Which Sharia compliant savings account could be for you?

Savings - 650 X 300

All savings accounts at Al Rayan Bank offer profit, not interest. Your deposit is invested into Sharia compliant and ethical trading activities, with the intention of generating a profit, which is then shared with you.

The range of ethical savings products that Al Rayan Bank offers includes instant access accounts, notice accounts and fixed term accounts.

FIXED TERM DEPOSITS
Highest profits but no access to money until the end of the agreed term

Key Facts:
For: Savers who are able to lock their money away over a longer term, which is agreed at the outset
Benefits: Earn the highest level of profit

What you should know:
You need an opening deposit of £1,000
You will have no access to your money until the end of the agreed ‘fixed’ term: 12, 18, 24 or 36 months
You can access your funds through the post, branch, telephone or online

Further details can be found here:
12 Month FTD
18 Month FTD
24 Month FTD
36 Month FTD

FIXED TERM DEPOSIT CASH ISAs
Tax free savings

Kay Facts:
For: Savers that want to make a lump sum investment over a fixed period of time
Benefits: Earn a higher level of profit on your savings and your profit will always be tax free

What you should know:
You need an opening deposit of £1,000
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
Profit will be paid quarterly, or on maturity, and transfers-in are allowed for up to 30 days after the account has been opened.

Further details can be found here:
12 Month Fixed Term Deposit (FTD) cash ISA
24 Month Fixed Term Deposit (FTD) cash ISA

NOTICE ACCOUNTS
Higher profit rates than instant access but notice is needed to withdraw money

Key Facts:
For: Savers that don’t need instant access to their money but don’t want to lock it away for a longer term
Benefits: Earn a higher level of profit on your savings

What you should know:
You need an opening deposit of £250
You will need to give 60 or 90 days' notice if you want to withdraw your money
You can access your funds through the post, branch, telephone or online

Further details can be found here:
60 Day Notice Account
90 Day Notice Account

YOUNG PERSON’S NOTICE ACCOUNT

Key Facts:
For: Parents, relatives and guardians that want to open a notice account on behalf of a young person
Benefits: A way to introduce young people to the benefits of saving

You should know:
The opening deposit is £20
On the young person's 14th birthday you can approve access for them to make withdrawals from the account
The young person will need to give 90 days' notice to withdraw their money

Further details can be found here:
Young Person’s Notice Account

INSTANT ACCESS ACCOUNTS
Instant access to your savings 24/7

Key Facts:
For: Savers that want the convenience of having access to their money 24/7
Benefits: Flexible, notice-free access

You should know:
No limit to the number of withdrawals you can make in any month - subject to there being sufficient funds in your account
Lower profit rates than accounts that require you to lock your money away
Differing opening deposits required (see below)

On Demand Savings - opening deposit of £500
Direct Savings - opening deposit of £1,000
Young Person’s Savings - opening deposit of £20
Instant Access Cash ISA - opening deposit of £50

All of Al Rayan Bank’s savings accounts are fully approved by an Independent Sharia Supervisory Committee. This gives you complete peace of mind that the profit you earn has been generated by Sharia compliant and ethical activities. You can find Sharia Compliance Certificates for all of our accounts here.

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