Young Person's Notice Savings Account
Start them saving the right way, and earn a higher level of profit.
The Young Person's Notice Savings Account will be opened in the child's name with the parent/guardian acting as a trustee to the account. When the child reaches 14 years of age, they may have access to withdraw funds from their account, subject to special conditions.
Our Young Person's accounts are Sharia compliant allowing you to profit from your savings and stay true to your faith.
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
- An expected profit rate of 1.30% with 90 Days' notice required for withdrawals
- 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.
Managing your account
Making a deposit
You can make a deposit into your Young Person's Notice Savings Account by:
- Making an online transfer from another account or by money transfer
- Sending a cheque by post to our Operational Headquarters at the following address:
Al Rayan Bank PLC,
PO Box 12461,
Making a withdrawal
You may make withdrawals from your Young Person's Notice Savings Account in the following ways by:
- Making an online transfer request
- Writing to us at our Operational Headquarters address requesting a withdrawal
- Calling our Customer Services team to submit a request
- Submitting a withdrawal request form in of our branches
|Account name||Young Persons' Notice Savings Account|
|What is the expected profit rate?||
1.30% (gross per annum)
Your profit is calculated and paid to your nominated account on a quarterly basis.
|Can Al Rayan Bank change the expected profit rate?||
The expected profit rate that applies to your Notice Account is variable. This means that the expected profit rate can change at any time.
|What would be the estimated balance after 12 months||If on account opening you deposited £1,000 into your Notice Account and made no further deposits or withdrawals, the estimated balance on the first anniversary of your account opening would be £1,013.00.
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 is no change to the expected profit rate throughout the period of this illustration.
|How to make a deposit||
This account has no minimum deposit requirement, and has no maximum account balance. You can deposit as much as you like, whenever you like.
|How to make a withdrawal||
Your Notice Account requires you to provide Al Rayan Bank with 90 days’ notice before you can withdraw some, or all of your funds. You cannot access your funds until the notice period has elapsed.
You can apply your notice to withdraw your funds in any of the following ways:
|How to manage your account online||
Our secure online banking portal enables you to:
To register, please download an application form at alrayanbank.co.uk or call us on the number below.
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.|
Young Person's Notice Savings Account case study
Meet Maryam and Farook, who have just celebrated the birth of their first child, a beautiful baby girl who they have named Almas.