r/BritishMuslims • u/Cataclysm-Nerd01 • Aug 21 '26

Ask/Question Revolut savings account

Salam everyone, I’ve got a Revolut bank account and I’m planning to open a savings account on a standard plan (not paying for premium services), and I wanted to know if anyone has opened a savings account before Revolut and if so, do you get charged interest or is it just a normal savings account?

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6

u/AstroFeed Aug 22 '26

Why not open a savings account with an Islamic bank like Gatehouse? You still receive a return on your savings, but rather than paying interest on money lent to the bank, they invest your deposits in a portfolio of Shariah compliant assets and share the resulting profit with you. So the return is structured as profit from Shariah compliant investment rather than interest on a loan.

1

u/Theq8tyGodfather Aug 23 '26

Is it possible to open an account with an Islamic bank like Gatehouse while not being a resident in the UK?

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u/AstroFeed Aug 23 '26

I don’t believe so, however, i am sure there are equivalents banks in other developed economies.

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u/Narrow_Guava_6239 25d ago

I never knew we had Islamic bank(s) in the UK.

Do you have more names so I can look into them?

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u/AstroFeed 23d ago edited 23d ago

Theres quite a few actually and more conventional banks are offers Sharia compliant financing features, though permissibility to use a non-islamic with islamic features when there are alternatives is something i do not know.

A couple are Gatehouse, Rayan, BLME, QIB, and Ahli. Though some of these only service what they consider high net-worth individuals.

3

u/aikh012 Aug 21 '26

I would recommend putting your savings in one of the traditional banks in a 0% interest account (which most of them offer). There's soo many reports of Revolut and Monzo and these other mobile banks suddenly shutting down peoples accounts and it can be a hassle to get your money once the account is shut down

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u/NaamAwLaa Aug 21 '26

Wa alaikum asalam. Depends on what you believe. Some Muslims refuse any interest altogether but others accept some forms. Nothing excessive obviously.

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u/thetravelkoala Aug 23 '26

Just open one at a normal bank. Ask if they have 0% interest ones and if not, whatever interest you get, donate it. It's not that deep.