Bank Account Perks

Everyday Islamic Finance Personal and Family Finance
#1

Salaams

Please can you clarify

  1. Would it be acceptable to make use of perks that banks offer when opening a fee free account, that is not cash. For example, discounted/free season rail tickets or gift cards for various retailers.

  2. If there is a monthly fee for such accounts does it change things? Is one essentially ‘buying’ the perk but at a discounted price?

Many thanks

#2

Wa alaykum salaam,

  1. Is there a requirement to deposit a certain amount?

  2. What is the monthly fee for?

#3

Salaams

  1. There would be a requirement to open a new account. For some accounts there is no minimum initial deposit for others there is an initial minimum deposit required. The bank is offering this to encourage new bank account openings. I would have opened an account here anyway and/or just use the account to keep some funds before closing in future.

  2. For some other accounts, there is a monthly paid fee to keep the current account and to make use of these perks. Although the fee is lower than the value of the perks.

Thanks