🔔 💬 Anna's two pence worth (#23): Are you missing out on market leading Sharia-compliant accounts?

Anna Bowes is a regular contributor to the BBC’s Money Box, Breakfast and News programs, as well as the national press, providing expert analysis and commentary on the UK savings market. Anna has worked in the financial services industry for more than 20 years and for most of that time has been helping people to make the most of their savings.

This week, along with other news, we’ve been looking at Sharia-compliant savings accounts. You may have overlooked them, don’t understand them or simply missed them altogether but with some of the very best rates available, it’s worth taking a closer look.

First up, there’s been some positive activity on the Raisin UK Cash Savings Platform this week – with both a new provider being added to the stable and also new best buy rates from an existing bank.

🔖 Read: Raisin UK adds a new provider and new products to its Cash Savings Platform

The fact that many of the banks on the Raisin UK Platform are Sharia compliant and very competitive spurred us into looking at these accounts once again.

At the moment, Sharia-compliant accounts, both on and off the platforms, are offering market-leading rates – so are you missing out?

🔖 Read: Sharia-compliant accounts dominate the fixed term market

And to continue the theme, we are asking you for your feedback about Sharia-compliant savings accounts. We’d like to know if you have held or would consider holding one?

🗳️ Take part in our Readers’ Poll today

Another new name to the retail savings market this week came in the form of Arbuthnot Direct. New to the retail market but part of the Arbuthnot Latham Private Bank, which has been in existence since 1833.

🔖 Read: Arbuthnot widens its appeal with new best buy savings accounts for more information about the bank and the rates it has on offer.

For those of you who are business owners and hold your current account with NatWest or RBS, you may be aware that some alternative banks are offering RBS/NatWest customers an incentive to move away.

This is all part of the conditions attached to the £45bn Government bailout of the Royal Bank of Scotland Group plc in 2008/09.

RBS had to agree to commit to improving competition on the business banking sector. Even if you don’t bank with NatWest or RBS, could you find a better bank – especially for any cash holdings that you might have?

🔖 Read: Metro Bank receives £120m award from the RBS Business Banking Switch scheme

For all other savings news, take a look at our regular feature, the Rates Rundown, to see if you can find the best savings accounts for your needs.

Finally, as we approach 29th March, all eyes continue to be on Brexit and the volatility that the uncertainty is causing. Our partner moneycorp has written another Economic Overview for us, summarising the latest situation and how it is affecting the pound.

🔖 Read: Economic Overview from moneycorp – all eyes on Brexit

Next week we are going to have a cash ISA special – so if you have any particular questions you’d like an answer to, don’t forget to email us at [email protected].

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*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).

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