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

Biggus_Dickus

Sea_Shell wrote: »

Hmmm, that seems a bit woolly too.

It would appear "profit" is calculated on the last working day of the month, based on the calculation period of calendar month. So average balance for the month??

Anyone?

It’s a good point;...perhaps it needs someone to ring them and ask the question,... and then enlighten the rest of us!

I had to speak to them yesterday about a minor point and it took ages;...had to contend with 20 minutes of Arabic wailing before I spoke to the (very helpful!) operator.

The freefone number 0800 4086 407 is open till 1pm today,...any volunteers?

adindas

I have been trying, I could not find facility to program a future date Faster payment. with Marcus.

With this Sharia Account, is it possible to set up a future faster payment (like Tesco Internet Saver) ?

Also, If you could get monhly interest paid instead of annual interest you could easily move the money out if fall below your expection. So it will work quite similar to easy access saver. Is it possible to get monthly interest paid into this account?

eskbanker

adindas wrote: »

If you could get monhly interest paid instead of annual interest you could easily move the money out if fall below your expection. So it will work quite similar to easy access saver. Is it possible to get monthly interest paid into this account?

Answered in the product's summary box....

soulsaver

adindas wrote: »

I have been trying, I could not find facility to program a future date Faster payment. with Marcus.

With this Sharia Account, is it possible to set up a future faster payment (like Tesco Internet Saver) ?

Also, If you could get monhly interest paid instead of annual interest you could easily move the money out if fall below your expection. So it will work quite similar to easy access saver. Is it possible to get monthly interest paid into this account?

Already asked & answered in thread.

adindas

soulsaver wrote: »

From the menu it looks like you can set up future dated payments AND set up SOs...I haven't tried it though.

There are reasonable number of saving accounts where you could program a future faster payment (single payment), But I am not aware a saving account that allow setting up of SO.

If you could set up a SO then this will be perfet to replace the LBG account as a feeder account to feed multiple RSA.

I manage to open this AC today but the money has not arrived so can not test this facility.

Has anyone tried this facility Future Payment and SO?

adindas

quirkydeptless wrote: »

Password arrived Today


Assalamu Alaikum

lol
Wa-Alaikum-Salaam :):)

quirkydeptless

adindas wrote: »

Has anyone tried this facility Future Payment and SO?

I have set up Standing Orders as this is now my Regular Saver feeder account.

The login is for 'Online Banking' so the interface may be similar to if you had a current account with them with more options, i.e. I also see there is a direct debit option.

Much as I liked the slick simplicity of the Marcus account, this one has more functionality, as well as the top rate easy access expected profit.

Also happy that the payments went in at faster payment speed, less than two hours.

I've also download the App, which is a bit basic, but allows me to see my balance.

Happy so far, although yet to experience the joys of a support call

Wa alaykumu s-salam wa rahmatullahi wa barakatuh

Biggus_Dickus

Info, for anyone remotely interested.

I made a test withdrawal this morning from my account. I had to set-up a new payee (i.e. me) which needed to be authorized by a verification code sent to my mobile.

The withdrawal from Al Rayan appeared in my NatWest bank current account within seconds;...so there’s none of that ‘next working day’ payment palaver that you need to contend with when making withdrawals from the likes of Charter Bank, Building societies et al.

I think it’s because Al Rayan is classed as a ‘clearing bank’...something like that anyway.

soulsaver

Biggus_Dickus wrote: »

Info, for anyone remotely interested.

I made a test withdrawal this morning from my account. I had to set-up a new payee (i.e. me) which needed to be authorized by a verification code sent to my mobile.

The withdrawal from Al Rayan appeared in my NatWest bank current account within seconds;...so there’s none of that ‘next working day’ payment palaver that you need to contend with when making withdrawals from the likes of Charter Bank, Building societies et al.

I think it’s because Al Rayan is classed as a ‘clearing bank’...something like that anyway.

See post #31

Biggus_Dickus

soulsaver wrote: »

See post #31

...now you tell me! :doh: