Al Ryan Bank

Did anyone else take Martins tip to invest in the 3 year fix from Al Ryan? I understood it didn't promise a base interest but the promise of a bonus at the end of the term? Mine has just matured, £5k over 3 years has just returned £127! No bonus... Just interested to know if I have missed a trick, i.e. do I need to claim a bonus?? Thanks for any help.

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  • Ayr_Rage
    Ayr_Rage Posts: 1,014 Forumite
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    edited 18 March at 11:22AM
    I've had many Al Rayan products over the last few years, none of them pay interest, they have an "expected profit rate" which they have always paid.

    None of the fixed term products I have had included any sort of bonus.

    As Al Rayan are not at all forest-friendly, suggest you find the paperwork they sent you when you first invested.
  • gravel_2
    gravel_2 Posts: 118 Forumite
    First Post Combo Breaker First Anniversary
    Opened three years ago (when the bank rate was 0.1%) - what interested rate were you expecting to receive?
  • aroominyork
    aroominyork Posts: 2,821 Forumite
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    Was this bank set up by Meg Ryan's brother?
  • eskbanker
    eskbanker Posts: 30,883 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Did anyone else take Martins tip to invest in the 3 year fix from Al Ryan? I understood it didn't promise a base interest but the promise of a bonus at the end of the term? Mine has just matured, £5k over 3 years has just returned £127! No bonus... Just interested to know if I have missed a trick, i.e. do I need to claim a bonus?? Thanks for any help.
    As above, the account, like other Sharia ones, pays 'expected profit' rather than interest as such, and an archived version of the MSE savings page from March 2021 shows an expected profit rate of 0.95% but no mention of a bonus.  This would deliver a return of about £144 from £5K for three years, which is not a million miles from yours, but what were you expecting and what does the maturity paperwork say about how they've calculated the £127?
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