Bank of London and The Middle East savings rates — compare every account, plus switch offers and guides

Who they are

Bank of London and The Middle East - known as BLME - is a British, independently run, Sharia'a-compliant bank headquartered in London. Founded in 2006, it offers financial services across three core areas: wealth management, commercial real estate finance, and savings products. It is part of Kuwaiti banking group Boubyan, following its majority acquisition in 2020, though Boubyan had held a stake in BLME since its inception.

Because BLME operates on Islamic finance principles, its products are structured to avoid interest in the conventional sense. Rather than paying interest, savings accounts are typically structured as Sharia'a-compliant profit-share arrangements - so the headline "rate" you see represents an expected profit rate, not a guaranteed return in the traditional sense. That distinction is worth understanding before you open an account.

Savings accounts

BLME has offered fixed-term deposit accounts and notice accounts to UK savers in the past. Their Premier Deposit Account has historically offered fixed terms ranging from 6 months to 7 years, and a 90-day notice account was added to the range in 2017. Accounts can be opened online, but are managed by telephone, post, or email with the savings team.

We do not currently have any live savings products from BLME listed on DepositScout. That could mean they are not actively competing for retail deposits at this moment - check the live rates table on this page for the latest picture, as it updates regularly.

FSCS protection

Bank of London and The Middle East plc is a member of and covered by the Financial Services Compensation Scheme (FSCS). BLME holds its own banking licence - Bank of London and The Middle East plc - and eligible deposits are protected up to £120,000 per person. One thing to note: if BLME were to go out of business, eligible deposits held with both BLME and its digital offshoot Nomo would be added together, and the £120,000 limit applied to the combined total. If you bank with both brands, bear that in mind.

Is it right for you?

BLME is a specialist bank with a clear focus on Islamic finance and wealth management - it is not a mainstream high-street provider. If you are looking for Sharia'a-compliant savings, it is one of a small number of genuinely licensed options in the UK. For most other savers, the key questions are whether BLME is actively offering retail savings products and whether the expected profit rates are competitive at the time you are looking.

As always, the live rates table on this page is the place to check current figures - specific rates change frequently, and what was true last month may not be true today.