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

colsten

Where did you find that breakdown, please?

Sea_Shell

colsten wrote: »

Where did you find that breakdown, please?

I didn't find it, I worked it out myself from my daily closing balances. Have I done it wrong??

pafpcg

Sea_Shell wrote: »

Have I done it wrong??

No, you've not! Twenty years ago, that's how my spreadsheet predicted the annual interest on my CoventryBS notice account; it always used to match the interest paid to within a penny over several years. Only worth doing on accounts with low traffic though!

Diggle123

HAving (like many others) tried to apply online and got bombed out, I contacted the Customer Service, and eventually received the forms via an email.
Completed these, sent off, a couple of weeks later received an letter stating that I'd need to send certified documents to prove my identity.
Having done the maths decided it wa stoo much extra hassle for a mere .15% extra interest, so told them I wasn't interested for that hassle.
Relegated application to the archive bin!
Today received a pin code for telephone banking, and one for online banking as well.
Before continuing, decided to check rates, found the 1.6% has gone, now only offering 1% so I'll stick with Marcus, that seems MUCH more organised

bail-in

The new rate of 1% applies only to new applicants. I understand you applied for and were accepted for the account at 1.6%, that is before the current interest rate drop. It is usual to to provide identification re new customers opening bank accounts. You could ask about identification options. As an adantage the Al Rayan account has more features of a current account than Marcus. Al Rayan is under pressure from the FCA to tighten up identification checks and evidence of source of funds re money laundering.