not investing in fossil fuels, their main environmental offerings are a personal carbon footprint tracking app and a concerted effort to reduce their operational emissions. They’re not ideal for storing larger sums of money because they’re not registered with the Financial Services Compensation Scheme, so they don’t provide the highest level of insurance for your money. However, we think that Algbra would be great for budgeting smaller sums of money, since their handy app and 1-1.5% cashback is great for day-to-day purchases. We also love that they give 10% of their profits to community organisations.
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Key Facts
Type: Financial App
Mobile Banking: Yes
Environmental Policy: No
Founded: 2020
Serving: Consumers
Local Branches: No
Products
Checking Accounts: Yes
Savings Accounts: No
Credit Cards: No
Mortgages or Loans: No
Business Lending: No
ISAs: No
Fees
Overdraft Fee: No
Account Maintenance Fee: Yes
Free ATM Network: Yes
Impact
• Algbra donates 10% of their profits to community projects. A recent recipient is “The Patchwork Foundation” which supports young people from underrepresented communities to get involved with politics.
• They don’t report about any specifically climate-related work that their community projects are doing, but we’ll be sure to update if we hear more!
• Algbra helps its customers to monitor purchase-associated greenhouse gas emissions. This can be useful to understand where your biggest personal emissions are, but the overall the merit of personal carbon footprint calculations is debatable.
• If you want to offset unavoidable emissions, Algbra offers a variety of options. These cover a range of projects and most are certified by the UNFCCC, Verra, or the Gold Standard.
Security
• Money stored with Algbra is not covered by the Financial Services Compensation Scheme, however they do comply with legal regulations which require that customer money is held in a “safeguard” account. Algbra use ClearBank for this, who they say have signed up to their comprehensive Values & Ethics Policy. The aim of this is to keep customer money safe in case Algbra would become insolvent.
• Although you can go for the traditional password approach, Algbra also offers fingerprint and FaceID login options to verify identity. Trustpilot reviewers say this is very handy when you’d like to avoid learning yet another password.
Service
• Algbra offers an in-app customer service chat and email for issues that arise.
• The debit card can be easily frozen within the app, but this does rely on the app still being accessible (which would be an issue if you lost your phone and card simultaneously).
• Some reviews on Trustpilot report longer than expected wait times for payments to become available and limited response from customer service on the weekends.
• They do not have an explicit complaints resolution process.
Accessibility
• Algbra offers a card and app (no online banking or physical branches). The card is accepted by any establishment that accepts Mastercard.
• With an Algbra account, you can get 1.5% cashback whenever you spend on Apple Pay or Google Pay. When using the debit card, you can get 1% cashback on every payment.
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