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

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.