Young Person's Savings Account

Start them saving the right way, with instant access.

0.10%*Expected profit rate

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 
  • Anyone can pay money into the account at a branch, by telephone, by post or by setting up regular payments from their own bank
  • 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

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 On Demand 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 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 On Demand Savings Accountand 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 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
  • Take your cash or cheque to one of our branches or a branch of Lloyds Bank plc (you will need to use the Young Persons Savings account paying-in book)
  • 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

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:

  • 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) 
  • 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
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 or call us on 0800 408 6407

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 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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