Direct Savings Account

Earn a higher level of profit through online / postal savings.

0.15%*Expected profit rate

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

Application forms

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.

 

Summary box

Summary box  
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.

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.

What would be the estimated balance after 12 months based on a £1,000 deposit?

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:

  • Transfer funds or set up a standing order from another account
  • Send a cheque to Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ with your account number written on the back
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:

  • Visit alrayanbank.co.uk and log in to online banking – if you haven’t already, you’ll need to register for online access to your account 
  • 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
How to manage your account online

Our secure online banking portal enables you to:

  • View account statements and transactions
  • Move money between accounts, and
  • Apply for withdrawal requests

To register, please download an application form at alrayanbank.co.uk or call us on the number below.

Contact us

Whilst you can only operate your account online or through the post, if you need to contact us for any other reason you can:

  • Call us on 0800 4086 407 from Monday to Friday, 9am to 7pm or on Saturday, from 9am to 1pm
  • Send us a secure message through our online banking portal
  • Visit one of our branches

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.

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