Close your savings account

[binthalal]

Assalamualaikum everybody,

If you're like a lot of people, you have both a savings and checking account. And as we know, savings accounts accrue interest. And I'm here to encourage you to contact your bank and see if they can stop your savings account from accruing interest since it goes against the fold of Islam.

I had both a savings account and checking account with my local bank and when I called them to see if they can stop the interest from accruing on my savings account, they said it wasn't possible. So I simply closed my savings account and opened up a checking account with Chase. So now I use my local bank's checking account for my everyday purchases and use my Chase checking account as a savings account. I hope this makes sense.

Muslim (1598) narrated that Jaabir said: The Messenger of Allah (blessings and peace of Allah be upon him) cursed the one who consumes riba and the one who pays it, the one who writes it down and the two who witness it, and he said: they are all the same.

Surah Aal-e-Imran, Verse 130:
يَا أَيُّهَا الَّذِينَ آمَنُوا لَا تَأْكُلُوا الرِّبَا أَضْعَافًا مُّضَاعَفَةً وَاتَّقُوا اللَّهَ لَعَلَّكُمْ تُفْلِحُونَ

O you who believe! do not devour usury, making it double and redouble, and be careful of (your duty to) Allah, that you may be successful.
(English - Shakir)

via iQuran

And Allah SWT knows best.

 

[Helios]

So should I stick it under my mattress?

 

[binthalal]

So should I stick it under my mattress?

Nope! Just open two checking accounts with separate banks and use one as your "savings" account.

 

[Helios]

Nope! Just open two checking accounts with separate banks and use one as your "savings" account.

Fiat money is literally tied to interest, every dollar your using is worthless crap printed out by the Federal reserve and then loaned to the Govt at interest. It's unavoidable in the West so minimizing it is the only way possible.

 

[Parailia somalensis]

Some of the content here doesn't make sense. Why are you even in the west?

 

[bluebird]

U.S bank, Wells Fargo and BOA should all have the no interest option on the savings. Which bank do you use?

 

[kickz]

Why are you even in the west?

What a dumbass question, you can be Muslim in the West.

 

[binthalal]

U.S bank, Wells Fargo and BOA should all have the no interest option on the savings. Which bank do you use?

Good to know, thanks for sharing. It's a local bank called First Midwest.

 

[sigmund]

Mashallah thank you for raising awareness about this serious issue I did not know about this saving account till today. And for all those people who think what he said was petty remember Riba is a major sin that puts you in hellfire for as long as Allah wills and we must avoid at all costs. Do you really want to earn the wrath of Allah for not listening on the dangers of riba and stop it immediately?

 

[Helios]

Mashallah thank you for raising awareness about this serious issue I did not know about this saving account till today. And for all those people who think what he said was petty remember Riba is a major sin that puts you in hellfire for as long as Allah wills and we must avoid at all costs. Do you really want to earn the wrath of Allah for not listening on the dangers of riba and stop it immediately?

Stop using money then lmao

 

[sigmund]

Stop using money then lmao

and you stop ignoring allah punishment. I'm.bored of sarcasm i thought you were cool aswell **sighh

 

[Helios]

and you stop ignoring allah punishment. I'm.bored of sarcasm i thought you were cool aswell **sighh

Oh no I'm not ignoring a punishment

Read this and replace Federal reserve with Bank of England in your case

Fiat money is literally tied to interest, every dollar your using is worthless crap printed out by the Federal reserve and then loaned to the Govt at interest. It's unavoidable in the West so minimizing it is the only way possible.

 

[Xasusi]

Just don't have a savings account...

 

[kickz]

Oh no I'm not ignoring a punishment

Read this and replace Federal reserve with Bank of England in your case

Fiat money is literally tied to interest, every dollar your using is worthless crap printed out by the Federal reserve and then loaned to the Govt at interest. It's unavoidable in the West so minimizing it is the only way possible.

You can try and change what you can control

 

[Helios]

You can try and change what you can control

You can just measure the amount of interest you get yearly from the bank and not consume that money. They're taking money from you and will loan it to others at an interest rate as well so your feeding a riba system if you bank, which again is unavoidable. Even the islamic "banks" are taking loans and giving mortgages backed up by the legit ones. The best chance is just not profiting off it. If you're consuming riba ie buying bonds making high interest loans and stuff then I see more ill in that.

 

[sigmund]

Oh no I'm not ignoring a punishment

Read this and replace Federal reserve with Bank of England in your case

Fiat money is literally tied to interest, every dollar your using is worthless crap printed out by the Federal reserve and then loaned to the Govt at interest. It's unavoidable in the West so minimizing it is the only way possible.

No, it still wouldn't be permitted to open a savings account which engages with interest (riba), because interest is categorically unlawful by the text of the Qur’an itself. The solution would be to open a standard, non-interest bearing account and deposit your money there instead, such as islamic account or as the brother said a chase account there are still ways to avoid this is up to you to follow it

 

[Helios]

No, it still wouldn't be permitted to open a savings account which engages with interest (riba), because interest is categorically unlawful by the text of the Qur’an itself. The solution would be to open a standard, non-interest bearing account and deposit your money there instead, such as islamic account or as the brother said a chase account there are still ways to avoid this is up to you to follow it

You're avoiding it at surface level which is important but the whole function of a bank is to literally profit off of interest. The money you deposit there never sits still it's being loaned out to Joe who came to withdraw after you deposited. Right now I have a Savings account and I know exactly how much money I got from interest and was deposited there by the bank - I don't touch that. Most of my money is in my chequing account anyways.

The bank only keeps a fractional reserve of all the money that is under its safe keeping, the rest is loaned out for interest and is never really there. That's why when you have a bank run they have nothing to give to everyone because it never actually sits in the bank.

 

[Daacad90]

Like I have savings to begin with

 

[kickz]

You can just measure the amount of interest you get yearly from the bank and not consume that money.

Or just get a no interest savings account, no need to make this hard.

 

[Helios]

Or just get a no interest savings account, no need to make this hard.

I have a student account rn I'll look into it