Instant Access Cash ISA

The UK's only Sharia compliant instant access cash ISA. Earn profits tax free with instant access to your funds.

1.22%*Expected profit rate

Our Instant Access Cash ISA gives you access to your money whenever you need it whilst allowing you to generate a tax free return. You can deposit and withdraw funds online, through the post or at one of our branches. You can also transfer existing ISA balances into your Al Rayan Instant Access Cash ISA

There is a limit to the amount that you can pay into a cash ISA in any one tax year, and you can only open one new cash ISA in any one tax year.

Our Instant Access Cash ISA is operated under the Islamic finance principle of Wakala, which is an agency agreement for investment, where we work as your agent to achieve an expected (or target) profit rate.

*Gross p.a. Terms and conditions apply.

Features and benefits

Features and benefits

  • Minimum opening balance of £50
  • Sharia compliant return on your savings
  • Profits are not subject to UK tax
  • Pay money into your account online, by telephone, by post* or at a branch
  • Transfer existing ISA balances into your Al Rayan Bank Instant Access Cash ISA
  • Flexibility to make additional deposits with no minimum amount, up to your annual cash ISA allowance.
  • Instant access to your money online or through our telephone banking service*
  • Access to your funds through the post or in a branch

*Cheques only

Summary box

Summary box  
Account name Instant Access Cash ISA
What is the expected profit rate?

1.22% (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 Instant Access Cash ISA 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 Instant Access Cash ISA and made no further deposits or withdrawals, the estimated balance on the first anniversary of your account opening would be 1,012.27.

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?

There is a limit to the amount you can invest in an ISA in any tax year; this is referred to as the annual ISA allowance*. The annual ISA allowance is now £20,000 and the whole amount can be invested in a cash ISA.

*This is our current understanding of the annual ISA allowance.

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.
  • Send a cheque to Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ with your account number written on the back

Please note that you can only pay into one new cash ISA in each tax year. A tax year runs from April 6th of one year to April 5th of the next. You cannot carry over any unused ISA allowance.

If you have cash ISA or a stocks and shares ISA with other providers, you can transfer either partial or full balances** into Instant Access Cash ISA. You will need to complete and sign a transfer form, and send this to us at the above address. You can obtain a transfer form in any of the following ways:

  • By downloading a copy from our website at
  • By calling us on 0800 4086 407
  • By visiting one of our branches

** Under HM Revenue & Customs ISA regulations, only whole transfers of current tax year subscriptions (including profit) can be accepted.

Linked account

If you try to deposit more than the annual ISA allowance into your new Instant Access Cash ISA in any tax year, we will place the excess into a linked account nominated by yourself.

If you asked us to open an On Demand Savings account to act as your linked account, you will receive a welcome pack in relation to this account under separate cover.

Can I withdraw money?

You can withdraw your funds in any of the following ways:

  • Visit and log in to online banking (if you haven’t already, you’ll need to register for online access to your account)
  • 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

It is important to remember that money you pay into, and then withdraw from an Al Rayan Bank ISA, still counts towards your annual ISA allowance. For example, if you put £15,240 into your ISA and then withdrew £500, you would not be able to pay any more money into your ISA or replace the £500 before the end of the tax year.

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.

Forms and leaflets

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: 

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