I don't want Interest on my bank account

rfowler

I don't want any interest on my savings or any of my accounts due to religious reasons, can this be possible?

I bank with Natwest

System

Natwest don't do interest on standard current accounts so put your money in those instead of savings accounts.

If you pick your account carefully (Advantage Gold), YOU can pay them to use the account.

Loughton_Monkey

There are various Islamic banks operating here. They do not pay 'interest' but instead pay a 'profit rate'.

A bit like saying I refuse to accept 'commission' on moral grounds, but will gladly accept an 'introduction fee' or a 'profit share', or even a 'backhander'.

gt94sss2

rfowler wrote: »

I don't want any interest on my savings or any of my accounts due to religious reasons, can this be possible?

Many people who don't believe in getting interest due to religious reasons open special accounts at HSBC (and/or Lloyds)

The accounts are targetted towards Muslims but Christains/other faith's also use them.

Other providers are also available but don't know if Natwest have such an account - I suspect that HSBC is the biggest 'high street' operator in this field.

Regards
Sunil

Annisele

There are quite a few banks that don't pay interest on current accounts.

If you don't want interest but do want a return, you could try somewhere like the Islamic Bank of Britain (nb I've never used them so I'm not recommending them, I'm just pointing out that they exist). Other banks also have some Sharia compliant products.

You don't say which religion you belong to, but it's possible that Sharia compliant products would suit you even if you're not Muslim.

Milarky

There must be plenty of choice for 0% current accounts out there! I'm surprised the OP doesn't ask NatWest - assuming they are happy with the service.

LittleMissAspie

Giving the interest to charity instead seems like a good idea?

JuicyJesus

LittleMissAspie wrote: »

Giving the interest to charity instead seems like a good idea?

Sharia prohibits receiving the interest in the first place - the whole concept of it is forbidden.

HSBC Amanah, Lloyds TSB's Islamic account and the Islamic Bank of Britain spring to mind as good accounts.

chambta

JuicyJesus wrote: »

Sharia prohibits receiving the interest in the first place - the whole concept of it is forbidden.

HSBC Amanah, Lloyds TSB's Islamic account and the Islamic Bank of Britain spring to mind as good accounts.

But they generally just call the 'interest' something else.

dmg24

JuicyJesus wrote: »

Sharia prohibits receiving the interest in the first place - the whole concept of it is forbidden.

HSBC Amanah, Lloyds TSB's Islamic account and the Islamic Bank of Britain spring to mind as good accounts.

The OP's other threads make interesting reading. He regularly does the lottery ... I smell a troll ...

pinkdalek

dmg24 wrote: »

The OP's other threads make interesting reading. He regularly does the lottery ... I smell a troll ...

Back to subject of the thread rather than stirring trouble, speak to the bank and I am sure they can arrange for your account to receive zero interest.

Just because the bank pays nil interest at moment does not mean in the future it may change its terms and conditions. If you set your account up now to pay zero interest then any future changes would not be affected. I came across this regularly when I worked in a branch that had a large muslim community.

Good luck.