New market-leading ‘Everyday Saver’ offering 1.60% (EPR) launched by Al Rayan Bank
The new account, available immediately, offers an expected profit rate (EPR) of 1.60%, placing it at the top of the instant access savings chart.
Easy Access Best-buy tables (Moneyfacts 12 September 2019)
|Provider||Rate of return||Channel|
|Al Rayan Bank||1.60%||Online, phone, in branch, mobile app|
|Cynergy Bank||1.45%*||Online only|
|Marcus Bank||1.45%*||Online only|
* Rate drops to 0.75% after 12 months
The new Everyday Saver provides customers with instant access to their money when they need it, with profit paid on a monthly basis. Customers can open the account with as little as £500 and can save a maximum of £1 million.
- Expected profit rate: 1.60%
- Minimum balance: £500
- Maximum balance: £1,000,000
- Opened and operated: Online, phone, branch, mobile app
- Withdrawal restrictions: None (instant access withdrawals)
- Profit paid: Monthly
- FSCS protection: Yes
Al Rayan Bank pays an expected profit rate to its savers, rather than interest. This is because interest is forbidden in Islam, as Muslims believe that it promotes unfairness in financial transactions, which leads to social inequality and injustice. Since Al Rayan Bank was founded in 2004, it has always paid the rate of profit it has quoted to its customers, and on numerous occasions, when investments have performed better than expected, it has even more.
As an independent UK bank, Al Rayan Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. The Bank is a member of the Financial Services Compensation Scheme (FSCS), which protects eligible deposits up to £85,000.
The Everyday Saver is available to personal, business and charity customers.Go Back