We have been Highly Commended as the Best Bank Saving Provider.
- Applicants must be over 16
- Minimum deposit requirement of £5,000
- Profit paid monthly
- This account is online only
- One account per customer
- Applicants must reside in the UK or non-EU countries
Everyday Saver (Issue 3)
What is the expected profit rate?
4.00% (gross per annum)
Your profit is calculated and credited to your account on the last working day of each calendar 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 that applies to your Everyday Saver (Issue 3) is variable. This means that it 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.
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 £5,000 deposit?
If on account opening you deposited £5,000 into your Everyday Saver (Issue 3) and made no further deposits or withdrawals, the estimated balance on the first anniversary of your account opening would be £5,203.71.
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 was no change to the expected profit rate throughout the period of this illustration.
How do I open and manage my account?
You can open and manage your account online. The minimum deposit required for this account is £5,000. The maximum deposit required for this account is £1,000,000.
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.
Our secure Digital Banking app enables you to:
To download the app click here
Funding your account
This is an online account. You can fund your savings account by direct account transfer from an account in your name. You will need to make a note of the following:
You’ll find your account number and reference number in your Welcome Letter, which you will receive a few days after opening your account, and on the ‘Next Steps’ and ‘Final Stage’ screens of an online application.
Funding your account by transfer
Please pay your deposit using the following information:
Can I withdraw money?
You can withdraw money as often as you like, subject to daily maximum withdrawal limits.
You can withdraw your funds in any of the following ways:
If you need to contact us for any reason you can
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.
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:
- Fee Information Document
- Instant access savings
- 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.