Business 36 Month FTD

Earn a higher level of profit for your business by putting your money away for the fixed term.

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Expected profit rate

0.90%

Terms & conditions apply

Minimum deposit amount

£5,000

Product summary

Expected profit rate (%)

0.90%

Minimum deposit amount

£5,000

Key information

The expected profit rate is 0.90% 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 0.90%
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

Summary box

Account name	24 Month Fixed Term Deposit
What is the expected profit rate?	0.90% (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 36 Month Fixed Term Deposit Account the estimated balance on the maturity of your account would be £5,136.68. 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: Transfer funds from another account in your name Take your cheque to one of our branches Our secure Mobile Banking app 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 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: 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 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.
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 Mobile Banking app 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 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

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.

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.

Deposit

Product

Duration (months)

Expected profit rate (%)

Your eligible deposits held by a UK establishment of Al Rayan Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.

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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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Frequently asked questions

Islamic banks pay profit to their savers rather than interest. Investments are monitored on a daily basis by Al Rayan Bank to ensure that they will provide the expected profit rate which was quoted to the customer. This approach has proved extremely accurate; since Al Rayan Bank was founded in 2004, it has always paid the rate of profit it has quoted to its customers, and on numerous occasions, when investments have performed better than expected, it has even paid more.

Learn more about expected profit

You can fund your account by direct account transfer from an account in your name. You will need to make a note of the following:

Your account number, which is a unique eight-digit number.
Your reference number, which is a unique six-digit number preceded by the letters ‘LIB’

You’ll find your account number and reference number in your Welcome Letter, which you will receive after opening your account, or on the ‘Next Steps’ and ‘Final Stage’ screens of your online application.

A Certificate of Profit is a statement that details the total value of the profit that the Bank has credited to a customer’s savings account throughout the previous tax year. Where a customer needs to complete a Self-Assessment for Tax purposes, the Certificate of Profit can be useful.

If you would like us to send you a Certificate of Profit for your savings accounts with Al Rayan Bank, please contact us on 0800 408 6407 or visit your local branch.