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
- 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
- Deposits must be made via a direct account transfer or a cheque from an account in the child's or the guardian's name
- Customers have the right to cancel their account without charge and without giving any reason, within fourteen calendar days from either the day of opening the account.
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.
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 into your account on a monthly 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 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?||
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:
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
|Your right to cancel||Customers have the right to cancel their account without charge and without giving any reason, within fourteen calendar days from either the day of opening the account.|
|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 & other information
If you wish to transfer an existing Young Person's Savings Account to our Young Person's Notice Savings Account:
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:
- Young person's savings accounts
- Proof of identity
- Personal banking
- Tariff list for 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.