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 2nd of 28 providers reviewed.

Customer happiness 80.36%
Customer trust 75%
Complaints performance 67.49%
Transparency rating 74.98%
Fairer Finance score
Reviewed Autumn 2022		 74%

Savings Accounts

Ranked 22nd of 50 providers reviewed.

Customer happiness 63.48%
Customer trust 55.67%
Complaints performance 67.39%
Transparency rating 76.5%
Fairer Finance score
Reviewed Autumn 2022		 66%

Bank accounts

Current accounts

Al Rayan Bank

Current Account

2 stars
Annual fee i £60 (£0 if a balance of at least £2500 is maintained.)
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

3 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 4.5%
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 £999,999.00
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

18 Month Fixed Rate Bonds

Al Rayan Bank

18 Month Fixed Term Deposit

Interest Rate (AER) i 4.57%
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

2 Year Fixed Rate Accounts

Al Rayan Bank

24 Month Fixed Term Deposit

Interest Rate (AER) i 4.62%
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 £999,999.00
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

3 Year Fixed Rate Accounts

Al Rayan Bank

36 Month Fixed Term Deposit

Interest Rate (AER) i 4.68%
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 £999,999.00
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

Easy Access Accounts

Al Rayan Bank

Everyday Saver (Issue 3)

Interest Rate (AER) i 3.22%
Maximum Balance i £1,000,000.00
Part of FSCS i
Withdrawal Penalty i
Additional Information i
Minimum Opening Balance i £5,000.00
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
Penalty free withdrawals? i

Savings Accounts (ISAs)

Easy Access ISAs

Al Rayan Bank

Instant Access Cash ISA (Issue 3)

Interest Rate (AER) i 1%
Part of FSCS i
Withdrawal Penalty i
Minimum Opening Balance i £50.00
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
Penalty free withdrawals? i
Can you transfer in funds from another cash ISA?
Can you transfer in funds from a stocks and shares ISA?