Everyday Saver (Issue 2)

Instant access to your money when you need it.

1.00%*Expected profit rate

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.

  • Everyday Saver (Issue 2) has replaced Everyday Saver (Issue 1), which was withdrawn on 2 October 2019.
  • For customers with an Everyday Saver (Issue 1) account, the previous expected profit rate (1.60%) still applies.
  • For customers who began an application for Everyday Saver (issue 1) before it was withdrawn, the previous expected profit rate will be honoured. Customers have until 31 October to complete their application.

*Gross p.a. Terms & conditions apply.

Features and benefits

  • Expected profit rate of 1.00% (gross p.a.)
  • Minimum balance £500
  • Maximum 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

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

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 Everyday Saver
What is the expected profit rate?

1.00% (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 £1010.00.

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:

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

To download the app click here

Can I withdraw money?

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 alrayanbank.co.uk/mobile-banking to download the app)  
  • Call 0800 4086 407
  • By visiting one of our branches, or
  • 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
Contact us If you need to contact us for any 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 Mobile Banking app
  • 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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