What is the expected profit rate of a Sharia-compliant savings account?
Earning money from money is not allowed in Sharia banking, so savings accounts don’t have interest rates; instead they have an expected profit rate (EPR). The EPR is an indication of how much profit you can expect to earn, and it can change if the bank makes less profit than expected. If this happens we’ll inform you of the new profit rate and give you the option to continue with the new lower rate, or you can cancel your savings account early and return the capital and the amount of profit earned to date at the existing rate.
- What is the make good policy?
- How does the Cash savings hub work?
- How long does it take for payments to clear into/from my transit account?
- What types of notice accounts are available in the Cash savings hub?
- Why do I need to pay £1 into my Cash savings hub before I can fund it from my Dealing account?
- What is the minimum amount I need to deposit to open a Cash savings hub?