Dr. Monzer Kahf, Scholar in Islamic Economics & Financial Expert, states the following: “In the Western world today, one really has to have a bank account because it is difficult and inconvenient to live in the West without it. However, there are accounts without interest and if one can live with a checking account that has only a minimum that does not charge you expenses nor earn you interest, it is the best solution.
Saving accounts, and some checking accounts give interest and these must be avoided as much as possible, and you should find yourself investment other than in banks’ interests such as permissible stocks, businesses, real estates and others.
However, if one has no better choice and happened to earn interest, or if the type of account that is convenient to you is the one that gives interest, then one should give away that amount of interest they earn to a Muslim charitable or humanitarian cause anywhere in the world, your choice. This is required to keep your money and assets clean and pure from the wrath of Riba.
Putting Money in Western Banks
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