Direct Savings Account
Earn a higher level of profit through online / postal savings.
If you prefer to handle your finance online or over the phone and don't have the need to visit a branch, but still need instant access to your savings and a good rate of return, this could be the solution.
Our Direct Savings account has been designed to provide you with easy online access as well as a higher rate of profit than our On Demand Savings Account.
All of Al Rayan Bank's products and services are endorsed by our Sharia Supervisory Committee, you can view the Certificate of endorsement for this account by following this link.
*Gross p.a. Terms & conditions apply.
Features & benefits
- Expected profit rate of 0.15% (gross p.a.)
- Profit paid monthly
- Approved by our Sharia Supervisory Committee, you can be sure that your savings earn a Sharia compliant return
- Simple and convenient to operate either online, 24 hours a day, or through the post
- No cash withdrawals are allowed
- You must maintain a minimum balance of £1,000 in accordance with the Terms and Conditions of this account.
Forms & other information
- New customer savings application form
- Existing customer savings application form
- Tax self-certification forms
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:
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.
|Account name||Direct Savings Account|
|What is the expected profit rate?||
0.15% (gross per annum)
Your profit is calculated and credited to your account on the last working day of each calendar month.
|Can Al Rayan Bank change the expected profit rate?||
The expected profit rate that applies to your Direct Savings Account is variable. This means that it can change at any time.
|What would be the estimated balance after 12 months?||
If on account opening you deposited £1,000 into your Direct Savings Accountand made no further deposits or withdrawals, the estimated balance on the first anniversary of your account opening would be £1,001.50.
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||
Once your account is open, you can deposit as much as you like, whenever you like. You can make a deposit in any of the following ways:
|How to make a withdrawal||
As long as you maintain a minimum balance in your account of £1,000, you can withdraw your funds in any of the following ways:
|How to manage your account online||
Our secure online banking portal enables you to:
To register, please download an application form at alrayanbank.co.uk or call us on the number below.
Whilst you can only operate your account online or through the post, if you need to contact us for any other reason you can:
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, which we then share with you.|