Conventional Bank Accounts fall into two main categories:
- Saving Account: Here you keep your money in the bank (for safety reasons) as well as earn a fixed interest rate on it.
- Checking Account: This normally doesn't have interest paid by the bank.
Lately, the distinction between the two have blurred somewhat, sincemany banks started to give interest on Checking Accounts as well! Inmany cases, the interest is compulsory, and even if you ask the bankto not give you interest, they will still give it to you.
Faced with this, what is a Muslim to do? At present, the best strategyis to take the interest and give it away to charitable causes.