Al Rayan Bank

sultan123

Bigwheels1111 said:

sultan123 said:

Also if one was to want to close account guessing would be straight forward?

Very easy, take out your money.
Leave £1 in the account.
I don’t close accounts like this just in case.
Its a cheap and time saving.
Rather than registering again in the future.

Trust pilot reviews seem to not be very good?

Bigwheels1111

sultan123 said:

Bigwheels1111 said:

sultan123 said:

Also if one was to want to close account guessing would be straight forward?

Very easy, take out your money.
Leave £1 in the account.
I don’t close accounts like this just in case.
Its a cheap and time saving.
Rather than registering again in the future.

Trust pilot reviews seem to not be very good?

I would rate Amazon one star, still order 200 plus items a year.
Reviews are hit and miss.

When I applied it got stuck at stage 4.
Rang the next day at 09.00am, by 09.10am account was open and I had sort code and account number.
Plus app was all set up.
I’m happy with them.

Wheres_My_Cashback

Band7 said:

Sorry, not instant access but easy access. You get your money within 20-30 minutes on working days. No withdrawals at weekends and bank holidays.

And its unlimited withdrawals with no change in rate or penalties?

The rate drops if you have less than £5k in the account, but there is no limit on the number of withdrawals.

That's not actually true, you get paid the same rate regardless of balance.

Sensory

sultan123 said:

Bigwheels1111 said:

sultan123 said:

Also if one was to want to close account guessing would be straight forward?

Very easy, take out your money.
Leave £1 in the account.
I don’t close accounts like this just in case.
Its a cheap and time saving.
Rather than registering again in the future.

Trust pilot reviews seem to not be very good?

Trustpilot?

How does Al Rayan's score compare to the major UK banks, on that particular review website?

masonic

ashby6567 said:

Bigwheels1111 said:

It’s the same as any other savings account, just called profit instead of interest.
So far no excepted profit bank has failed to pay out.
Very safe.

Expected profit, not excepted profit. And insofar no Islamic Bank has failed to pay out the said rate.

Accrued profit would be covered under the FSCS should they ever become unable to pay it, just as it would for any other bank account.

sultan123

masonic said:

ashby6567 said:

Bigwheels1111 said:

It’s the same as any other savings account, just called profit instead of interest.
So far no excepted profit bank has failed to pay out.
Very safe.

Expected profit, not excepted profit. And insofar no Islamic Bank has failed to pay out the said rate.

Accrued profit would be covered under the FSCS should they ever become unable to pay it, just as it would for any other bank account.

If you ever want to close the account is there any charge

masonic

sultan123 said:

masonic said:

ashby6567 said:

Bigwheels1111 said:

It’s the same as any other savings account, just called profit instead of interest.
So far no excepted profit bank has failed to pay out.
Very safe.

Expected profit, not excepted profit. And insofar no Islamic Bank has failed to pay out the said rate.

Accrued profit would be covered under the FSCS should they ever become unable to pay it, just as it would for any other bank account.

If you ever want to close the account is there any charge

No, there isn't a charge for closing the account. It works like any other savings account from the perspective of the saver.

sultan123

masonic said:

sultan123 said:

masonic said:

ashby6567 said:

Bigwheels1111 said:

It’s the same as any other savings account, just called profit instead of interest.
So far no excepted profit bank has failed to pay out.
Very safe.

Expected profit, not excepted profit. And insofar no Islamic Bank has failed to pay out the said rate.

Accrued profit would be covered under the FSCS should they ever become unable to pay it, just as it would for any other bank account.

If you ever want to close the account is there any charge

No, there isn't a charge for closing the account. It works like any other savings account from the perspective of the saver.

Thank you and profit earnt counts towards normal personal savings allowance like interest?

Choirgrl

Wheres_My_Cashback said:

Band7 said:

Sorry, not instant access but easy access. You get your money within 20-30 minutes on working days. No withdrawals at weekends and bank holidays.

And its unlimited withdrawals with no change in rate or penalties?

The rate drops if you have less than £5k in the account, but there is no limit on the number of withdrawals.

That's not actually true, you get paid the same rate regardless of balance.

Apologies, I’d misremembered.

masonic

sultan123 said:

masonic said:

sultan123 said:

masonic said:

ashby6567 said:

Bigwheels1111 said:

It’s the same as any other savings account, just called profit instead of interest.
So far no excepted profit bank has failed to pay out.
Very safe.

Expected profit, not excepted profit. And insofar no Islamic Bank has failed to pay out the said rate.

Accrued profit would be covered under the FSCS should they ever become unable to pay it, just as it would for any other bank account.

If you ever want to close the account is there any charge

No, there isn't a charge for closing the account. It works like any other savings account from the perspective of the saver.

Thank you and profit earnt counts towards normal personal savings allowance like interest?

Yes, Allah might view "profit" as being different than interest, but HMRC does not.