Written by: Paloma Kubiak
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.