Earn profit on your savings and have access 24/7.
- Applicants must be over 16
- Minimum deposit requirement of £2,500
- 120 days notice required on withdrawals
- Profit paid monthly
- Applicants must reside in the UK or non-EU countries
120 Day Notice Account
What is the expected profit rate?
2.40% (gross per annum)
Your profit is calculated daily and will be paid to your account on the last working day of each month.
To see the expected profit rate that applies to this account at any time and to view our complete range of savings accounts with applicable expected profit rates, please visit alrayanbank.co.uk/compare
Can Al Rayan Bank change the expected profit rate?
The expected profit rate on the account is variable. This means that the expected profit rate can go up or down.
If we need to tell you about a reduction in expected profit rate, we will usually contact you by email if we hold your email address, or we will write to you by post. We will give you at least 30 days’ notice so you can consider your options before the change takes effect.
Any increase in expected profit rate will be applied to your account immediately without prior notice. We may not notify you about an increase in expected profit rate.
What would the estimated balance be after 12 months based on a £2,500 deposit?
If on account opening you deposited £2,500 into your 120 Day Notice Account the estimated balance on your account after 12 months would be £2,560.66
This is for illustrative purposes only and does not take into account your individual circumstances.
How do I open and manage my account?
To open this account you must be at least 16 years of age and have the minimum deposit required, which for this account is £2,500. The maximum balance limit is £1,000,000.
You can make any number of deposits into this account.
You can open this account:
How to fund your account:
You can fund your 120 Day Notice account by direct account transfer, you will need to make a note of the following:
Please note: You can only fund your account via a direct account transfer from an account in your name. Al Rayan Bank doesn't accept third party transfers.
Please pay your deposit using the following information:
You can manage this account:
Can I withdraw money?
As long as there are sufficient funds in your account, you can make any number of withdrawals for any amount. However, you must give us 120 days’ notice of your intention to withdraw funds.
You will not be able to withdraw any of your funds, or close your account without providing us with 120 days’ notice,
Terms and conditions
For your own benefit and protection, you should carefully read the following important leaflets before you complete the application:
The following information leaflets should also be read:
- Notice account product information
- Proof of identity
- Personal banking
- Personal Banking Tariff List
- Financial Services Compensation Scheme (FSCS)
To view PDFs you need the Adobe Acrobat Reader. This program is available free of charge from the Adobe website. Al Rayan Bank is not responsible for the content of external websites.
Profit not interest
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, which we then share with you.
More savings accounts and information
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A guide to expected profit
Learn why Islamic banks pay profit rather than interest.
Fixed term savings
Earn a higher level of profit on your savings with a Fixed Term Deposit.