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

Al Rayan launches easy access savings account paying 1.6 per cent

0
Written by: Emma Lunn
12/09/2019
The “Everyday Saver” has gone straight to the top of the instant access savings chart.

Al Rayan is paying an expected profit rate of 1.6 per cent on easy access savings – throwing down the gauntlet to the competition.

According to Moneyfacts, the 1.6 per cent rate puts the Everyday Saver at the top of the best buy tables, ahead of Cynergy Bank and Marcus which both pay 1.45 per cent for a year on their respective easy access accounts before the rate falls.

The rate on the Marcus account falls to 1.35 per cent after a year, while Cynergy savers earn just 0.75 per cent AER.

The first raft of customers who opened a Marcus account at launch last September will see their rate drop this month. When the account initially launched it paid 1.5 per cent – the highest easy access rate for two-and-a-half years.

Islamic principles

Al Rayan Bank pays an “expected profit rate” to its savers, rather than interest. This is because it is an Islamic bank which adheres to Sharia principles. 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 claims that on numerous occasions, when investments have performed better than expected, it has paid even more.

The new Everyday Saver account provides customers with instant access to their money when they need it, with profit paid on a monthly basis. Customers can open and operate the account online, by phone, in branch and by mobile app. There’s a minimum initial deposit of £500 and a maximum limit of £1m.

Deposits up to £85,000 per person are protected by the Financial Services Compensation Scheme (FSCS). 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 Everyday Saver is available to personal, business and charity customers.

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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Mastercard incentivising retailers to offer cashback

Mastercard is rolling out a new cashback service amid concern about ATMs and bank branches disappearing from the high street.

Close