Instant Access savings accounts

Stop Watch - 650 X 300Instant Access savings accounts from Al Rayan Bank enable you to save in a Sharia compliant way and keep your money somewhere safe with the ability to access it quickly, if needed. Al Rayan Bank offer three instant access savings products that you might want to take a closer look at.

1. Instant Access Cash ISA
An Instant Access Cash ISA from Al Rayan Bank gives you access to your money whenever you need it whilst allowing you to generate a tax-free return.

Q: What is the expected rate of return?
1.35% Gross p.a.*

Q: What is the minimum deposit required to open an account?
£50

Q: What are the benefits?
• Convenience: you can use this account by post, online, by phone or through one of our branches
• You can transfer existing ISA balances into your Al Rayan Instant Access Cash ISA, up to the annual ISA allowance
• Flexibility to make additional deposits with no minimum amount, up to your annual cash ISA allowance
• Profits are not subject to UK tax

2. Everyday Saver
At a time when other High Street banks have cut the rate of return on their easy-access accounts, Al Rayan Bank have recently launched a new product with an attractive expected rate of return.

Q: What is the expected rate of return?
1.00% Gross p.a.*

Q: What is the minimum deposit required to open an account?
£500

Q: What are the features?
• Convenience: you can use this account by post, online, by phone or through one of our branches
• A competitive expected profit rate
• Your money is invested ethically. Al Rayan Bank only invest in Sharia compliant goods and services and, for example, do not invest in alcohol or tobacco companies.

Q: Where can I get more information?
You can find out more information on our website, or in any one of our branches

3. Young Person’s Savings Account
A Young Person's Instant Access Savings Account is opened in the name of the child with a parent or 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.

Q: What is the expected rate of return?
0.10% Gross p.a.*

Q: What is the minimum deposit required to open an account?
£20

Q: What are the features?
• Deposits may be made via a direct account transfer or a cheque from an account in the child's or the guardian's name
• Parents and guardians can have profit from any other Al Rayan Bank accounts transferred into the 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
• It’s a tax efficient way to save. Profits may be paid gross, if the child is eligible
• Your money is invested ethically. Al Rayan Bank only invest in Sharia compliant goods and services and, for example, do not invest in alcohol or tobacco companies.

Q: Where can I get more information?
You can find out more information on our website, or in any one of our branches

* Terms and conditions apply

You might also be interested in...