24 month Fixed Term Deposit
Earn a higher level of profit, putting your money away for the fixed term.
Our 24 Month Fixed Term Deposit Saving Accounts is designed to give a higher expected profit on your organisation's savings over a fixed period of time.
If you wish to save for the future, our 24 Month Fixed Term Deposit Account gives the option of reinvesting your profit and watching your money grow, or taking a quarterly Sharia compliant return on your business savings.
Sharia principles mean that we do not offer interest; instead we make Sharia compliant investments on your behalf to achieve expected profit rates. This arrangement is known as Wakala, and is approved by our Sharia Supervisory Committee.
*Where profit is reinvested and paid on maturity. Terms & conditions apply.
Features & benefits
- Expected profit rate of 2.42% (where profit is reinvested and paid on maturity)
- Profits paid can be taken quarterly. For customers who choose to do this, the gross per annum expected return is 2.40%
- Requires a minimum deposit of £1,000 over a period of 2 years
- Your money is invested ethically. We invest in Sharia compliant goods and services and, for example, do not invest in alcohol or tobacco
- Deposits may be made via a direct account transfer or a cheque from an account in your name
- At maturity, you can transfer out the funds to an account in your name
Forms & other information
- Charities, clubs, societies and study groups
- FTD instruction form
- Tax self-certification forms
(New customers please also complete the FTD instruction form. Existing customers only need to complete the FTD Instruction form.)
Terms and conditions
For your own benefit and protection, you should carefully read the following important leaflets before you complete the application:
The following information leaflets should also be read:
- Fixed term deposit account
- Proof of identity
- Tariff list for business banking
- Financial Services Compensation Scheme (FSCS)
To view PDFs you need the Adobe Acrobat Reader. This program is available free of charge from the Adobe website. Al Rayan Bank is not responsible for the content of external websites.
|Account name||24 Month Fixed Term Deposit|
|What is the expected profit rate?||
2.40% (gross per annum)
Your profit is calculated and paid to your nominated account on a quarterly basis.
|Can Al Rayan Bank change the expected profit rate?||
The expected profit rate that applies to your Fixed Term Deposit Account is agreed at the outset.
If for any reason Al Rayan Bank believes it will not be able to meet the expected profit rate, we will write to you and you will be able to take back your deposit with all the profit earned to date.
|What would be the estimated balance on maturity||If on account opening you deposited £1,000 into your 24 Month Fixed Term Deposit Account the estimated balance on the maturity of your account would be £1,049.02.
This is for illustrative purposes only and does not take into account your individual circumstances.
|How do I make a deposit?||
The minimum deposit required for this account is £1,000 and you can only fund your account via a direct account transfer or a cheque from an account in your name. Al Rayan Bank doesn't accept third party transfers.
You can make a deposit in any of the following ways:
|What will happen on maturity?||
When your Fixed Term Deposit Account matures, we will take one of the following options:
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.
|How to manage your account online||
Our secure online banking portal enables you to:
To register, please download an application form or call us on 0800 408 6407.
If you need to contact us for any reason you can
|Your right to cancel||
Once you have paid your deposit into your Fixed Term Deposit Account, you will not be able to close the account or withdraw any of your funds before the date of 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.|