Al Rayan Bank Savings Accounts

The experts say:

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Al Rayan Bank was named Best Cash ISA Provider at the Moneyfacts Awards in 2021. It offers Sharia-compliant savings accounts and is known for offering savers generous returns – these are "expected profits" rather than interest. In independent research by Which?, Al Rayan Bank savings received a product score of 71% and a somewhat lower score of 62% for customer satisfaction. Together, those scores meant that they did not make it on to the Which? recommended provider list, placing 26th out of the 30 providers reviewed. Meanwhile, Fairer Finance gave Al Rayan Bank a customer experience rating of 66%, ranking it 42nd out of 50 savings providers. Overall, it looks like Al Rayan Bank provides good rates, but that there is room for improvement when it comes to customer satisfaction.

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What Al Rayan Bank customers are saying right now:

The Good

💰 Fantastic "profit" rate of 2.81%
😃 Great experience with customer service reps
✅ Easy to make back accounts
📱 Sleek app for digital banking
🤝 Islamic obligation of riba free banking

The Bad

😡 Poor customer service, long wait times and unresponsiveness.
😤 Forced customers to keep £2,500 deposited in their debit account with threat of a £5 maintenance fee.
🤯 Issues opening accounts, app not working, system unable to identify customers and unable to access accounts.

Al Rayan Bank customer reviews summary

Al Rayan Bank savings accounts are a popular choice for those looking for an Islamic, riba-free banking option. While the app is generally praised for its ease of use and the expected profit rate is a generous 2.81%, customer service issues have been raised, such as long wait times and difficulty in contacting customer service. Some customers have also experienced unexpected fees or charges in certain circumstances. Overall, Al Rayan Bank savings accounts offer a good value proposition with a few areas of improvement needed to ensure customer satisfaction. Score: 7/10.

Is Al Rayan Bank one of this year's Top 10 savings account providers?

Frequently Asked Questions about Al Rayan Bank

Is Al Rayan Bank safe?

Customers who save with Al Rayan Bank are protected up to a total of £85,000 by the UK government’s deposit guarantee scheme, the Financial Services Compensation Scheme (FSCS). The bank has over 90,000 customers in the UK and has an Aa3 rating from the credit rating agency Moody's.

Who owns Al Rayan Bank?

Al Rayan Bank PLC is majority-owned by Al Rayan (UK) Limited, which is part of Masraf Al Rayan Q.S.C., Qatar's second largest bank. Masraf Al Rayan is licensed by Qatar Central Bank and has been trading since 2006.

Is Al Rayan Bank closing down?

No – but in recent years Al Rayan has shifted towards being a fully digital bank, and has gradually closed all of its high street retail branches. This may mean it's not a good choice for customers who value traditional branch banking services.

Is Al Rayan Bank halal?

Yes, Al Rayan Bank offers financial services which are Sharia compliant by design.

Al Rayan Bank Savings Review

Robin Banks