We're sorry, our Sharia approved Islamic account for existing customers is changing.
On 20 February 2017 all of our existing Islamic accounts will transfer to Classic Essentials.
Since our Islamic account was withdrawn from sale to new customers in 2014 customer numbers have fallen, and we just don’t have enough existing accounts to make them sustainable for us.
The key differences between our Islamic account and Classic Essentials
Classic Essentials account
Provides basic current account features to customers who may not have been eligible for our full facilities current accounts. It's ideal for customers who want an account with very simple features.
Are certified by an Islamic Cleric who confirms that the account doesn't give the customer a return on their money or offer overdraft facilities as the principle of paying or charging interest is against Islamic law.
Visa debit card
Visa debit card
No overdraft facility
No planned or unplanned overdraft
Access to all channels, including our mobile app
No credit or debit interest
Access to LINK ATMs in the UK and abroad
Access to all channels
The Classic Essentials account doesn't offer a cheque book to new customers, but the account will support cheque books for customers who already have one
No bank charges are incurred on transactions if the account is in credit with no minimum balances required
Of course, we would still like all of our customers to continue to bank with us, but we understand that some customers might feel the need to move to other providers with Sharia compliant accounts. So, whilst we’ll no longer have a Sharia approved account, there are a number of financial services providers that do offer Sharia approved accounts to new customers.
Financial regulations do not allow us to provide advice or recommend accounts offered by other organisations. But, we do feel it’s important to provide what information we can.
For help in researching alternatives to TSB’s Classic Essentials, here are a few ideas.