MSE News: New sharia account offers 1.6% easy-access savings - but should you get it?

colsten

Sea_Shell wrote: »

Could be an issue if the first was a Monday

It shouldn't be, if the money arrives as promised by 9am, as all banks will try to process failed DDs/SOs again after 14:30 on the same day. Let's see whether it's true that the money does actually arrive by 9am!

We are so used to instant transactions now that it's a bit annoying if you have to go back a few days later and check that things have happened as required. Another slightly annoying thing I found is that Al Rayan don't allow you to set the start date for an SO more than 28 days in the future. On Friday, I wanted to set up one to start on Oct 28 but I have to wait until tomorrow before I can set this up. A tad annoying but I'll live with it - after all, being able to do SOs at all is a huge bonus IMO.

Sea_Shell

Well as of 7.48am on Monday, no money arrived yet. We'll see when it turns up. *** Edit - It arrived at 8.40am ***

However, on logging into Al Rayan, I notice that the withdrawal date has been changed to today, so hopefully in their "profit" calculations, they will have used my pre-withdrawal balance for Sat-Sun.?

Wheres_My_Cashback

Sea_Shell wrote: »

Weekend payments seem sluggish. I requested a withdrawal at 7.30 this morning, still not arrived.

Anyone else notice this?

Sea_Shell wrote: »

Still not here...I guess technically, they've got until close of business Monday, but just be aware that weekends are not "faster" payments!!

Well not for me, anyway.

My money's in limbo...as they've deducted it from my balance.

It states at the top of the payment page that the cut off is 5pm, with a link to further info. Perhaps it should state 5pm Mon-Fri, but that's what the link is for.

Payments requested by 5:00pm on a working day will be routed to the recipient bank/building society on the same day. However, the recipient bank/building society is then responsible for applying the funds to the beneficiary account upon receipt and they may do this on the same day or later. Due to 3rd party involvement and regulatory requirements, same day delivery of payments cannot be guaranteed. If we receive your request after 5:00pm on a working day, on a weekend or on a bank holiday, your request will be automatically processed and debited from your account. The funds will then be routed to the recipient bank/building society by 9:00am the following working day.

Also £20K max online payment per day so may require extra planning to move more.

quirkydeptless

A Standing Order I set up for monthly on the 28th (Saturday this month) was deducted from my account on the Saturday and arrived in the recipient account this morning (before 9am).

A manual payment I made this morning also arrived in the recipient account this morning within 2 hours.

Being able to set up SOs on this account is very useful

colsten

First lot of profit has been credited to my account this morning

chels

Everyday Saver (Issue 1) withdrawn today replaced by Issue 2 at 1.00% expected profit rate!

The rate for Issue 1 remains at 1.60% - thankfully I opened a new account just in time at the end of September.

quirkydeptless

chels wrote: »

Everyday Saver (Issue 1) withdrawn today replaced by Issue 2 at 1.00% expected profit rate!

The rate for Issue 1 remains at 1.60% - thankfully I opened a new account just in time at the end of September.

More popular than they were expecting I guess

bristolleedsfan

"For customers who began an application for Everyday Saver (issue 1) before it was withdrawn, the previous expected profit rate will be honoured. Customers have until 31 October to complete their application"

adindas

I think for SOs feeding a saving account, the risk is minimum. The date when the SO will be arriving to SO does not really matter (apart from probably losing 1-2 days of interest).

Ii will be very careful to rely on this account for SO feeding a Current account (which in turn will be feeding a RSA), such as those in HSBC group. If it fails, your current account feeding the RSA will be overdrawn. It will leave you a red mark on your credit file and possibly fine.

colsten wrote: »

It shouldn't be, if the money arrives as promised by 9am, as all banks will try to process failed DDs/SOs again after 14:30 on the same day. Let's see whether it's true that the money does actually arrive by 9am!

We are so used to instant transactions now that it's a bit annoying if you have to go back a few days later and check that things have happened as required. Another slightly annoying thing I found is that Al Rayan don't allow you to set the start date for an SO more than 28 days in the future. On Friday, I wanted to set up one to start on Oct 28 but I have to wait until tomorrow before I can set this up. A tad annoying but I'll live with it - after all, being able to do SOs at all is a huge bonus IMO.

adindas

When you are setting a regular payment there are three column
Initial amount (no date could be set up)
regular amount (w/ date)
Final amount (w/ date)

I got quite confused with the Initial payment. Is this payment go out from your account on the day it was set up or it is based on the regular payment date ??