Bank Accounts · Stearns Bank
Stearns Bank Savings Account
Co-Founder & CEO, HalalWallet
Facts are re-verified against Stearns Bank's published materials; this page updates when the provider's terms, rates, or coverage change.
A personal profit-sharing savings account from Stearns Salaam Banking, the Islamic banking division of Stearns Bank N.A. (Member FDIC, St. Cloud, Minnesota, operating nationwide). Instead of interest, the account pays an expected profit rate derived from the division's segregated Islamic financing portfolio, with published tiers rising by balance: 0.85% expected APY under $100,000, 1.97% from $100,000, and 2.99% at $500,000 and up on the 10/1/2026 rate sheet, with a Profit-Link variant paying up to 3.20% and a Next Level Select tier paying 3.04% on balances of $2.5 million and up. Deposits are documented as kept separate from the bank's interest-bearing funds, and a three-scholar Sharia Supervisory Board has issued signed compliance certificates covering Salaam deposit accounts.
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What is the Stearns Bank Savings Account?
A. (Member FDIC, St.
- Contract structure: Varies by product.
- Expected profit: 0.85%-2.99% expected APY (tiered); Profit-Link up to 3.20%.
- Available in all 50 states.
- Shariah oversight disclosed: Formal Board.
- HalalWallet Index grade for Stearns Bank in Bank Accounts: A-.
- Verified against Stearns Bank's published materials on 2026-10-07.
Source: HalalWallet (halalwallet.us)
Key facts
- Structure
- Varies by product
- Account type
- Savings
- Expected profit / APY
- 0.85%-2.99% expected APY (tiered); Profit-Link up to 3.20%
- Profit structure
- Profit-sharing - Market-based returns
- Monthly fee
- $0
- Fee waiver
- No maintenance fees
- FDIC insured
- Yes
- Debit card
- Yes
- ATM access
- Yes
- Mobile app
- Yes
- Online banking
- Yes
- Availability
- all 50 states
- Shariah oversight
- Formal Board
- Provider founded
- 1912
- Last verified
- 2026-10-07
Facts are taken from Stearns Bank's published product materials and were last verified on 2026-10-07. Fields the provider does not publish are omitted rather than estimated.
Our take
Stearns Salaam's personal savings account is one of the few US products where a halal saver can see actual published numbers: 0.85% expected APY under $100,000, stepping to 1.97% and then 2.99% at half a million, with the Profit-Link variant reaching 3.20%. The mechanics hold up - funds are documented as segregated from interest-bearing deposits, returns come from the division's Islamic financing portfolio, and a credible three-scholar Sharia Supervisory Board (chaired by Mufti Ibrahim Essa of Darul Uloom Karachi) signs published compliance certificates. The honest caveats: rates are expected, not promised, and small balances earn modestly. For US Muslims who want FDIC insurance, no monthly fee, and transparent riba-free yield, this is currently the benchmark.
Strengths
- Available nationwide in all 50 states
- FDIC insured up to $250,000 per depositor
- No monthly maintenance fee
- Mobile app available for account management
- Full online banking capabilities
Watch-outs
- Expected profit rates can change and are not contractually guaranteed - returns track the Islamic financing portfolio
- The best tiers require scale: under $100,000 the standard expected APY is 0.85%
- Offered through a conventional bank's Islamic banking division rather than a standalone Islamic institution
Is the Stearns Bank Savings Account halal?
Salaam Personal Market Savings replaces interest with a profit share: the bank states your funds 'are not invested in interest-bearing instruments and are kept separate from interest-bearing deposits,' and the return is an expected profit derived from Stearns Bank's Islamic Banking Division financing portfolio - Sharia-compliant commercial real estate, construction, and equipment deals rather than money lent at interest. Returns are quoted as an Expected Profit Rate and Expected APY that may change after account opening - the disclosure language of a profit expectation, not a contractual interest promise. The governance behind the claim is unusually well documented for a US bank: an independent three-scholar Sharia Supervisory Board - Mufti Ibrahim Essa (faculty of Darul Uloom Karachi under Mufti Taqi Usmani, author of more than 5,000 fatawa, AAOIFI-certified), Shaykh Taha Abdul-Basser (Harvard-trained, Sharia compliance consultant since 1998), and Mufti Mirza-Zain Baig (AAOIFI-certified) - reviewed the deposit products against AAOIFI Sharia Standards and the decisions of Islamic jurisprudence academies and signed a Certificate of Sharia Compliance for Salaam checking and savings accounts in June 2024, published as a PDF on the Salaam hub. Deposits stay FDIC-insured through Stearns Bank N.A. One naming quirk: product pages credit a 'Faith-Based Banking Advisory Board' while the hub and the signed certificates say 'Sharia Supervisory Board' - the certificates are the authoritative source.
Shariah oversight disclosed by Stearns Bank
Independent Sharia Supervisory Board reviews products (Mufti Ibrahim Essa + others). Board approved deposit & financing products.
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Expected profit derived from Stearns Bank's Islamic financing portfolio - funds never invested in interest-bearing instruments
- Deposits kept separate from the bank's interest-bearing deposits
- $0 minimum opening deposit, with tiered Expected Profit Rates on the published Salaam rate sheet
- Signed SSB Certificate of Sharia Compliance covering Salaam savings accounts (June 2024)
- FDIC-insured, with customized options to extend coverage beyond the $250,000 limit
Cost and terms
Salaam Personal Market Savings expected APY tiers (rate sheet effective 8/1/2026, verified 2026-08-05): 0.85% up to $99,999.99; 1.97% from $100,000; 2.99% at $500,000+. Personal Profit-Link Market Savings: 2.02% under $500,000, 3.20% above. $0 minimum opening deposit for Market Savings per the rate sheet; no monthly maintenance fee. Rates are expected profit rates, not contractual guarantees.
How it compares
Other bank accounts providers we list in the U.S., ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| Stearns Bank Savings Account (this page) | Varies by product | Formal Board | all 50 states | A- |
| UIF Savings Account | Mudarabah | Formal Board | all 50 states | A |
| Jafari Credit Union Savings Account | Qard Hasan | No Public Review | Texas | — |
| Bank of Whittier RF Income Generating Savings & Retirement Savings | RF (Riba Free) profit-sharing savings | Third-Party Certified | all 50 states | — |
Other Stearns Bank products
- Salaam Nonprofit Checking
Bank Accounts · Varies by product
- Salaam Business Certificate of Deposit
Bank Accounts · Varies by product
- Secured Line of Credit
Business Financing · Varies by product
- Deposit Account
Bank Accounts · Varies by product
- Salaam Business Essentials Checking
Bank Accounts · Varies by product
- Equipment Financing
Business Financing · Varies by product
- Construction Financing
Business Financing · Varies by product
- Salaam Business Checking
Bank Accounts · Varies by product
- Salaam Nonprofit Savings
Bank Accounts · Varies by product
- Salaam Business Market Savings
Bank Accounts · Varies by product
- Commercial Real Estate Financing
Business Financing · Varies by product
Where it's available
Stearns Bank lists the Savings Account as available in all 50 states.
Availability may vary by product and can change; verify with Stearns Bank before applying.
Frequently asked questions
Is the Stearns Bank Savings Account halal?
Salaam Personal Market Savings replaces interest with a profit share: the bank states your funds 'are not invested in interest-bearing instruments and are kept separate from interest-bearing deposits,' and the return is an expected profit derived from Stearns Bank's Islamic Banking Division financing portfolio - Sharia-compliant commercial real estate, construction, and equipment deals rather than money lent at… Contract structure: Varies by product. Shariah oversight disclosed by Stearns Bank: Formal Board. HalalWallet reports what the provider documents; we do not certify products.
How does the Stearns Bank Savings Account work?
A. (Member FDIC, St. Cloud, Minnesota, operating nationwide).
What does the Stearns Bank Savings Account cost?
Salaam Personal Market Savings expected APY tiers (rate sheet effective 8/1/2026, verified 2026-08-05): 0.85% up to $99,999.99; 1.97% from $100,000; 2.99% at $500,000+. Personal Profit-Link Market Savings: 2.02% under $500,000, 3.20% above. $0 minimum opening deposit for Market Savings per the rate sheet; no monthly maintenance fee. Rates are expected profit rates, not contractual guarantees.
Where is the Stearns Bank Savings Account available?
Stearns Bank lists this product as available in all 50 states. Availability can change and may differ by state; verify directly with Stearns Bank.
What are the alternatives to the Stearns Bank Savings Account?
In the same category we also list UIF Savings Account (HalalWallet Index A), Jafari Credit Union Savings Account, Bank of Whittier RF Income Generating Savings & Retirement Savings. Compare every option side by side on our Halal Bank Accounts hub.
When was this Stearns Bank product information last verified?
HalalWallet last verified the Stearns Bank Savings Account details against Stearns Bank's published materials on 2026-10-07. Rates, fees, and availability can change after that date.
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-07
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