This is a 1-year account and may not be suitable for you if you think you will need access to your money during that time. Profit will be paid at maturity only and withdrawals are not permitted within the 1-year term. Please look at our full range of accounts before making your choice, we also offer longer term accounts should you be looking for a higher return. Shariah principles mean we do not offer interest. In its place we invest your funds in Shariah compliant ways to earn profit which we then share with you. For more information, see our Expected Profit Rate Definition below.
AER offered is the Annual Equivalent Rate and it shows you what the gross rate would be if profit was paid and compounded each year.
The profit we aspire to share with you is the 'expected profit rate' and we quote this rate at the time you open your account. We monitor your account on a daily basis to ensure the expected profit rate will be achieved. If we feel the expected profit rate will not be achieved, we will contact you giving you advanced notice of the new expected profit rate. You will then have the option to continue your account with us at the new expected profit rate or close your account immediately. If you choose to close your account we will return your original deposit along with the profit you have earned up to that date. If the profit exceeds the expected profit, we will pay the expected profit to you and we will be entitled to retain the remaining amount.
Support is available by telephone and online, by logging into your account.
Postal Address: Milestone Savings, PO Box 861, Wallsend, NE28 5BP
Telephone: 0345 600 3350
If you are unhappy with any aspect of our service and want to make a complaint, please contact us in the first instance and we will try to resolve the complaint as fast and fairly as possible. A copy of our complaints policy is available on our website. If you remain unhappy, you can contact the Financial Ombudsman Service (FOS) at email@example.com The FOS is available to resolve certain complaints if they cannot be resolved through our internal complaints procedures. For more information about the FOS, please visit www.financial-ombudsman.org.uk.
Financial Services Compensation Scheme (FSCS)
Your eligible deposits are protected by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme. The FSCS can pay compensation if a bank is unable to meet its financial obligations. Each account holder is entitled to claim up to the current FSCS limit in respect of the total value of all accounts you hold with us. Currently, this is up to £85,000 per person and £170,000 for joint accounts. Any deposits you hold above these limits are not covered. Please visit www.fscs.org.uk for further information.
If you have a query that’s not addressed here, please refer to our FAQs and Terms and Conditions.
We will communicate with you only in English for any purpose relating to your account.
The laws of England and Wales govern this agreement and we both submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute between us, provided however, if you are a resident in Scotland you may start proceedings in the courts of Scotland and, if you are a resident in Northern Ireland, you may start proceedings in the courts of Northern Ireland.
This product including the expected profit rate set out above is available for applications only whilst this document is published on our website. We may vary the details at any time by withdrawing this document from our website
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