Al Rayan Everyday Saver Issue 3 - Surprise !

The_Fat_Controller

Opened an account this morning (1/8/22) at 1.6% expected profit rate.

Just logged in to check all the transfers had been credited to find the expected profit rate has increased to 1.8%

Happy days !

m_c_s

Have opened one as well. Worth noting minimum deposit is £5000.

Just need to figure out how to close or remove the other saver accounts from their app!

Rollinghome

m_c_s said:

Have opened one as well. Worth noting minimum deposit is £5000.

Just need to figure out how to close or remove the other saver accounts from their app!

Not that easy methinks. They say the only way is to write. Update us if you find another.

masonic

It might be worth trying the secure messaging facility.

The_Fat_Controller

masonic said:

It might be worth trying the secure messaging facility.

I have reduced the balance to zero on my other two easy access savings accounts with them.

One required a minimum balance of £2500 so maybe that one will close automatically.

I've also used the secure messaging facility to request both are closed, will update this topic when they reply.

Rollinghome

The_Fat_Controller said:

masonic said:

It might be worth trying the secure messaging facility.

I have reduced the balance to zero on my other two easy access savings accounts with them.

One required a minimum balance of £2500 so maybe that one will close automatically.

I've also used the secure messaging facility to request both are closed, will update this topic when they reply.

I reduced the balance on my v1 account to a tenner and they still paid the normal rate of interest. Then to zero. That  was  around a year ago and it still hasn't been closed. So dont hold your breath.

wiseonesomeofthetime

Not to do with Savings, but their Personal Current Account, I noticed this while browsing through Al Rayan website:

From 1 January 2023, we will introduce a new account maintenance fee of £5 per month on all personal Current Accounts with a balance less than £2,500, as of the final working day of the month.

What with minimum £5k balances too for their instant savings account, they clearly want customers with money using their services.

Common sense really though, as how do you make profit without deposits of adequate size? 🤷‍♂️

Oasis1

I might wait till a week after the Bank of England rate rise announcement to see what else is on offer, but this looks great!

jimexbox

Do Al Rayan support faster payments? 

Rollinghome

jimexbox said:

Do Al Rayan support faster payments? 

They do. Can take an hour or two to show sometimes.

Daliah

Rollinghome said:

jimexbox said:

Do Al Rayan support faster payments? 

They do. Can take an hour or two to show sometimes.

Last time I used them, about 5 months ago, they only made payments on working days