Young Person's Savings Account
Start them saving the right way, with instant access.
The Young Person's Instant Access Savings Account will be opened in the child's name with a parent/guardian acting as a trustee to the account; savings can be accessed by the parent or guardian at any time.
When the child reaches 14, they may have access to withdraw funds from their account, subject to special conditions.
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
- Earn an expected profit rate of 0.10% (gross p.a.)
- Instant access to the money in the account
- A low minimum opening balance of £20 with no minimum for additional savings
- Deposits may be made via a direct account transfer or a cheque from an account in the child's or the guardian's name
- Have profit from your Al Rayan Bank account transferred into your child's account
- No minimum age - you, your family and friends can start saving for your child as soon as they are born, up to the age of 16 years
- Tax efficient way to save. Profits may be paid gross, if the child is eligible.
- Parent or guardian will authorise all withdrawals until the child is 14, subject to special conditions
- On the young person's 14th birthday the parent or guardian can approve access for the young person to make withdrawals from the account
- Your money is invested ethically. We only invest in sharia compliant goods and services
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 & 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
- Young person's savings accounts
- 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||Young Person's Savings Account|
|What is the expected profit rate?||
0.10% (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 Young Person's 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?||
If on account opening you deposited £1,000 into your Young Person's Savings Account and made no further deposits or withdrawals, the estimated balance on the first anniversary of your account opening would be £1001.00.
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?||
The minimum deposit required for this account is £20. You can only fund your account via a direct account transfer or a cheque from an account in the child's or the guadian's name. Al Rayan Bank doesn't accept third party transfers.
You can make a deposit in any of the following ways:
Our secure Mobile Banking app enables you to:
To download the app click here
|Can I withdraw money?||
Withdrawals can only be made by the Parent or Guardian on this account. When the Young Person reaches the age of 14 years or is 14 years of age when opening the account, they may be given access to make withdrawals on the account, subject to a signed 'conditional access letter' being completed and returned. Funds can be withdrawn 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.|