Al Rayan Bank

Established in 2004, Al Rayan Bank offers Sharia-compliant financial services products to customers of any faith.

To be Sharia compliant Al Rayan's profits can't come from interest, gambling, and other activities that contradict Islamic values. For example, its savings products pay profits rather than interest.

Before being called Al Rayan Bank it was known as The Islamic Bank of Britain. Al Rayan was taken over in 2014 by Masraf Al Rayan, one of the largest Islamic banks in the world, and changed its name to reflect it was part of the Masraf Al Rayan group.

Their UK head office is in Birmingham.

Al Rayan Bank
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Gold ribbon: first place

Bank accounts

Ranked 13th of 30 providers reviewed.

Customer happiness score 59.69%
Customer trust score 58.16%
Complaints performance 67.37%
Transparency rating 77.7%
Fairer Finance score
Reviewed Autumn 2023		 66%

Savings Accounts

Ranked 34th of 53 providers reviewed.

Customer happiness score 58.47%
Customer trust score 50.85%
Complaints performance 67.35%
Transparency rating 78.87%
Fairer Finance score
Reviewed Autumn 2023		 64%

Bank accounts

Current accounts

Al Rayan Bank

Current Account

1 stars
Annual fee i £0.00
Maximum cash machine withdrawal per day i £250.00
Part of FSCS i
Cash withdrawal fee in UK (own bank) i £0.00
Card payment fee (£) i £0.00
App capability? i

Foreign use bank accounts

Al Rayan Bank

Current Account

2 stars
Foreign cash withdrawal fee i 0%
Foreign cash withdrawal additional charge i £1.50
Foreign purchases fee i 0%
Is there a limit on free cash withdrawals? i No free cash withdrawals

Notice Savings Accounts

Up to 180 Day Notice Accounts

Al Rayan Bank

120 Day Notice Account

Interest Rate (AER) i 2.4%
Part of FSCS i
Notice Period 120 days
Minimum Opening Balance i £2,500.00
Maximum Balance i £1,000,000.00
Minimum Age to Open Account i 16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i
Early withdrawals allowed? i
Withdrawal Penalty i

Savings Accounts

1 Year Fixed Rate Accounts

Al Rayan Bank

12 Month Fixed Term Deposit

Interest Rate (AER) i 5.05%
Minimum Opening Balance i £5,000.00
What happens at maturity? i The provider will contact you before the account matures. If you don't instruct them the money will be paid into a variable rate account until you instruct them further or withdraw the funds.
Part of FSCS i
Maximum Balance i £1,000,000.00
Minimum Age to Open Account i 16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i
Can you make early withdrawals? i
Withdrawal Penalty i

18 Month Fixed Rate Bonds

Al Rayan Bank

18 Month Fixed Term Deposit

Interest Rate (AER) i 4.8%
Minimum Opening Balance i £5,000.00
What happens at maturity? i The provider will contact you before the account matures. If you don't instruct them the money will be paid into a variable rate account until you instruct them further or withdraw the funds.
Part of FSCS i
Maximum Balance i £1,000,000.00
Minimum Age to Open Account i 16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i
Can you make early withdrawals? i
Withdrawal Penalty i

2 Year Fixed Rate Accounts

Al Rayan Bank

Raisin UK - 2 Year Fixed Term Deposit

Interest Rate (AER) i 4.75%
Minimum Opening Balance i £5,000.00
What happens at maturity? i The Provider will write to you before the account matures. If you don’t give them any instructions, the money in the account will be paid into a variable rate account.
Part of FSCS i
Maximum Balance i £85,000.00
Minimum Age to Open Account i 18
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i
Can you make early withdrawals? i
Withdrawal Penalty i

Al Rayan Bank

24 Month Fixed Term Deposit

Interest Rate (AER) i 4.75%
Minimum Opening Balance i £5,000.00
What happens at maturity? i The provider will contact you before the account matures. If you don't instruct them the money will be paid into a variable rate account until you instruct them further or withdraw the funds.
Part of FSCS i
Maximum Balance i £1,000,000.00
Minimum Age to Open Account i 16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i
Can you make early withdrawals? i
Withdrawal Penalty i

3 Year Fixed Rate Accounts

Al Rayan Bank

Raisin UK - 3 Year Fixed Term Deposit

Interest Rate (AER) i 4.65%
Minimum Opening Balance i £5,000.00
What happens at maturity? i The Provider will write to you before the account matures. If you don’t give them any instructions, the money in the account will be paid into a variable rate account.
Part of FSCS i
Maximum Balance i £85,000.00
Minimum Age to Open Account i 18
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i
Can you make early withdrawals? i
Withdrawal Penalty (days) i

Al Rayan Bank

Educate A Child International Fixed Term Deposit

Interest Rate (AER) i 4.65%
Minimum Opening Balance i £5,000.00
What happens at maturity? i The provider will contact you before the account matures. If you don't instruct them the money will be paid into a variable rate account until you instruct them further or withdraw the funds.
Part of FSCS i
Maximum Balance i £1,000,000.00
Minimum Age to Open Account i 16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i
Can you make early withdrawals? i
Withdrawal Penalty (days) i

5 Year Fixed Rate Accounts

Al Rayan Bank

Raisin UK - 5 Year Fixed Term Deposit

Interest Rate (AER) i 4.55%
Minimum Opening Balance i £5,000.00
What happens at maturity? i The provider will contact you before the account matures. If you don't instruct them the money will be paid into your linked account.
Part of FSCS i
Maximum Balance i £85,000.00
Minimum Age to Open Account i 18
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i
Can you make early withdrawals? i
Withdrawal Penalty i

Easy Access Accounts

Al Rayan Bank

Everyday Saver (Issue 3)

Interest Rate (AER) i 4%
Balance Tiers i 4.00% from £5,000
Minimum Opening Balance i £5,000.00
Withdrawal Penalty i
Part of FSCS i
Maximum Balance i £1,000,000.00
Minimum Age to Open Account i 16
Penalty free withdrawals? i
Sharia Account i
Additional Information i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Additional Opening Criteria i

Savings Accounts (ISAs)

Easy Access ISAs

Al Rayan Bank

Instant Access Cash ISA (Issue 3)

Interest Rate (AER) i 2.3%
Minimum Opening Balance i £50.00
Part of FSCS i
Withdrawal Penalty i
Minimum Age to Open Account i 16
Sharia Account i
Can be opened by mobile app? i
Can be opened in branch? i
Can be opened online? i
Can be managed by mobile app? i
Can be managed in branch? i
Can be managed online? i
Additional Opening Criteria i
Penalty free withdrawals? i
Can you transfer in funds from another cash ISA? i
Can you transfer in funds from a stocks and shares ISA? i