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QIB (UK): QIB – Easy Access Account
- FSCS protects deposits up to £85,000 per person
About QIB (UK)
Headquartered in London, QIB (UK) Plc provides private banking services and structured real estate financing in the UK, as well as a range of personal savings products, and has been fully authorised by the Prudential Regulation Authority and regulated by the FCA and PRA.
The Financial Services Compensation Scheme (FSCS), the UK’s statutory deposit guarantee scheme, protects all eligible deposits offered by QIB (UK) Plc through the Raisin UK savings marketplace.
In 2019 QIB UK won The Banker’s UK country award for best Islamic Bank. QIB UK won this award in part for its provision of attractive products and services including its leading deposit products available through Raisin UK. As a result of this offering, QIB UK is seeing increased interest from non-Islamic customers who are looking to benefit from the bank’s competitive rates, as well as its high ethical standards and customer service.
Established in 1926, The Banker is read by senior decision makers at the world’s foremost financial institutions. Each year, The Banker produces a definitive ranking of the industry’s best Islamic financial institutions in order to promote and reward excellence in the global Islamic banking community.
Product details
/ 4.79% Gross (this savings account offers Expected Profit rather than interest as it follows Shari’a principles).
AER is the Annual Equivalent Rate and represents what the expected profit rate would be if profit was realised and paid once each year.
Profit is calculated daily on the full closing balance in the account and re-invested monthly.
If you make a withdrawal request, profit will be calculated on the total amount in the account up to, but not including the day of withdrawal.
Profit is applied to the account on the first business day of each month. Profit will be paid gross of UK income tax which means that there will be no income tax deductions from the profit payments you receive on your QIB (UK) deposit.
The expected profit rate applicable to your deposit is variable.
Should QIB (UK) set a lower expected profit rate, you will be given a minimum of 14 days’ notice. You may receive less notice if the rate increases.
Please review the Meteor Asset Management (MAM) Terms and Conditions for more information.
The estimated balance after 12 months on a deposit of £1,000 is £1,048.97. This projection is for illustrative purposes only and does not take into account individual circumstances.
To open this savings account, you must apply online through Raisin UK. Savings accounts at Raisin UK are only available through this online application process, and to be eligible to apply, you must:
● Be a UK resident who is aged 18 or over
● Hold a UK bank or building society account from which you will fund your application
● Have a valid mobile phone number and email address
● Have a UK National Insurance Number
Your application acceptance will be subject to the successful completion of Anti-Money Laundering/Know Your Customer (AML/KYC) checks.
The minimum amount you can deposit is £1000, and the maximum amount you can deposit is £85,000 (per product and banking institution).
You can manage your savings account through Raisin UK by logging into your Raisin UK Account. You can contact Raisin UK by telephone, by email or in writing by using the contact details provided in the Raisin UK Terms & Conditions.
Please ensure you have read all sets of Terms and Conditions (QIB(UK) Term Deposit Conditions, Raisin UK Terms & Conditions and Meteor Asset Management Raising Deposit Terms and Conditions) before applying for this product. If you have any queries relating to any of the Terms and Conditions, please contact Raisin through your Raisin UK Account.
Yes. There is no limit to the amount of withdrawals you can make: however, you are unable to withdraw less than £500 in a single withdrawal transaction and a withdrawal will not be authorised if it leaves your balance below £1,000. To withdraw below your minimum balance you may close your account at any time by requesting closure from within Raisin.
If termination is received on a non-business day (either at the weekend or a UK public Holiday), the termination will be initiated on the next business day.
Once termination has been requested, it can’t be revoked.
Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.
Funds will appear in MIM’s account by the following business day from funding your application at the latest. Funds will be remitted to QIB (UK) by MIM on the next business day after arriving in the MIM account. It can therefore take up to 2 business days for an ordered product to be set up and start earning profit.
All cash in transit and deposits once established, will be held by MIM and MAM in trust for you under FCA client money and asset rules. Please see the Meteor Asset Management Raisin Deposit Terms and Conditions for further details.
You have the right to cancel your savings account with us without charge and without giving any reason, within 14 calendar days from the day of opening this savings account. For further information, please refer to clauses 1.18 and 1.19 of the Meteor Asset Management Raisin Deposit Terms and Conditions.