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Goal Saving account

Goal Saving account


Goal Saving Account gives you a savings plan based on monthly deductions from the available balance in the current account on a regular basis, according to the amount and date of setting the plan, where the bank invests the total amounts that are fed into the savings account from through the bank's various activities to achieve profitable returns along with achieving your savings goals

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​Features 

  • Profit will be paid on a Monthly basis
  • Sharia compliant investment account
  • The ability to track progress and manage Goal Saving Account through Albilad App
  • The ability to skip your Monthly deduction by Pausing your Goal Saving Account 
  • Auto monthly deduction to transfer your savings 
  • Flexibility to delete your Goal Saving Account at any time
  • Create multiples Goal Saving Account for different goals


​Steps to create a new goal in the (Hassala) Goal Saving Account

  •  Choose “Accounts” from the list, then choose "Goal Savings Account."
  •  Create a new goal.
  •  Select goal type
  • Enter the required amount and the goal's ending date.
  • Select the monthly deduction day.
  •  Choose the account to transfer from.
  • Click on the "create goal" icon.

​Steps to transfer from the current account to the (Hassala) Goal Saving Account

  • Login via Albilad App
  • Choose Accounts from the menu, then "Goal Savings Account."
  • Choose “Top up” then enter the required amount 
  • Choose the source account to top up from
  • In the case of a top-up to Goal Saving account, the goal ending date will be affected, as you need to choose between Increasing the monthly deduction or changing the goal ending date and making it shorter.
  • After choosing the preferred option, click “confirm” to continue 
  • The amount has been topped up successfully.

Transfer from Goal Saving Account to Current Account

  • Login via Albilad App
  • Choose Accounts from the menu, then "Goal Savings Account."
  • Choose “Transfer” then enter the required amount 
  • Choose the account to transfer to
  • In the case of withdrawing from Goal Saving account, the goal ending date will be affected, as you need to choose between decreasing the monthly deduction or changing the goal ending date and making it shorter.
  • After choosing the preferred option, click “confirm” to continue 
  • The amount has been transferred successfully 

FAQ

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What is Goal Saving? 

Goal Saving is a financial goal to be achieved in a set time frame

How does Goal Saving Account work?

Customer sets a goal amount to save by a certain date, the system calculates the monthly amount to be deducted from customer’s account. By the goal end date, the saved amount is transferred to customer’s current account. The customer can top up or withdraw from the goal at any time, but that will impact the monthly amount or goal end date

Does the plan get effected after topping up, withdrawal or pause? 

Yes,
  1. If the customer tops up, he/she chooses either to bring back the goal end date or reduce monthly payment
  2. If the customer withdraws, he/she chooses either to extend the goal end date or to increase monthly payment
  3. If the customer pauses the goal, he/she chooses to either increase the goal end date or increase monthly payment

Is there a profit paid on the amount saved in the Goal Saving Account?

Yes, profit is paid monthly once the saved amount reached a threshold of SAR 5,000

How is the profit rate calculated?

The profit rate will be calculated based on:

(Average Balance during the month X Number of Days in the Month X Profit Rate% based on Segment) / (360)For more details, please visit the following link


What is the duration of each goal?

Starts from a month until the customer sets the target end date.

 How many goal saving accounts can a customer create?

Customer can have a maximum of 10 active/paused goals at any given point of time.

What are the channels that the customer can use to open a goal saving account?

Through Albilad app 

 Are there any fees to open a goal saving account?

There are no fees for opening a Goal Saving Account

 Can a customer make any payments from goal saving account?

No. Payments such as SADAD or others are not allowed through Goal Saving Account 

 Is there an amount limit that can be saved in goal saving account?

No

 Can a customer withdraw amount from goal saving account?

Yes, the customer can transfer any amount from the Goal Saving Account to his/her current account. However, in the case of such a transfer, the customer will have to either increase their monthly contribution or move forward the goal end date to achieve the goal amount.

Can a customer cancel or delete a goal saving account before completion?

Yes, the customer has the option to delete or cancel the Goal Saving Account before the goal's end date. The amount saved will be transferred to the customer’s current account.

 What will happen on the goal end date?

On the goal end date, if the goal amount is achieved, the goal saving account will be closed and the saved amount, along with profit, will be transferred to the customer’s current account.
In case there is a shortfall in the goal amount, the goal saving account will remain active for up to four (4) grace months to achieve the goal amount by continuing to transfer the monthly amount from the customer’s current account to the goal saving account. After the end of the grace period or the achievement of the goal amount, whichever comes first, the saved amount will be transferred to the customer’s current account and the goal saving account will be closed

 Can I transfer to the goal saving account from another bank’s account?

The customer can only transfer from his/her current account to his/her goal saving account. Other banks or direct international transfers are not accepted in a Goal Saving Account
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Terms and conditions 

  • Customers must first have a current account with Bank Albilad. You don’t have an account in Bank Albilad? Open Your Account Now! 
  • The profit on the Goal Saving Account will be calculated based on the average balance of the month
  • The minimum monthly average balance for profit sharing is only SAR 5,000
  • All Goal Saving Account customers will have the same profit participation rate as applicable for Albilad Account 
  • The profit on Goal Saving Account will be calculated and paid on a monthly basis based on the profit rates declared / announced for Albilad Account  each month
  • Direct withdraw from Goal Saving Account is not allowed 

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