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
  • 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

Please note: Al Rayan Bank has withdrawn its fax and email payment service.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 & 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 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:

  • Transfer funds or set up a standing order from another account in your name
  • Take your cheque to one of our branches, or send it to Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ with your account number written on the back

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?

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:

  • Through Mobile Banking (if you haven't already, you'll need to register. Visit 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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