You are here: Home - Saving & Banking - News -

90 Day Notice savings account offers 1.40%

0
Written by: Paloma Kubiak
25/07/2017
Al Rayan Bank has launched its 90 Day Notice Account with an expected profit rate of 1.40%, securing its place in the best buy tables.

The Sharia-compliant bank has launched the new savings product, with an expected profit rate of 1.40% (gross) and a 90 days’ notice period to withdraw cash.

See YourMoney.com’s Market-leading Sharia savings accounts: should you consider them? for more information.

Once the notice period has been served, unlimited withdrawals are allowed.

It can be opened and operated online, in branch, by phone and via app and it comes with a minimum investment level of £250. The profit is calculated and accrued monthly.

For those wanting access to their money quicker, Al Rayan offers a 60 Day Notice Account paying an expected profit rate of 1.00%.

Rachel Springall, finance expert at data site Moneyfacts, said the 90 Day Notice product is competitive.

“On an account that requires just 90 days notice to access funds, at 1.40% gross (expected profit rate), the new deal from Al Rayan Bank is highly competitive and outshines many alternative notice accounts.”

“As with many notice products, no earlier access to funds is permitted so investors need to be content with their initial deposit.

“The majority of notice accounts require at least a £1,000 deposit so it’s positive to see a smaller requirement on this deal.”

Al Rayan comes just shy of Secure Trust Bank’s 1.45% rate on its 90 Day Notice account. However Secure Trust’s offering comes with a minimum investment level of £1,000, much higher than Al Rayan’s minimum funding requirement. It can also only be opened and operated online.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week