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

colsten

adindas wrote: »

It is very risky to rely on this account.

SOs from Al Rayan are no more risky than any SOs from any other bank. FWIW, I have about a dozen SOs set up now, and they were all executed as expected

adindas wrote: »

I just notice this AC could also do DDs

Good luck setting up a DD with them to your own account.

colsten

adindas wrote: »

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 ??

They insist on a value in the "initial amount" field. I have just set it to the same as the regular amount.

I was more confused about the final amount. I did leave the final amount field blank. The regular amount now also shows as the final amount. I'll have to monitor whether they'll send the regular plus the final amount on the end date but I expect it to be just one amount.

colsten

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Everyday Saver (Issue 1) withdrawn today replaced by Issue 2 at 1.00% expected profit rate!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

Blimey, that's a drop and a half! Decent of them to keep 1.6% on the existing accounts - long may it last!

adindas

colsten wrote: »

SOs from Al Rayan are no more risky than any SOs from any other bank. FWIW, I have about a dozen SOs set up now, and they were all executed as expected
.

I think they are more risky than normal bank AC due to the time restriction they have during the weekend and cut off point during the day for FPO.

If you do not check it weekly, it could happen your money would be taken from your Non AR feeder AC before the money arrive to this account. Most current accounts will release planned FP just after midnight.

colsten

OK, we just have to agree to disagree on this one.

organum

I have had this account for nearly two months without problems.

Payments both ways seem to be via Lloyds but always quick, although not as quick as Marcus which is pretty much instantaneous.

Phone support was good too and uk based AFAICS.

Vortigern

organum wrote: »

Payments both ways seem to be via Lloyds but always quick, although not as quick as Marcus which is pretty much instantaneous.

Al Rayan has some huge advantages over Marcus:

• AR allows future dated scheduled payments.
• AR allows standing orders.
• AR allows payments to various destinations.
• Marcus allows only immediate withdrawal to one linked account.

Wheres_My_Cashback

Vortigern wrote: »

Al Rayan has some huge advantages over Marcus:

• AR allows future dated scheduled payments.
• AR allows standing orders.
• AR allows payments to various destinations.
• Marcus allows only immediate withdrawal to one linked account.

However, the down sides are that payments out are not processed until Monday (Tues if Bank hol) if requesting after 5pm on Friday, therefore no access to funds at weekends.

Faster Payments out with Marcus/Cynergy usually take 5-10 mins. Faster payments out of Al Rayan are exceptionally varied, anything from 30mins to 9 hours to next day. Seems all too random.

caveman38

I'd like to love these guys as much as most of you do, but. I have yet to be successful in getting an answer (permanent hold), sent an email without a reply and have been unable to use their option "3" (call back) as it doesn't work.
BTW, I want to open FR bonds not the instant access which I can understand may have used a lot of their resources.

colsten

caveman38 wrote: »

I'd like to love these guys as much as most of you do, but. I have yet to be successful in getting an answer (permanent hold), sent an email without a reply and have been unable to use their option "3" (call back) as it doesn't work.
BTW, I want to open FR bonds not the instant access which I can understand may have used a lot of their resources.

I had reason to call them twice in the last 3 weeks. First time, my call was answered after a short while. Second time (last week), it took over 30 minutes before a human answered the phone. Both times I ended up speaking to a competent person who could solve my query satisfactorily.

May be someone one here could answer your question?