12 Month Fixed Term Deposit Cash ISA

Earn higher profits by making a lump-sum investment over a fixed period of time.

1.36%*Expected profit rate

Our 12 Month Fixed Term Cash ISA provides security by enabling you to to make a tax free, lump-sum investment over a fixed period of time.  A minimum deposit of £1,000 is required to open the 12 Month FTD ISA, profit will be paid to savers quarterly, or on maturity, and transfers-in are allowed for up to 30 days after the account has been opened.

If you would like a cash ISA with easier access to your funds, you might like to consider our Notice Cash ISA or Instant Access Cash ISA.

There is a limit to the amount that you can pay into a cash ISA in any one tax year, and you can only open one new cash ISA in any one tax year.

Our 12 Month Fixed Term Deposit Cash ISA is operated under the Islamic finance principle of Wakala, which is an agency agreement for investment, where we work as your agent to achieve an expected (or target) profit rate.

*Gross p.a. Where profit is reinvested and paid on maturity. Terms & conditions apply.

Features and benefits

Features and benefits

  • The expected profit rate is 1.36% (where profit is reinvested and paid on maturity)
  • For those who chose not to reinvest their profit the expected profit rate is 1.35%
  • Minimum opening balance of £1,000
  • Sharia compliant return on your savings
  • Earn an attractive expected rate of profit
  • Profits are not subject to UK tax
  • Married couples can combine their ISA allowance across two accounts
  • Pay money into your account online*, by telephone*, by post** or at a branch
  • Transfer existing ISA balances into your Al Rayan Bank Fixed Rate Deposit Cash ISA for up to 30 days from account opening

*You will need to register before you use our online banking and / or telephone banking services. To register or to find out more, please click here.

**Cheques only

Forms and leaflets

Application forms

Terms and conditions

For your own benefit and protection, you should carefully read the following important leaflets before you complete the application:

Further information

The following information leaflets should also be read: 

To view PDFs you need the Adobe Acrobat Reader. This program is available free of charge from the Adobe websiteAl Rayan Bank is not responsible for the content of external websites.

Summary box

Summary box  
Account name Fixed Term Deposit Cash ISA
What is the expected profit rate?

1.35% (gross per annum)

We will calculate and pay your profits at quarterly intervals.

Can Al Rayan Bank change the expected profit rate?

The expected profit rate that applies to your Fixed Term Deposit ISA is variable. This means that it can change at any time.

If Al Rayan Bank changes the expected profit rate on your account, we will write to you providing you with enough notice to consider your options before the change takes effect.

What would be the estimated balance after 12 months based on a £1,000 deposit?

If on account opening you deposited £1,000 into your Fixed Term Deposit Cash ISA the estimated balance on the first anniversary of your account opening would be £xxxx

This is for illustrative purposes only and does not take into account your individual circumstances.

How do I open and manage my account?

There is a limit to the amount you can invest in an ISA in any tax year; this is referred to as the annual ISA allowance*. The annual ISA allowance is now £15,240 and the whole amount can be invested in a cash ISA.

*This is our current understanding of the annual ISA allowance.

You can make a deposit in any of the following ways:

  • Transfer funds or set up a standing order from another account 
  • Take your cash or cheque to one of our branches or a branch of Lloyds Bank plc.
  • Send a cheque to Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ with your account number written on the back

Please note that you can only pay into one new cash ISA in each tax year. A tax year runs from April 6th of one year to April 5th of the next. You cannot carry over any unused ISA allowance.

If you have cash ISA or a stocks and shares ISA with other providers, you can transfer either partial or full balances** into Instant Access Cash ISA. You will need to complete and sign a transfer form, and send this to us at the above address. You can obtain a transfer form in any of the following ways:

  • By downloading a copy from our website at www.alrayanbank.co.uk
  • By calling us on 0800 4086 407
  • By visiting one of our branches

** Under HM Revenue & Customs ISA regulations, only whole transfers of current tax year subscriptions (including profit) can be accepted.

Linked account

If you try to deposit more than the annual ISA allowance into your new Notice Cash ISA in any tax year, we will place the excess into a linked account nominated by yourself.

If you asked us to open an On Demand Savings account to act as your linked account, you will receive a welcome pack in relation to this account under separate cover.

On maturity

When your Fixed Term Deposit Cash ISA matures, we will take one of the following options:

  • Pay your balance into an existing Al Rayan Bank account
  • Pay your balance into an account that you nominate
  • Open an Al Rayan Bank Instant Access Cash ISA and pay your balance into this account.

We will write to you in advance of the maturity of your account balance to confirm what you would like us to do on maturity. 

Additional information As an Islamic Bank, We do not offer you interest on your funds, instead, we undertake Sharia compliant activities with the intention of generating profit.

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