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Bigwheels1111 said:

Bank to bank 5 Minutes max.

Not taken any cash out yet.

I like to think most of us do a £1 test before we proceed further.

I think we should get in the habit and see how quick banks pay out. I did, and from memory it was (for me) over 24 hours to receive payment. Happy with status quo – so maxed out

 

refluxer

UncleK said:

Hmm - all the accounts showed zero balances. Indeed there was interest due, but it wasn't showing - that's what surprised me. As you say - we only got it on closure. Ah well - at least we got it.

If you think about it though, interest might be earnt daily (in most cases) but it'll only show in your account when it's actually paid so if you were to withdraw the whole balance from a Tesco Internet Saver, the balance will remain at zero until either the 31st March or the anniversary of opening the account - whichever comes first. If it showed as zero right up until the time of closure, then presumably you've closed before either of those dates occurred

subjecttocontract

My experience with Tesco bank is that they are so slow at opening accounts. It puts me off unless they are offering a particularly good return that suits my circumstances. 

AndyTh_2

I’m actually curious how expected profit accounts would be handling that in the event of collapse, in the same vein as the FCSC protection. Interest savings accounts seemed to me to be guaranteed during the icelandic bank collapse (I got 7% still from Kaupthing Edge transfer to ING Direct for the entire time) 

Daliah

AndyTh_2 said:

I’m actually curious how expected profit accounts would be handling that in the event of collapse, in the same vein as the FCSC protection. Interest savings accounts seemed to me to be guaranteed during the icelandic bank collapse (I got 7% still from Kaupthing Edge transfer to ING Direct for the entire time) 

Why would you expect they'd get handled any different from any other FSCS protected savings accounts?

Molehusband

Expotter said:

On their website now Al Rayan Everyday Saver (issue 3) 2.1% Min £5k

That looks a good rate. I've never dealt with Al Rayan before and one of the things that concerns me is the minimum deposit of £5000. I always put in an initial £1 test deposit to check I have the new account details correct. Is there some way I can do that with Al Rayan before I up the balance to the necessary £5000+?

Daliah

Molehusband said:

Expotter said:

On their website now Al Rayan Everyday Saver (issue 3) 2.1% Min £5k

That looks a good rate. I've never dealt with Al Rayan before and one of the things that concerns me is the minimum deposit of £5000. I always put in an initial £1 test deposit to check I have the new account details correct. Is there some way I can do that with Al Rayan before I up the balance to the necessary £5000+?

You can do the £1 test alright.

AndyTh_2

Daliah said:

AndyTh_2 said:

I’m actually curious how expected profit accounts would be handling that in the event of collapse, in the same vein as the FCSC protection. Interest savings accounts seemed to me to be guaranteed during the icelandic bank collapse (I got 7% still from Kaupthing Edge transfer to ING Direct for the entire time) 

Why would you expect they'd get handled any different from any other FSCS protected savings accounts?

expected profit doesn't sound expected in a collapse  

I meant giving a similar weight to lost interest/profit as for pounds over £85k balance in my finance choices

Daliah

AndyTh_2 said:

Daliah said:

AndyTh_2 said:

I’m actually curious how expected profit accounts would be handling that in the event of collapse, in the same vein as the FCSC protection. Interest savings accounts seemed to me to be guaranteed during the icelandic bank collapse (I got 7% still from Kaupthing Edge transfer to ING Direct for the entire time) 

Why would you expect they'd get handled any different from any other FSCS protected savings accounts?

expected profit doesn't sound expected in a collapse  

I meant giving a similar weight to lost interest/profit as for pounds over £85k balance in my finance choices

FSCS protects no accounts over £85k [per person], apart from temporary high balances.

There's a good explanation of expected profit here. I don't think FSCS guarantees anything that hasn't yet been deposited on the account, be it interest or expected profit. In either case, you can limit your exposure by opting for monthly payment (default at Al Rayan. and an option at Gatehouse).

At the end of the day, if you are unhappy with a Sharia account, you don't have to take out one of them. Just settle for a lower interest rate and be happy  . Me, I have both, an Al Rayan and a Gatehouse, without any concerns as I keep well within the £85k limit.

Bigwheels1111

Daliah said:

AndyTh_2 said:

Daliah said:

AndyTh_2 said:

I’m actually curious how expected profit accounts would be handling that in the event of collapse, in the same vein as the FCSC protection. Interest savings accounts seemed to me to be guaranteed during the icelandic bank collapse (I got 7% still from Kaupthing Edge transfer to ING Direct for the entire time) 

Why would you expect they'd get handled any different from any other FSCS protected savings accounts?

expected profit doesn't sound expected in a collapse  

I meant giving a similar weight to lost interest/profit as for pounds over £85k balance in my finance choices

FSCS protects no accounts over £85k [per person], apart from temporary high balances.

There's a good explanation of expected profit here. I don't think FSCS guarantees anything that hasn't yet been deposited on the account, be it interest or expected profit. In either case, you can limit your exposure by opting for monthly payment (default at Al Rayan. and an option at Gatehouse).

At the end of the day, if you are unhappy with a Sharia account, you don't have to take out one of them. Just settle for a lower interest rate and be happy  . Me, I have both, an Al Rayan and a Gatehouse, without any concerns as I keep well within the £85k limit.

I’m with you, I keep my balance below 85k including any interest payable.
I have No issues with sharia accounts especially when they offer the best rates by far.