Business 24 Month FTD
Earn a higher level of profit for your business by putting your money away for the fixed term.
- The expected profit rate is 0.65% 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 is 0.65%
- Requires a minimum deposit of £5,000 over a period of 1 year
- Your money is invested ethically. We invest in Sharia compliant goods and services and, for example, do not invest in alcohol or tobacco
- Deposits must 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
|Account name||24 Month Fixed Term Deposit|
|What is the expected profit rate?||
0.65% (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 £5,000 into your 24 Month Fixed Term Deposit Account the estimated balance on the maturity of your account would be £5,065.37.
This is for illustrative purposes only and does not take into account your individual circumstances.
|How do I open and manage my account?||You can open and manage your account online, over the phone, or at a branch. The minimum deposit required for this account is £5,000 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:
Our secure Mobile Banking app enables you to:
To dowload the app click here
|Can I withdraw money?||
No. 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.
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.|
Managing your account
You can open a Fixed Term Deposit Account by:
- Making an online transfer from another account or by money transfer
- Depositing cash or cheques in one of our branches
- You cannot make incremental deposits into your Fixed Term Deposit Account
Profits on your deposit:
- Profit is calculated and paid on maturity
- You cannot withdraw your funds within the fixed term period
Profits on maturity:
- At the end of the 1 year period, specified by your Fixed Term Deposit Account your original deposit is paid into an account of your choosing
- Sole traders
- Limited companies
- 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.
Fixed Term Deposits - How much can I save?
Use our Savings Calculator to find out how your savings might grow in the future, or to help calculate how you can meet your savings goal based on monthly deposits.
Expanding your business
Al Rayan Bank helps its customers to own their own homes, save for their families' futures and expand their businesses without compromising their faith or their values.
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