Charities’ Notice Savings Account

This account provides a competitive expected profit rate and penalty free, instant access to up to 20% of funds.

1.40%*Expected profit rate

The Al Rayan Bank Charities’ Notice Savings Account is designed for UK based charities, masjids and not-for-profit organisations looking for a great return on their savings, with the opportunity to access some of their funds instantly in an emergency.

The account pays a higher rate of profit than our instant access savings accounts, and offers you the flexibility of withdrawing lump sums without giving notice or losing profit.

Generally, to access your savings you will need to give us 100 days’ notice to withdraw your funds.

However, if you need instant access to up to 20% of your outstanding balance, then within a 12-month period you can either make one withdrawal of 20% of the account balance at that time, or two separate withdrawals, the sum of which can add up to 20% of the balances at those times (e.g. 5% of the balance at one time and 15% of the balance at another).

So as well as earning a great expected rate of return, you will also have the comfort of knowing that if you ever need to have immediate access to a proportion of your funds in an emergency, you will be able to do so.

This notice account is operated under the Islamic finance principle of Wakala, which is an agency agreement for investment. We will work as your agent, closely monitoring your investment and endeavouring to achieve an expected profit rate.

*Gross p.a.  Terms & conditions apply.

Features & benefits

  • Sharia compliant return on your organisation's savings
  • Expected profit rate of 1.40% (gross p.a.)
  • If you need instant access to up to 20% of the charity's outstanding balance, then within a 12-month period you can either make one penalty free, instant withdrawal of 20% of the account balance at that time or two separate withdrawals, the sum of which can be up to 20% of the balances at those times (e.g. 5% and 15%), otherwise give 100 days' notice if you wish to make a withdrawal, and your funds will be available online, through the post or via one of our branches
  • The 12 month period starts on the day your account is opened, and renews on the anniversary of the account opening.
  • Minimum opening balance of £50,000
  • Maximum balance of £20m
  • Only available to UK-based charities, masjids and not-for-profit organisations
  • Only one per organisation
  • Unused notice-free withdrawals cannot be carried forward into next year
  • If balance falls below £50,000, the right to notice-free withdrawals is lost
  • You can manage this account by telephone, post or by visiting a branch
  • Deposits may be made via a direct account transfer or a cheque from an account in your name; Al Rayan Bank doesn't accept third-party transfers

Managing your account

Making a deposit

You can make a deposit into your Charities' 100 Day Notice Account in a number of ways:

  • Online transfer from another account or by money transfer
  • Send a cheque by post to our Operational Headquarters at the following address

Al Rayan Bank PLC,
PO Box 12461,
Birmingham,
B16 6AQ

  • Deposit cash or cheques at one of our branches
  • Set up a standing order from another account to make regular payments into your Charities' 100 Day Notice Account

Making a withdrawal

You may make withdrawals from your Charities' 100 Day Notice Account in the following ways:

  • Online transfer request
  • Write to us at our Operational Headquarters address requesting a withdrawal
  • Call our Customer Services team to submit a request
  • Submit a withdrawal request form in one of our branches

How to apply

To apply for a Charities’ Notice Savings Account you must be:

  • A UK based charity, masjid or a not-for-profit organisation
  • Able to make the minimum deposit required for the account (one account per organisation)

You can apply for our Charities’ Notice Savings Account in one of the
following ways:

  • Call our Customer Services team on 0800 4083 084, Monday to Friday, between 9am and 7pm and on Saturdays, between 9am and 1pm.
  • By post or at one of our branches
  • Visit our website where you can download, print and complete an application form, and send it along with the required proof of identity to:

Al Rayan Bank PLC
PO Box 12461
Birmingham
B16 6AQ

Or return it to your local branch.

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Forms & other information

Application forms

Existing customers

Terms and conditions

For your own benefit and protection, you should carefully read the following important leaflets before you complete the application:

Further information

The following information leaflets should also be read:

To view PDFs you need the Adobe Acrobat Reader. This program is available free of charge from the Adobe websiteAl Rayan Bank is not responsible for the content of external websites.

Summary box

Summary box  
Account name 100 Day Charities' Notice Savings Account
What is the expected profit rate?

1.40% (gross per annum)

Your profit is calculated and paid to your nominated account on a monthly basis.

Can Al Rayan Bank change the expected profit rate?

The expected profit rate that applies to your Notice Account is variable. This means that the expected profit rate can change at any time. 

If Al Rayan Bank changes the expected profit rate on your account, we will write to you providing you with enough notice to consider your options before the change takes effect.

What would be the estimated balance after 12 months If on account opening you deposited £1,000 into your Notice Account and made no further deposits or withdrawals, the estimated balance on the first anniversary of your account opening would be £1,014.09.

This is for illustrative purposes only and does not take into account your individual circumstances. This illustration assumes that your account was opened on the first day of the month and there is no change to the expected profit rate throughout the period of this illustration. 

How to make a deposit?

The minimum deposit required for this account is £50,000. You can only fund your account via a direct account transfer or a cheque from an account in your name. Al Rayan Bank doesn't accept third party transfers.

You can make a deposit in any of the following ways:

  • Transfer funds or set up a standing order from another account in your name
  • Take your cheque to one of our branches, or send it to Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ with your account number written on the back
How to make a withdrawal

If you need instant access to up to 20% of the charity's outstanding balance, then within a 12-month period you can either make one penalty free, instant withdrawal of 20% of the account balance at that time or two separate withdrawals, the sum of which can be up to 20% of the balances at those times (e.g. 5% and 15%). The 12 month period starts on the day your account is opened, and renews on the anniversary of the account opening.

You Notice Account requires you to provide Al Rayan Bank with 100 days’ notice before you can withdraw some, or all of your funds.

You can apply your notice to withdraw your funds in any of the following ways:

  • Log in to online banking (if you haven’t already, you’ll need to register for online access to your account)
  • By visiting one of our branches
  • Writing to us at Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ giving us instructions to make a payment to a nominated account
  • Calling us on 0800 4086 407
How to manage your account online

Our secure online banking portal enables you to:

  • View account statements and transactions
  • Move money between accounts, and
  • Apply for withdrawal requests

To register, please download an application form at alrayanbank.co.uk or call us on the number below.

Contact us

If you need to contact us for any reason you can:

  • Call us on 0800 4086 407 from Monday to Friday, 9am to 7pm or on Saturday, from 9am to 1pm
  • Send us a secure message through our online banking portal
  • Visit one of our branches

Write to us at Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ

Additional information As an Islamic Bank, we do not offer you interest on your funds, instead, we undertake Sharia compliant activities with the intention of generating profit.