Ethical Saver Cubes are fixed-term savings products, structured in accordance with Islamic finance principles, where you can set aside funds for a chosen period and earn profit at a pre-agreed Expected Profit Rate (EPR). Ethical Saver Cubes offer profit rates that vary depending on the selected term.

Simply select the term that suits you (for example, 3 months, 6 months, or 12 months), choose how much you wish to deposit, and at the end of the term you’ll receive your original deposit plus the agreed profit.

No. Once you create an Ethical Saver Cube, your funds are locked in for the full term.

Ethical Saver Cubes are designed using a well established Islamic finance structure called Murabaha.

Murabaha is based on trade and profit rather than interest. Instead of earning money from interest on savings, the bank buys an asset and then sells it on for a clearly agreed higher price. The profit from that sale is where the return comes from. This is widely used in Islamic banking.

In the case of Ethical Saver Cubes:

1. When you add money to an Ethical Saver Cube, the funds are placed with our partner bank, Standard Chartered Bank.
2. The bank uses those funds to purchase Sharia-compliant commodities (typically metals) through a commodity broker.
3. Those commodities are then sold under a Murabaha sale contract for an agreed higher price with deferred payment terms.
4. The difference between the purchase price and the sale price creates the profit from the trade.

The return paid to you therefore arises from a genuine asset trade, rather than interest on money.

Ethical Saver Cubes also avoid financing industries considered harmful or unethical (such as alcohol, gambling, tobacco, and arms), ensuring the product aligns with both Islamic finance principles and responsible finance values.

This is the percentage return you can expect to earn on your Cube over the term you select.

The EPR is fixed and contractually agreed at the creation of the Cube. This means you’ll always know exactly how much you will get back at maturity - no surprises, no market fluctuations.

Yes. When you deposit money into an Ethical Saver Cube, it’s placed with a UK bank that is covered by the Financial Services Compensation Scheme (FSCS). This means that in the unlikely event of that bank failing, any funds deposited into Ethical Saver Cubes are protected up to the FSCS limit of £120k.

Once your Cube matures and the money moves into your Algbra account, the way that your money is safeguarded changes. This is because Algbra is an Electronic Money Institution (EMI) and not a bank. The FSCS scheme covers banks and building societies, whereas EMIs like Algbra are required to keep all customer deposits separate from business funds in a process called Safeguarding. This means that in the unlikely event of Algbra failing, all of the funds in your Algbra account would be safeguarded and returned to you.

Yes, you can create multiple Cubes with different terms, giving you flexibility in how you manage your savings up to a maximum of £120,000 across all active Ethical Saver Cubes.

At maturity, we’ll offer you the option to re-deposit your funds into a new Ethical Saver Cube. If you choose not to, your deposit and profit will be transferred back into your Algbra account. From there, you can withdraw, spend, or place your savings in a new Cube. 

Yes. The Expected Profit Rate is agreed in advance as part of the Murabaha transaction. Once your Cube is opened and the transaction has been executed, the agreed profit will be paid at maturity.

Simply open the Algbra app, tap “Cubes” then tap (+). From there, choose “Ethical Saver Cube,” select your preferred term, and enter the amount you’d like to save. You’ll see the expected profit before confirming.

No. You won’t be able to request the closure of your account until any active Ethical Saver Cubes have matured, and the funds have been transferred to you.

Profit from Ethical Saver Cubes may be taxable, depending on your individual circumstances. They count towards your Personal Savings Allowance. Please keep in mind that Algbra does not deduct tax automatically, so you may need to declare returns to HMRC.

Ethical Saver Cubes follow strict ethical and Sharia-compliant principles. They’re built using a widely recognised and approved Islamic finance arrangement called Murabaha.

Here’s a quick summary of how it works: Your funds are held by our partner, Standard Chartered, who purchase a permitted commodity (such as precious metals), and subsequently sell it back at an agreed price that includes a profit margin. This agreed profit is what forms your return. There’s no interest involved.

While your funds are held by Standard Chartered they are referenced against sustainable investments that are part of the Bank’s sustainable finance asset portfolio. The impacts of this portfolio are summarised and made publicly available in the Bank’s Sustainable Finance Impact Report. As Standard Chartered’s sustainable finance asset portfolio is aligned to its Sustainability Bond Framework, your savings work in a way that aligns with both ethical finance and Islamic principles.

Yes, the combined amount that your Ethical Saver Cubes can hold at any given time is £120,000. For example, you can have one Cube with £120,000 deposited, or you can split this over multiple cubes, e.g. a £80,000 and a £40,000 Cube.