MSE News: New sharia account offers 1.6% easy-access savings - but should you get it?

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  • quirkydeptless
    quirkydeptless Posts: 1,219 Forumite
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    xylophone wrote: »
    I applied, opened and funded the account at the weekend.

    On line password arrived but not ID - rang to enquire and ID provided by phone - was able to log in, change details, see initial deposit - all fine.

    An easy and efficient process.


    Did your online password arrive separately, or with the Welcome pack? Might have missed it in the bumpf I got.


    I have received a telephone banking PIN, so I can try that.
    Retired 1st July 2021.
    This is not investment advice.
    Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."
  • djd1965
    djd1965 Posts: 4,032 Forumite
    quirkydeptless wrote: »
    Did your online password arrive separately, or with the Welcome pack? Might have missed it in the bumpf I got.


    I have received a telephone banking PIN, so I can try that.
    Online password arrives separately from welcome pack
  • quirkydeptless
    quirkydeptless Posts: 1,219 Forumite
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    djd1965 wrote: »
    Online password arrives separately from welcome pack


    Password arrived Today


    Assalamu Alaikum :)
    Retired 1st July 2021.
    This is not investment advice.
    Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."
  • Sea_Shell
    Sea_Shell Posts: 9,338 Forumite
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    I've received the telephone banking PIN. I'll see what tomorrow's post brings.

    I can't see it written anywhere if there is a time limit to making the £500 deposit, anyone know? I guess they'll close the account if not funded...but when?
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)
  • Biggus_Dickus
    Biggus_Dickus Posts: 1,636 Forumite
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    Sea_Shell wrote: »
    I've received the telephone banking PIN. I'll see what tomorrow's post brings.

    I can't see it written anywhere if there is a time limit to making the £500 deposit, anyone know? I guess they'll close the account if not funded...but when?
    I didn’t notice any ‘time limit’ mentioned when I opened two accounts yesterday. However, that’s not to say there isn’t one,...I didn't scour all the Ts&Cs tbh. :doh:

    On that basis I immediately funded both accounts with £500 each just to be on the safe side.

    Received the telephone PIN’s this morning by post but no info as yet regarding internet login details etc.
  • quirkydeptless
    quirkydeptless Posts: 1,219 Forumite
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    Received my User ID Today, so Welcome Pack, Telephone PIN, User ID and password arrived in 4 different letters, in different posts, I expect for security :money:


    I transferred the £500 on the day I opened the account. I've just transferred in more from my Marcus account.


    So with BLME (via HL active savings) and Wahed (investment account), this makes my third Sharia account opened now, all this year!


    Assalamu alaikum
    Retired 1st July 2021.
    This is not investment advice.
    Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."
  • Sea_Shell
    Sea_Shell Posts: 9,338 Forumite
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    On line ID arrived today. 2 letters down, 2 to go!!
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)
  • Sea_Shell
    Sea_Shell Posts: 9,338 Forumite
    First Anniversary Photogenic Name Dropper First Post
    On line password received. Logged on, money deposited, all ok!

    I have searched the T&C's for the words, minimum and within and nothing relating to a minimum deposit or balance seems to be included, strange.

    Can we presume there is no minimum operating balance?

    Their notice accounts do specifically mention deposit within 14 days...but I can't see anything remotely similar in respect of the everyday saver.

    Anyone else agree?? Or have I missed it? (It had been known!!)
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)
  • 18cc
    18cc Posts: 2,120 Forumite
    How is the interest paid compared with a normal instant access account?

    eg is the 'expected profit' added daily?

    if you withdrew money after say 2 days would you get your money back.plus 2 days of 'expected profit'?
  • Sea_Shell
    Sea_Shell Posts: 9,338 Forumite
    First Anniversary Photogenic Name Dropper First Post
    18cc wrote: »
    How is the interest paid compared with a normal instant access account?

    eg is the 'expected profit' added daily?

    if you withdrew money after say 2 days would you get your money back.plus 2 days of 'expected profit'?

    Hmmm, that seems a bit woolly too.

    It would appear "profit" is calculated on the last working day of the month, based on the calculation period of calendar month. So average balance for the month??

    Anyone?
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)
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