How do I find out the monthly profit rate for Al Ryan everyday saver account.

maz_hartley

Joined Al Ryan bank on the 12/8/22. On the 31/8 it gained £x interest. There’s an expected profit rate of 1.90%. So how do I find out what their expected profit rate % for august is. Is there anywhere online that shows their month profit rate for this account. And I’m right in assuming that say for example the profit rate was 1.90% for august that I wouldn’t get that for a whole month as I joined halfway through august so can’t work out the percentage difference. So how do I find the expected profit rate for this account?

[Deleted User]

Hi,

you will get 1.9% a year, so for ever £100 you will get, £1.90 a year, or 16p a month, or 5p a day.

maz_hartley

frugalmacdugal said:

Hi,

you will get 1.9% a year, so for ever £100 you will get, £1.90 a year, or 16p a month, or 5p a day.

It’s expected profit so the rate may not be 1.9% hence I wanted to know what Augusts profit rate was. 

eskbanker

maz_hartley said:

frugalmacdugal said:

Hi,

you will get 1.9% a year, so for ever £100 you will get, £1.90 a year, or 16p a month, or 5p a day.

It’s expected profit so the rate may not be 1.9% hence I wanted to know what Augusts profit rate was. 

There isn't a concept of a rate for a specific month - the account has a published rate of 1.9%, so that's what'll apply until any published change, which they'd notify you of:

https://www.alrayanbank.co.uk/savings/everyday-saver-issue-3

Can Al Rayan Bank change the expected profit rate?

The expected profit rate that applies to your Everyday Saver (Issue 3) is variable. This means that it can change at any time.

If Al Rayan Bank changes the expected profit rate on your account, we will write to you providing you with enough notice to consider your options before the change takes effect.

maz_hartley said:

And I’m right in assuming that say for example the profit rate was 1.90% for august that I wouldn’t get that for a whole month as I joined halfway through august so can’t work out the percentage difference.

You just divide the 1.9% by 365 to give the daily rate and multiply that by the balance and the number of days on which you earned interest, so you can validate the calculation if you wish.

maz_hartley

eskbanker said:

maz_hartley said:

frugalmacdugal said:

Hi,

you will get 1.9% a year, so for ever £100 you will get, £1.90 a year, or 16p a month, or 5p a day.

It’s expected profit so the rate may not be 1.9% hence I wanted to know what Augusts profit rate was. 

There isn't a concept of a rate for a specific month - the account has a published rate of 1.9%, so that's what'll apply until any published change, which they'd notify you of:

https://www.alrayanbank.co.uk/savings/everyday-saver-issue-3

Can Al Rayan Bank change the expected profit rate?

The expected profit rate that applies to your Everyday Saver (Issue 3) is variable. This means that it can change at any time.

If Al Rayan Bank changes the expected profit rate on your account, we will write to you providing you with enough notice to consider your options before the change takes effect.

maz_hartley said:

And I’m right in assuming that say for example the profit rate was 1.90% for august that I wouldn’t get that for a whole month as I joined halfway through august so can’t work out the percentage difference.

You just divide the 1.9% by 365 to give the daily rate and multiply that by the balance and the number of days on which you earned interest, so you can validate the calculation if you wish.

Thanks. I get the calculations I just wasn’t sure if I was getting the 1.90%, And thanks for pointing out that if I’m not getting the expected profit they’ll notify me. 

soulsaver

You log in/sign on and EPR shows by the account. At least it does on mine... and it's showing Everyday Saver at 2.10% as at today - 

Thumbs_Up

Just a personal thought but all this upping the savings rates is amusing me. I suspect they don’t really, really want to do it.

eskbanker

Thumbs_Up said:

Just a personal thought but all this upping the savings rates is amusing me. I suspect they don’t really, really want to do it.

No business likes to increase its costs, but there's always the trade-off in terms of what's needed to retain (or increase) market share, so it goes with the territory of operating in a competitive market with little friction to hinder customers moving....