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

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  • eskbanker
    eskbanker Posts: 31,066 Forumite
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    EthicsGradient wrote: »
    eskbanker wrote: »
    The same could be said of any variable rate easy-access account, although obviously the providers of standard AER-quoted products will be required to publish details in advance of any interest rate cuts rather than doing so after the event....
    Though one of the accounts that didn't meet its target was called "Fixed Term Deposit From 90 days to 180 days", and the standard equivalent of that would have a fixed interest rate, you'd think.
    Well, yes, but the context of my comment was specifically variable rate accounts, rather than harking back to the underperformance of historical fixed term products that you'd uncovered earlier - the poster to whom I was responding was highlighting that the new Al Rayan easy-access rate isn't guaranteed, so I was effectively observing that the same can be said of Marcus, Cynergy, etc....
  • badger09
    badger09 Posts: 11,211 Forumite
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    BigBlueSky wrote: »
    Further to my first payment earlier which took around 20 minutes, I sent another two payments and 7 hours later still not showing

    Possibly held up by your paying bank for security checks?
  • BigBlueSky
    BigBlueSky Posts: 615 Forumite
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    badger09 wrote: »
    Possibly held up by your paying bank for security checks?

    No, definitely not my sending bank.

    They are now showing up on the Al Rayan account but dated Monday 16th.
  • djd1965
    djd1965 Posts: 4,032 Forumite
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    Received my telephone banking pin today and separately a welcome letter including a form to sign and return. Was unsuccessful trying to use telephone banking - didn't recognise my details. Maybe telephone banking doesn't work until they are in recipt of signed form.
  • vikkiew
    vikkiew Posts: 123 Forumite
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    "Expected profit" is just a game Sharia bank and customers play so they don't have to call it interest. If it were really income from an investment it would be treated as such for tax purposes instead it is classed as interest and part of the Personal Savings Allowance.
  • soulsaver
    soulsaver Posts: 5,976 Forumite
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    BigBlueSky wrote: »
    Further to my first payment earlier which took around 20 minutes, I sent another two payments and 7 hours later still not showing
    There'll be a cut off after which it'll be their system's week end. They don't update the account until the next working day, usually Monday.
    Top Easy Access acs Ranked by rate: Top of The Pots - **No Chat** — MoneySavingExpert Forum
  • BigBlueSky
    BigBlueSky Posts: 615 Forumite
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    soulsaver wrote: »
    There'll be a cut off after which it'll be their system's week end. They don't update the account until the next working day, usually Monday.

    Thanks - It showed up shortly after on Friday evening but dated Monday's date.

    At least with Marcus it shows the actual date it arrived - regardless of it being a working day or not. At least I know now for other high value transfers.
  • Fingerbobs
    Fingerbobs Posts: 1,640 Forumite
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    Uxb1 wrote: »
    Tried to apply
    Website failed at stage 4 of 5: totally unresponsive
    Will try again tomorrow - else it will be a formal complaint: sigh....
    Why? Seems a bit excessive if that's the only reason for the complaint.
    I had problems opening an FTD account with them (their application form didn't work properly in IE11, so I couldn't complete the application) but I gave them a ring and they sorted everything out in five minutes. Very helpful and courteous staff.
  • Sea_Shell
    Sea_Shell Posts: 9,379 Forumite
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    Do they use faster payments for withdrawals back into your linked account?
    How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)
  • soulsaver
    soulsaver Posts: 5,976 Forumite
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    Sea_Shell wrote: »
    Do they use faster payments for withdrawals back into your linked account?
    Yes - w/d just took 5 mins to arrive in my chosen account.

    Uses an OTP to authorise new payee - you can choose to landline or mob.
    Top Easy Access acs Ranked by rate: Top of The Pots - **No Chat** — MoneySavingExpert Forum
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