Regular Savings Accounts: The Best Currently Available List!

arsenalboy

where_are_we said:

 Zopa`s 1.35% one year fix for £1000 would be a better home for the money. 

Why not Al Rayan at 1.45%?

where_are_we

Al Rayan needs £5000 minimum deposit. 1.45% is EPR - expected profit rate. I have had sharia compliant accounts before and they have always paid up as promised.

RG2015

where_are_we said:

Al Rayan needs £5000 minimum deposit. 1.45% is EPR - expected profit rate. I have had sharia compliant accounts before and they have always paid up as promised.

I find it fascinating that people say that sharia compliant accounts always pay up as promised.

We are all expected to read Ts&Cs or at least the KPIs for financial product to make sure we are not caught out. However, here we are expected to rely on a promise rather than a guarantee.

Will there ever be a day when a sharia account does not pay out as promised, and then if anyone complains they will be told that the expected return was not guaranteed?

Gers

RG2015 said:

where_are_we said:

Al Rayan needs £5000 minimum deposit. 1.45% is EPR - expected profit rate. I have had sharia compliant accounts before and they have always paid up as promised.

I find it fascinating that people say that sharia compliant accounts always pay up as promised.

We are all expected to read Ts&Cs or at least the KPIs for financial product to make sure we are not caught out. However, here we are expected to rely on a promise rather than a guarantee.

Will there ever be a day when a sharia account does not pay out as promised, and then if anyone complains they will be told that the expected return was not guaranteed?

Is this type of account not in line with those which have a variable interest rate?

Nick_C

RG2015 said:

I find it fascinating that people say that sharia compliant accounts always pay up as promised.

We are all expected to read Ts&Cs or at least the KPIs for financial product to make sure we are not caught out. However, here we are expected to rely on a promise rather than a guarantee.

Will there ever be a day when a sharia account does not pay out as promised, and then if anyone complains they will be told that the expected return was not guaranteed?

I rarely handle a bank note these days, but last time I looked it said "I promise to pay the bearer on demand the sum of ..."

A promise.  Not a guarantee. 

Doesn't bother most people.  And from a practical point of view, is there any difference?

eskbanker

RG2015 said:

where_are_we said:

Al Rayan needs £5000 minimum deposit. 1.45% is EPR - expected profit rate. I have had sharia compliant accounts before and they have always paid up as promised.

I find it fascinating that people say that sharia compliant accounts always pay up as promised.

We are all expected to read Ts&Cs or at least the KPIs for financial product to make sure we are not caught out. However, here we are expected to rely on a promise rather than a guarantee.

Will there ever be a day when a sharia account does not pay out as promised, and then if anyone complains they will be told that the expected return was not guaranteed?

It has happened before - Al Rayan didn't pay out the expected rate (way back in 2008, not sure why the page is labelled IBB):

http://web.archive.org/web/20201111234815/https://www.alrayanbank.co.uk/media/37102/actualsavingsprofitratesjanuary2008.pdf

Saver53

Darlington BS ID

I have had a letter from Darlington BS returning my EA application and ID photocopies, saying that they now have changed their ID requirements for postal applications and need a photo of me holding my passport!!

Every_Penny_Counts

Saver53 said:

Darlington BS ID

I have had a letter from Darlington BS returning my EA application and ID photocopies, saying that they now have changed their ID requirements for postal applications and need a photo of me holding my passport!!

They do like to make things difficult.  It took me a month to get it all complete with various back & forth communications. 

EPC

soulsaver

eskbanker said:

RG2015 said:

where_are_we said:

Al Rayan needs £5000 minimum deposit. 1.45% is EPR - expected profit rate. I have had sharia compliant accounts before and they have always paid up as promised.

I find it fascinating that people say that sharia compliant accounts always pay up as promised.

We are all expected to read Ts&Cs or at least the KPIs for financial product to make sure we are not caught out. However, here we are expected to rely on a promise rather than a guarantee.

Will there ever be a day when a sharia account does not pay out as promised, and then if anyone complains they will be told that the expected return was not guaranteed?

It has happened before - Al Rayan didn't pay out the expected rate (way back in 2008, not sure why the page is labelled IBB):

http://web.archive.org/web/20201111234815/https://www.alrayanbank.co.uk/media/37102/actualsavingsprofitratesjanuary2008.pdf

Was formerly called the Islamic Bank of Britain... .

refluxer

Just a heads-up for anyone with an existing (and soon-to-be-maturing) Leek BS Flexible Saver - despite not currently being available to new customers, they appear to be allowing existing customers to continue on the current rate which for me is 1.1% (variable), although there will be accounts maturing around now at slightly higher rates IIRC (1.3% ?). The balance is paid out on maturity though, so you have to start again from zero.

The attraction for this one for me when I opened it was the large monthly limit of £1000, which seems fairly unusual for a Regular Saver. The downside was that no withdrawals are allowed, plus it's a passbook account so it's branch (and possibly post) only with no online banking. 

I think I'll probably continue with this one - once I discount all the current best Regular Savers which I can't open due to geographical or existing member restrictions (or they're childrens' accounts) plus any with small monthly paying in limits, it still seems to be fairly competitive, plus the rate may rise in the event of an interest rate rise (as it's variable) or I can simply stop paying into it if it doesn't. They've held the rate for the past 12 months so hopefully it won't drop although presumably that's a bit of a gamble.