Everyday Saver (Issue 2)
Instant access to your money when you need it.
If you're looking for flexibility, but still need instant access to your savings and a good expected rate of return, our new Everyday Saver could be for you.
*Gross p.a. Terms & conditions apply.
Features and benefits
- Expected profit rate of 0.70% (gross p.a.)
- Minimum opening balance £500
- Maximum opening balance £250,000
- No notice required to make a withdrawal from your savings
- No limit to the number of withdrawals you can make in any month - subject to there being sufficient funds in your account
- Profits are calculated and paid on the last working day of every month, based on the daily closing balance you maintained in your account for that month
- Deposits may be made via a direct account transfer or a cheque from an account in your name
- Your money is invested ethically. We invest only in Sharia compliant goods and services and, for example, do not invest in alcohol or tobacco companies
- Automatic access to your account via our automated telephone banking service 24/7 or online
Please note: Al Rayan Bank has withdrawn its fax and email payment service. Active users of this service will be contacted in due course.
Funding your account
You can fund your savings account either by direct account transfer or a cheque from an account in your name. Whichever method you choose, you will need to make a note of the following:
- Your account number, which is a unique eight-digit number.
- Your reference number, which is a unique six-digit number preceded by the letters ‘LIB’
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:
- Account name: the name of the account holder
- Sort code: 30-00-83
- Account number: ********
- Reference Number: LIB******
Funding your account by cheque
If you’d like to pay in a cheque by post, please make your cheque payable to yourself, clearly writing your account number and reference number on the back of your cheque. You can post it to Al Rayan Bank, PO Box 12461, Birmingham, B16 6AQ. You can also deposit a cheque in person at one our branches.
Please note we can only accept payments from an account in your name.
Forms and other information
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
- 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.
|Account name||Everyday Saver|
|What is the expected profit rate?||
0.70% (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 Everyday Saver 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||
If on account opening you deposited £1,000 into your Everyday Saver and made no further deposits or withdrawals, the estimated balance on the first anniversary of your account opening would be £1007.02.
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, over the phone, at a branch or by post. The minimum deposit required for this account is £500. 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 Mobile Banking app enables you to:
To download the app click here
|Can I withdraw money?||
No notice is required to make a withdrawal from your Everyday saver account, and there is no limit to the number of withdrawals you can make in any month - subject to there being sufficient funds in your account.
You can withdraw your funds in any of the following ways:
|Contact us||If you need to contact us for any 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.|