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Al Rayam Bank Notice cash ISA
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taxipink
Posts: 15 Forumite
I found this cash ISA on MoneySupermarket.com offering 2% variable rate on anything from £250 to no upper limit with 120 day withdrawal notice. It accepts transfers from old ISA's and can be operated on line. I thought this sounded a reasonable deal for money which I am happy to leave for 120 days notice but have never heard of the bank. Moneysupermarket.com says it is a UK based ethical bank with full UK regulation and operates under Islamic ethical principles. Does anyone have any thoughts about this cash ISA ? I am at present getting 1.5% in two easy access cash ISAs.One with Nationwide & another with the Post Office.
No reliance should be placed on the above.
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Comments
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Like with all shariah-compliant savings accounts, you don't actually know what %age you get until you get your share of the profit that the bank distributes. This may or may not be an issue for you.0
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Would I know this from other ISA suppliers ?No reliance should be placed on the above.0
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Thank you very much by the way.No reliance should be placed on the above.0
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I've got this ISA, you will be charged a nominal fee of £1 although this hasn't happened for me yet.0
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Does Clydesdale Bank not still offer a 2% ISA with 40 days' notice?
Might be rate managed soon, and there stories about poor customer service, but at least you might feel it was more of a known quantity.
Maybe open both (transfers of exisiting ISAs only, so shouldn't be an issues), and then transfer from one to the other if either one gets rate managed or demonstrates poor customer service?0 -
They do but it's now Branch only which may not suit.0
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Like with all shariah-compliant savings accounts, you don't actually know what %age you get until you get your share of the profit that the bank distributes. This may or may not be an issue for you.
I'm with Al Rayan for an account, as a result of them buying IBB. They have never once missed or reduced a payment to me. In fact their rate hasn't dropped in a couple of years and remains market leading for the account I use. I wouldn't hesitate to recommend.0
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