Unfortunately, this deal has expired 2 October 2022.
105° Expired
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Posted 2 September 2022

Online Everyday Saver Account with 2.10% AER, Min deposit £5000 - Unlimited withdrawal @ AL Rayan Bank

£5,000
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Shared by sajidtg
Joined in 2010
4,266
2,263

About this deal

This deal is expired. Here are some options that might interest you:

2.10% (gross per annum)

Your profit is calculated and credited to your account on the last working day of each calendar month.

Can Al Rayan Bank change the expected profit rate?

The expected profit rate that applies to your Everyday Saver (Issue 3) is variable. This means that it can change at any time.

If Al Rayan Bank changes the expected profit rate on your account, we will write to you providing you with enough notice to consider your options before the change takes effect.

What would be the estimated balance after 12 months

If on account opening you deposited £5,000 into your Everyday Saver (Issue 3) and made no further deposits or withdrawals, the estimated balance on the first anniversary of your account opening would be £5,095.83.

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 was no change to the expected profit rate throughout the period of this illustration.

How do I open and manage my account?

You can open and manage your account online. The minimum deposit required for this account is £5,000. The maximum deposit required for this account is £1,000,000.

You can only fund your account via a direct account transfer from an account in your name. Al Rayan Bank doesn't accept third party transfers.

Our secure Digital Banking app enables you to:

  • View account statements and transactions
  • Move money between accounts
To download the app click here

Funding your account

This is an online account. You can fund your savings account by direct account transfer from an account in your name. 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******
Can I withdraw money?

No notice is required to make a withdrawal from your Everyday saver account, and there is no limit to the number of withdrawals you can make in any month - subject to there being sufficient funds in your account.

You can withdraw your funds in any of the following ways:

  • Through Digital Banking (if you haven't already, you'll need to register. Visit alrayanbank.co.uk/mobile)
  • Call us
  • Writing to us at Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ giving us instructions to make a payment to a nominated account
Contact us

If you need to contact us for any reason you can

  • Call us
  • Send us a secure message through our Mobile Banking app
  • 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, which we then share with you.
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58 Comments

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  1. Avatar
    My personally humble opinion and outlook on near future is,
    To take most of my idle money in bank and buy physical gold & silver ingots & coins in very small denominations as the prices dip low very soon & sit on them, as all these banks & their unbacked promissory notes are about to go bust !!
    Avatar
    Did somebody said JUST EAT
  2. Avatar
    Wait interest?.
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    Its against Islamic principles to make interest (called usury) from money.
    Interestingly it was also outlawed in Europe in Medieval times by the Catholic Church as well as other Christian Churches as a sin.
    This is why Shylock, a Jewish character, is portrayed as a money lender by Shakespeare in The Merchant Of Venice as he wasn't a christian. A stereotype that unfortunately sometimes persists.
  3. Avatar
    It says that If on account opening you deposited £5,000 into your Everyday Saver (Issue 3) and made no further deposits or withdrawals, the estimated balance on the first anniversary of your account opening would be £5,095.83.

    That makes out 1.917%, and NOT 2.1%....

    TAKE CARE!
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    48145806-e8tnR.jpg
  4. Avatar
    Mines at 2.35 percent. I signed up around a month ago. Thought it was the same for evryone?
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    Month old post, got raised to 2.35 last week for everybody.
  5. Avatar
    Ybs loyalty saver much better 5% interest why put money in some doggy foreign bank support British banking companies
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    Max £500 deposit a month
  6. Avatar
    Al Ryan is ok in my opinion.
    Just got my first months Profit.
    Just make sure you dont go over the 85K limit including interest.
    I took out the account last month when the rate was lower, they have raised the rate twice and add the rise to the account.
  7. Avatar
    it is increased to 2.35% now
  8. Avatar
    This bank originates from Qatar if anybody interested. I opened one last month and online service and app all works well. Profit paid monthly on 1st.
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    Online service and app is horrendous
  9. Avatar
    Isn't this the same as what was posted yesterday but at a lower rate? :/

    hotukdeals.com/sha…659 (edited)
  10. Avatar
    Fixed interest against shariah law
  11. Avatar
    a quick question to those who have an account, ive transferred to mine but its not showing the funds deposited in - does it take a while to show up?
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    Over the weekends/bank holidays it does take a while.
  12. Avatar
    Why not just do the 5% Barclays ?
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    Have to be a Barclays blue account holder already
  13. Avatar
    Is this FCA regulated
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    It should be as the UK entity is headquartered in Birmingham. Shariah compliant banking should be a form of ethical banking, but it depends on who owns the bank.. (edited)
  14. Avatar
    Is a profit share taxable like interest?
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    Yes, you're meant to declare it. There are tax-free thresholds:

    • Basic-rate (20%) taxpayers: can earn £1,000 in savings interest per year with no tax
    • Higher-rate (40%) taxpayers: can earn £500 in savings interest per year with no tax
    • Additional-rate (45%) taxpayers: £0 – they do not get an allowance.
    source: moneysavingexpert.com/sav…ce/ (edited)
  15. Avatar
    I was going to join but read the reviews!
  16. Avatar
    Is the profit given monthly or yearly?
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    Click on Get deal - it's literally the second line in the summary box. "Your profit is calculated and credited to your account on the last working day of each calendar month."
  17. Avatar
    A cautionary tale.

    I signed up today.
    During the sign up I was asked to deposit £5000 pounds.
    I used my HSBC card.
    I was asked to confirm the transaction in the HSBC app.
    As I went back to the Al Rayan website, 4 HSBC notifications flashed onto my phone.
    £20,000 has been taken from my account, draining my current account.
    These transactions are marked as pending on HSBC.
    Al Rayan website had payment declined on the screen.
    HSBC customer support online are worse than useless, effectively blaming me.

    Tomorrow morning I'll be on to both banks telephone support.
  18. Avatar
    This can't be true...I've been with them for some time and I'm only getting 1.45%. I've just checked the app, just in case 😔
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    Maybe you need to open a new account. Mines definitely at 2.35
  19. Avatar
    Borrowing with interest and sale it as interest free but call it profit rather than interest
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    As discussed in the thread already, they're investing your money and giving you a percentage from the profits, that's why your profit sharing can fluctuate. Interest would be paying a fixed percentage every month and the money would be paid through different avenues of income, such as interest charged to people borrowing money,which just makes poor people poorer. (edited)
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