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

Paenymion

Well just for the record, they have been fine with me and everything was smooth. No complaints.

tel_

The only small issue I have is the confirmation screen that appears after you set-up a payment. Well, it's more like a pop-up screen, and it only appears on my screen for no more than 2 seconds. If I don't quickly click on it, it disappears, and I have to start the payment over again.

Maybe it's my ad blocker, but surely it wouldn't appear at all if it was that?

Anyone else experience this? ('m using the Chrome browser).

colsten

tel_ wrote: »

The only small issue I have is the confirmation screen that appears after you set-up a payment. Well, it's more like a pop-up screen, and it only appears on my screen for no more than 2 seconds. If I don't quickly click on it, it disappears, and I have to start the payment over again.

Maybe it's my ad blocker, but surely it wouldn't appear at all if it was that?

Anyone else experience this? ('m using the Chrome browser).

It's not just you. They give you about three seconds to click OK on a tiny screen which you can't read before it vanishes. They seem to give you more time second time round........and it is easier to set up a one-off payment in the most recent version of the mobile app

tel_

Thanks for the reply colsten. It's not a major problem, I just make sure I check the info thoroughly when setting up the initial payment screen.

Sea_Shell

I can't find where I saved my T&C's (doh), so does anyone know if there is a minimum balance on this account. (Issue 1)

I know there was a minimum OPENING balance, but not sure if you can leave £1 in their if you need to withdraw the rest.

I've just realised I'm already down to £350, and they haven't closed me, or contacted me at all...yet!

* Edit - I've found the T&C's but I can't see reference to minimum balance anywhere!!! - Not even their opening balance requirement?! *

Uxb1

Generally most savings groups will allow you to keep the account open - but the interest rate drops to 0.01% if your balance goes below the min opening one.
The figure will not be in the general T&C's it will be in the account key facts page
Even I can look at the page for the current issue under features and benefits and find the answer is £500.

Sea_Shell

Uxb1 wrote: »

Generally most savings groups will allow you to keep the account open - but the interest rate drops to 0.01% if your balance goes below the min opening one.
The figure will not be in the general T&C's it will be in the account key facts page
Even I can look at the page for the current issue under features and benefits and find the answer is £500.

Well I've looked everywhere, and I can't find any reference to having to maintain a minimum balance of £500, or any mention of a reduction in profit rate, if the balance falls below £500.

If anyone else finds something confirming either way, please point me in the right direction.

soulsaver

Sea_Shell wrote: »

Well I've looked everywhere, and I can't find any reference to having to maintain a minimum balance of £500, or any mention of a reduction in profit rate, if the balance falls below £500.

If anyone else finds something confirming either way, please point me in the right direction.

It's under the accounts features & benefits as Uxb1 says, on the web site.

Whether it's enforceable if it's not in the terms is up for debate.

Sea_Shell

The website and the actual document you click to open say two different things. One refers to "minimum balance" (the on screen one) and the other says "minimum opening balance".

Will analyse my October interest later, as I've had under £500 for part of the month.

Sea_Shell

I've looked at Octobers "profit" and it calculates as follows:

1/10 = £3910.71 @ 1.6% / 365 x 6 = £1.028
7/10 = £3456.71 @ 1.6% / 365 x 14 = £2.121
21/10 = £2406.71 @ 1.6% / 365 x 7 = £0.738
28/10 = £371.71 @ 1.6% / 365 x 4 = £0.065
Total profit paid = £3.95, which matches the above calculations.

So it may not be much, 6p, but it would appear that I DID get the full rate for the last 4 days of the month where my balance was under £500.

Make of all that what you will.