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Instant Access Cash ISA (Issue 3)

The UK's only Sharia compliant instant access cash ISA

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Product summary


Key information

  • The expected profit rate is 2.30%
  • Minimum opening balance of £50
  • Profits are not subject to UK tax
  • Applicants must reside in the UK 
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Account name Instant Access Cash ISA (Issue 3)
What is the expected profit rate?

2.30% (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

Can Al Rayan Bank change the expected profit rate?

The expected profit rate that applies to your Instant Access Cash ISA 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 be the estimated balance after 12 months? If on account opening you deposited £1,000 into your Instant Access Cash ISA and made no further deposits or withdrawals, the estimated balance on the first anniversary of your account opening would be £1,023.24.

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?

There is a limit to the amount you can invest in an ISA in any tax year; this is referred to as the annual ISA allowance*. The annual ISA allowance is now £20,000 and the whole amount can be invested in a cash ISA.

*This is our current understanding of the annual ISA allowance.

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 from another account in your name
  • Send your cheque to Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ with your account number written on the back

Please note that you can only pay into one new cash ISA in each tax year. A tax year runs from April 6th of one year to April 5th of the next. You cannot carry over any unused ISA allowance.

If you have a cash ISA or a stocks and shares ISA with other providers, you can transfer either partial or full balances** into an Instant Access or Fixed Term Cash ISA with Al Rayan Bank. You will need to complete and sign a transfer form, and send this to us at the above address. You can obtain a transfer form in any of the following ways:

  • By downloading a copy from our website at
  • By calling us

** Under HM Revenue & Customs ISA regulations, only whole transfers of current tax year subscriptions (including profit) can be accepted.

Linked account

If you try to deposit more than the annual ISA allowance into your new Instant Access Cash ISA in any tax year, we will place the excess into a linked account nominated by yourself.

If you asked us to open an On Demand Savings account to act as your linked account, you will receive a welcome pack in relation to this account under separate cover.

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:

  • Through Mobile Banking (if you haven't already, you'll need to register. Visit to download the app)
  • 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

It is important to remember that money you pay into, and then withdraw from an Al Rayan Bank ISA, still counts towards your annual ISA allowance. For example, if you put £20,000 into your ISA and then withdrew £500, you would not be able to pay any more money into your ISA or replace the £500 before the end of the tax year.

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.

Application forms

Terms and conditions

Terms and Conditions

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.

Instant Access - How much can I save?

Use our Savings Calculator to find out how your savings might grow in the future, or to help calculate how you can meet your savings goal based on monthly deposits.




Your eligible deposits held by a UK establishment of Al Rayan Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.  

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