Business & Community > Savings > Fixed term deposits > 24 month Fixed Term Deposit

24 month Fixed Term Deposit

Earn the highest level of profit, putting your money away for the fixed term

2.32%*Expected profit rate
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Our award-winning^ 24 Month Fixed Term Deposit Saving Accounts is designed to give the highest expected profit on your business 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 in reinvested and paid on maturity. Terms & conditions apply.
^Best Fixed Account Provider - Moneyfacts Awards 2017.

Features & benefits

  • Expected profit rate of 2.32% annual equivalent (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 in 2.30%
  • Requires a minimum deposit of £1,000 over a period of 2 years
  • Profits are calculated and paid quarterly, or you can retain your profit to be invested with your deposit amount
  • Deposits may be made via a direct account transfer or a cheque from an account in your name; Al Rayan Bank doesn't accept third-party transfers
  • Your money is invested ethically. We invest in Sharia compliant goods and services and, for example, do not invest in alcohol or tobacco

Managing your account

Making an opening deposit

You can open a Fixed Term Deposit Account by:

  • Making an online transfer from another account or by money transfer
  • Sending a cheque by post to our Operational Headquarters at the following address

Al Rayan Bank PLC,
PO Box 12461,
Birmingham,
B16 6AQ

  • Depositing cash or cheques in one of our branches
  • You cannot make incremental deposits into your Fixed Term Deposit Account

Profits on your deposit:

Profits are calculated quarterly

  • Profit can be paid as an income into an account of your choosing or;
  • Reinvested alongside your original deposit
  • You cannot withdraw your funds within the fixed term period

Profits on maturity:

At the end of the 24 month period, specified by your Fixed Term Deposit Account:

  • Your original deposit is paid into an account of your choosing.

Forms & other information

Application 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:

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 website. Al Rayan Bank is not responsible for the content of external websites.

Summary box

Summary box  
Account name 24 Month Fixed Term Deposit
What is the expected profit rate?

2.30% (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 £1,046.94.

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:

  • Transfer funds from another account in your name
  • Take your cheque to one of our branches, or send it to Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ with your account number written on the back
What will happen on maturity?

When your Fixed Term Deposit Account 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 On Demand Savings account and pay your balance into this account. The On Demand Savings account is an instant access savings account from which you will be able to withdraw your balance from

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:

  • View account statements and transactions; and where your account allows for it
  • Move money between accounts, and
  • Apply for withdrawal requests

To register, please download an application form or call us on 0800 408 6407.
Contact us

If you need to contact us for any reason you can

  • Call us on 0800 4086 407 from Monday to Friday, 9am to 7pm or on Saturday, from 9am to 1pm
  • Send us a secure message through our online banking portal
  • Visit one of our branches
  • Write to us at Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ
Your right to cancel

Once you have paid your deposit into your Fixed Term Deposit Account, you wil 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.