Derin Clark

Derin Clark

Online Reporter
Published: 12/09/2019

Savers who have been disappointed with the recent cuts on the top rates within the easy access charts will be pleased to see that Al Rayan Bank has launched an easy access account today paying an expected profit rate of 1.60% gross monthly (1.61% AER).

This rate, available on its Everyday Saver account, is 0.15% above the next best gross rate in the chart and, as such, it is likely to reach its maximum deposits within a short period of time, so savers should act quickly to not miss out. The account requires a minimum opening deposit of £500 and it allows further additions and withdrawals. It can be both opened and managed online, by phone, in branch and by post.

Who is Al Rayan Bank?

Al Rayan Bank is a challenger bank that is Sharia’a-compliant. This means that it operates under Sharia’a law, which forbids the earning or paying of interest. This is why the rate offered is an expected profit rate – as of its data, the expected profit rate has always been reached for its customers. As well as this, due to the guidelines it operates by, the money held in its savings accounts is invested and not lent out, and the money invested cannot fund businesses that engage in unethical activities, as defined by Sharia’a law. Al Rayan Bank operates under UK regulation and is also covered by the Financial Services Compensation Scheme, which means cash deposits of up to £85,000 are protected, should the bank fail. Although it operates under Sharia’a law, Al Rayan Bank’s products are available to all.

For more information about Sharia’a-compliant banks, read our guide on Sharia’a-compliant savings accounts, while our guide Challenger banks explained provides more information on the rise of challenger banks in the market.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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