# Al Rayan Bank offers new savings account for charities - Link: https://fundraising.co.uk/2016/04/07/al-rayan-bank-offers-new-savings-account-charities/ - Published: 2016-04-07T09:34:12+01:00 - Author: Melanie May **Al Rayan Bank has announced a new Charities’ Notice Savings’ Account, for charities, masjids, and non-profits in the UK.** The account provides charities with the flexibility to respond to emergencies, such as funding relief efforts in the event of a natural disaster, whilst at the same time enabling them to earn a return on their funds. The account has a 100-day notice period, which enables charities to earn an expected profit rate of 1.4% gross per annum on their savings. However, it also allows the withdrawal of up to 20% of the outstanding balance immediately, without penalty. ## Advertisement Any amount between £50,000 and £20m can be invested, with no penalty if the balance falls below £50,000. Profit is paid monthly and within a 12-month period charities can either make one withdrawal of 20% of the account balance, or two separate withdrawals, to a total of 20% of the balance. Sultan Choudhury, CEO of Al Rayan Bank said: > “Many charities by their very nature require instant access to their funds. In > order to safeguard this accessibility, they have often needed to put their reserves > into instant access accounts, meaning that they don’t benefit from the higher > levels of return associated with longer term accounts, such as notice accounts. > Our new Charities’ Notice Savings Account offers the best of both worlds, underpinned > by an ethical finance model.” * **[June fundraising campaign raises £105,000](https://fundraising.co.uk/2018/07/02/june-fundraising-campaign-raises-105000/)**( 2 July 2018) * **[Charity Bank secures £1 million in equity capital investment](https://fundraising.co.uk/2021/04/27/charity-bank-secures-1m-in-equity-capital-investment/)**( 27 April 2021) * **[6 months left for charity sector businesses to register unresolved banking disputes with BBRS](https://fundraising.co.uk/2022/08/10/6-months-left-for-charity-sector-businesses-to-register-unresolved-banking-disputes-with-bbrs/)**( 10 August 2022) ![Loading](https://fundraising.co.uk/wp-content/plugins/page-views-count/ajax-loader- 2x.gif)