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

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  • eskbanker
    eskbanker Posts: 31,034 Forumite
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    boo_star wrote: »
    The reason why is because the rate isn't guaranteed.

    Despite their assurances they could end up giving you less than what they claim.
    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....
  • 20SmthngSver
    20SmthngSver Posts: 512 Forumite
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    I've held a 1yr Fixed Term Deposit account with them since February, and I've had two profit payments. Both have been as expected. I haven't had any issues with them.
  • BigBlueSky
    BigBlueSky Posts: 615 Forumite
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    Anyone know how quick faster payment transfers into the account take to show?
  • BigBlueSky
    BigBlueSky Posts: 615 Forumite
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    BigBlueSky wrote: »
    Anyone know how quick faster payment transfers into the account take to show?

    I can answer my own question - Around 20 minutes :)
  • EthicsGradient
    EthicsGradient Posts: 886 Forumite
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    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.
  • tg99
    tg99 Posts: 1,199 Forumite
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    Anyone tried withdrawing and know how quick the faster payment is to arrive in your bank account (e.g. pretty instantaneous like Marcus or a few hours for example)?
  • BigBlueSky
    BigBlueSky Posts: 615 Forumite
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    Further to my first payment earlier which took around 20 minutes, I sent another two payments and 7 hours later still not showing
  • Nuggy96
    Nuggy96 Posts: 207 Forumite
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    could you log onto your account once you applied? I have just applied for this account and have to wait for the post to come to log into my online banking?
  • EdSwippet
    EdSwippet Posts: 1,588 Forumite
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    boo_star wrote: »
    Despite their assurances they could end up giving you less than what they claim.
    They might, which is why this account offers a higher rate than competitors. The added 0.1% or so is the risk premium.

    I've held a couple of sharia accounts for three or four years now, and so far none has paid less than advertised. And if any does in future, I'll still be ahead overall relative to accepting the lower rates from normal interest bearing accounts over that period.
  • BigBlueSky
    BigBlueSky Posts: 615 Forumite
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    Nuggy96 wrote: »
    could you log onto your account once you applied? I have just applied for this account and have to wait for the post to come to log into my online banking?

    I could, but I applied through their online banking (as an existing customer). I already had an old notice account with them with a few pounds left in it.
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