Islamic Bank Accounts in England

Algbra's free everyday e-money account for UK residents: multi-currency spending on a Mastercard debit card (biodegradable, with compostable packaging), Apple Pay and Google Wallet, instant in-app currency conversion, fee-transparent pricing, donations to 100+ causes, and a per-transaction carbon footprint tracker with offsetting. Issued by Algbra FS UK Limited, an FCA-authorised electronic money institution (FRN 952360).

Fixed term savings inside the Algbra app: choose 3, 6 or 12 months, lock the funds, and receive a pre-agreed fixed Expected Profit Rate at maturity. Cube money is placed with Standard Chartered Bank and referenced against its Sustainable Finance asset portfolio, so deposits carry FSCS protection up to 120,000 GBP while in a Cube - unlike the Algbra wallet itself. Maximum 120,000 GBP across all active Cubes; no early withdrawal; UK residents only. Specific EPRs are shown in-app before confirming and are not published on the website.

A UK account for non-UK residents at 10 GBP/month: UK account details, multiple currencies and the full Algbra feature set (card, conversion, donations, carbon tracking) without needing UK residency - aimed at the diaspora and internationally mobile users the mainstream banks decline.

A three-year fixed term deposit paying an expected profit rate of 4.55% gross p.a. (reinvested and paid at maturity, quarterly option available), launched in support of Educate A Child International. Minimum 10,000 GBP, no withdrawals during the fixed term.

Two-year fixed term deposit paying an expected profit rate of 4.43% gross p.a. where profit is reinvested and paid on maturity, with a quarterly payment option. Minimum 10,000 GBP (100,000 GBP for business), no withdrawals during the term, opened via Digital Banking.

AlRayan Bank's flagship one-year fixed term deposit paying an expected profit rate of 4.73% gross p.a. where profit is reinvested and paid on maturity, with the option of quarterly profit payments instead. Minimum deposit 10,000 GBP for personal customers (100,000 GBP for business fixed term deposits); no withdrawals during the fixed term. The bank's 12-month FTD has repeatedly topped UK best-buy tables against conventional banks.

AlRayan Bank's instant access savings account paying a 2.75% gross p.a. expected profit rate with profit credited monthly. The account is opened and run through the bank's Digital Banking app and desktop portal, takes unlimited deposits and withdrawals with no notice, and requires a 10,000 GBP initial deposit; if the balance falls below 10,000 GBP the rate drops to 0.05% until restored. Account holders must be at least 16.

AlRayan's high-value treasury deposit for balances of 250,000 GBP and above, structured as Wakala (agency): the bank invests the funds as the customer's agent and the expected profit rate is negotiated per deposit, paid at maturity, with no withdrawals during the fixed term. Listed on the bank's savings comparison table with 'negotiable' pricing.

BLME's fixed term deposit for UK residents, paying expected profit of up to 4.65% gross/AER with terms from under a year up to 7 years - the longest fixed terms in UK Islamic banking. Open with 1,000 GBP to 1m GBP, apply online; profit is calculated daily and paid annually (or at maturity for terms under a year). No early withdrawals or additions once opened. Rates as of 9 July 2026.

BLME's notice savings account paying 4.30% gross quarterly / 4.37% AER expected profit (as of 20 May 2026). Opening balance 10,000 GBP, minimum ongoing balance 1,000 GBP, unlimited withdrawals of 1,000 GBP+ with 90 days' notice, top-ups any time, profit paid quarterly to a nominated UK account.

Tax-free fixed term Cash ISAs with the Woodland tree-planting pledge. Published AERs at the crawl date: 1 year 4.35%, 18 months 3.60%, 2 years 3.60%, 3 years 3.60%, 4 years 3.60%, 5 years 3.60%. Minimum 1,000 GBP. Unlike the plain FTDs, ISA withdrawals are allowed early subject to a profit reduction (90 days' profit on the 1-year, scaling to 365 days on the 5-year).

Gatehouse Bank's online easy access savings account paying 2.95% AER expected profit from a minimum of just 1 GBP, with unlimited penalty-free withdrawals. Managed online and via the Gatehouse Savings App, FSCS protected up to 120,000 GBP.

A tax-free easy access Cash ISA paying 2.95% AER expected profit from 1 GBP, with unlimited withdrawals. One of the few Shariah compliant easy access ISAs on the UK market since AlRayan closed its Instant Access Cash ISA to new customers.

Notice savings account paying 3.40% AER expected profit from a 500 GBP minimum; withdrawals allowed subject to 95 days' notice, operated online.

Notice savings account paying 3.50% AER expected profit from 500 GBP; withdrawals subject to 120 days' notice, operated online.

Gatehouse's fixed term deposit family, branded Woodland Saver because the bank plants a tree in a certified UK woodland project for every account opened or renewed. Published AERs at the crawl date: 6 months 4.30%, 1 year 4.15%, 18 months 3.90%, 2 years 3.90%, 3 years 3.85%, 4 years 3.80%, 5 years 3.80%. Minimum 1,000 GBP, no withdrawals during the term, online operation.

Branch-opened Wakala time deposits from 10,000 GBP with published gross profit rates: 1 month 1.25%, 3 months 2.25%, 6 months 2.50%, 12 months 3.00%, 2 years 3.15%, 3 years 3.10%, 5 years 3.25%. Profit paid at term end; no withdrawals or early closure; preferential rates possible via relationship managers. Personal and business customers.

The online fixed term Islamic deposit that won HBZ 'Best Fixed Rate Savings Provider' at the Moneynet Personal Finance Awards 2026. Published expected profit rates: 6 months 4.46%, 12 months 4.81%, 2 years 4.10%, 3 years 4.05%, 5 years 4.00%. Opened online by individuals; deposit confirmation certificate issued by email and post; no online servicing after opening.

Shariah compliant everyday current account for personal and business customers of Habib Bank Zurich plc's Sirat window, with debit cards, payment services, foreign exchange and online banking, serviced through eight UK branches (London, Manchester, Leicester, Birmingham) and digital channels. One of the very few Islamic current accounts still open to new UK-resident customers from any bank operating in Britain.

Wakala-based savings accounts (two variants) in GBP, USD and EUR, open to UK residents, expatriates, non-UK residents, sole proprietors, partnerships, limited companies and SPVs, with a 10,000 GBP minimum opening amount. Profit rates are described as competitive but are not published on the page; access via branch, phone and digital banking.

Kestrl's retail proposition, live in 2026 via a 1,000-customer 'Alif' early adopter waitlist: an e-money spending account and Mastercard debit card issued by AF Payments Limited (FCA EMI, FRN 900440), wrapped in Kestrl's values layer - real-time ethical screening of payments with alternatives suggested, savings pots from holidays to Hajj with round-ups, interest purification across connected accounts (via TrueLayer open banking, FRN 901096), zakat calculation, and a monthly interest-free reward of 2.50% unlocked by keeping at least 1,000 GBP in the account. Custody under the Maybank Islamic partnership is designed to be religiously compliant through Maybank London.

A UK current account opened entirely from a smartphone in the Gulf: customers receive a UK sort code, account number and IBAN, can hold, spend and send money in six currencies (GBP, USD, EUR, KWD, AED, SAR), exchange instantly in-app, and spend on a Nomo Mastercard debit card or Apple Pay with zero card fees at home or abroad. Free ATM withdrawals in the UK, free and instant transfers to UK bank accounts. Not currently available to UK residents - the target market is customers in Kuwait, the UAE, Saudi Arabia and the wider GCC.

Instant access savings in GBP, USD or EUR with tiered expected profit rates that rise with balance: GBP pays 1.00% (1,000-9,999.99 GBP), 2.90% (10,000-24,999.99) and 3.40% (25,000+); USD up to 3.30%; EUR up to 1.80%. Profit accrues daily and is paid monthly; minimum 1,000 in the account currency; maximum 5m per saver; one Saver per currency; withdrawals any time above the minimum balance.

Fixed term deposits opened inside the Nomo app in GBP, USD or EUR over 3, 6 or 12 month terms, with expected profit rates up to 4.30% AER. Minimum deposit 5,000 GBP (or 10,000 USD/EUR); no limit on the number of concurrent FTDs; the expected profit rate is stated before opening. Available only to Nomo current account customers (GCC-based; not UK residents).

Instant access savings for QIB (UK) private banking clients in GBP, USD and EUR, paying 1.75% gross expected profit (GBP and USD, rate matrix as at 26 March 2026) with unrestricted withdrawals. Profit can be paid monthly, quarterly or annually.

Wakala fixed term deposits in GBP, USD and EUR on maturities from 3 to 18 months on the published matrix (3 months 3.50%, 6 months 3.65%, 9 months 3.65%, 12 months 3.60%, 18 months 3.10% GBP as at 26 March 2026; USD 3.15-3.35%), with terms to 3 years available per the private banking page. Profit paid at the end of the term; no withdrawals. Retail savers can also access QIB (UK) fixed terms via the Raisin UK platform.

The GBP current account at the heart of QIB (UK)'s Mayfair private bank - required before any savings product can be held. Comes with a debit card with a high daily allowance that doubles as an out-of-hours entry pass to the bank's Grosvenor Street building for secure ATM access, internet and mobile banking with international payments in various currencies, and a dedicated relationship manager. Pays no profit.

QIB (UK)'s noticed savings family for personal and corporate clients: 31 Day Notice at 3.75%, 93 Day Notice at 3.75% and 120 Day Notice at 3.10% gross expected profit (GBP rate matrix as at 26 March 2026; the private banking page also lists 93 and 120 day variants in USD and EUR). Withdrawals require the respective calendar notice; profit is paid monthly, quarterly or annually to a designated account.