Home sale lump sum

jicms

Oh yes I am aware and will encourage us to find a property quickly especially as they don't have the temporary high balance scheme in Australia. 

The_Fat_Controller

I have had several Al Rayan accounts over the last few years.

Al Rayan and all the other Sharia compliant institutions have never failed to pay the expected profit rate as far as I know.

Their app and web access can be a little quirky but once you get the hang of it it does work as well as any other bank.

I believe you need Android 8 or above for the app, not sure about Apple devices.

savetilibleed

Albermarle said:

jicms said:

Thanks everyone. I'll probably go with Al Rayan. We should be eligible for the FSCS temporary high balances cover as we're selling our main home. We don't plan on making withdrawals until we buy our next home. 

The temporary high balance cover is only effective for 6 months maximum.

If you need to be dead certain of the security of the funds, and or it might be for longer than the 6 months mentioned, then the best (safest) place is probably NS&I Income Bond but at only 1.20% but gives a monthly interest.

jicms

I think the temptation of the higher interest rate of either Al Rayan 2.1% or even Nationwide 1.75% is just too strong when depositing a large sum. I imagine I might want to move it again if rates rise in the next few weeks. 

Daliah

savetilibleed said:

Albermarle said:

jicms said:

Thanks everyone. I'll probably go with Al Rayan. We should be eligible for the FSCS temporary high balances cover as we're selling our main home. We don't plan on making withdrawals until we buy our next home. 

The temporary high balance cover is only effective for 6 months maximum.

If you need to be dead certain of the security of the funds, and or it might be for longer than the 6 months mentioned, then the best (safest) place is probably NS&I Income Bond but at only 1.20% but gives a monthly interest.

I am not sure that monthly interest would be a compelling reason to go with NS&I, particularly as you also get monthly interest at Al Rayan, and many other savings accounts which pay a lot higher interest than NS&I, and which pay monthly interest by default or as an option.

jicms

Tried to open an account with Al Rayan.  I was not able to click "agree" to the T&Cs to progress to the next step. Tried to phone them and gave up after 45 mins.  The link to request a call-back didn't work.  Then tried in a different browser and it stated my request was already in progress, absolutely hopeless.  Has anyone else experienced these problems?  I guess it doesn't bode well for future communication with them.
They state you have to wait two days to receive a welcome letter if managing to apply.  I just want to be able to open a decent paying account pending our funds arriving tomorrow.  Realised Nationwide doesn't allow withdrawals for a year so that's no good. You'd think somewhere would be happy to receive my large lump sum.  Looks like it'll be lingering in my FD current account.

Bigwheels1111

jicms said:

Tried to open an account with Al Rayan.  I was not able to click "agree" to the T&Cs to progress to the next step. Tried to phone them and gave up after 45 mins.  The link to request a call-back didn't work.  Then tried in a different browser and it stated my request was already in progress, absolutely hopeless.  Has anyone else experienced these problems?  I guess it doesn't bode well for future communication with them.
They state you have to wait two days to receive a welcome letter if managing to apply.  I just want to be able to open a decent paying account pending our funds arriving tomorrow.  Realised Nationwide doesn't allow withdrawals for a year so that's no good. You'd think somewhere would be happy to receive my large lump sum.  Looks like it'll be lingering in my FD current account.

Don’t panic, when I applied it got stuck at page/option 4.
Called then first thing next day 09.00am. Answered in 10 seconds.
Within 10 minutes I had the account up and running.
He gave me the account number.
I opened the app and used the second option to log in.
Account number etc.
Went to FD and set up a £1 transfer and 20 minutes later it was credited in my Al Ryan account.
Then filled the account, Got my first profit payment on the 1,9,22.