Al Rayan Bank boosts FTD expected profit rates to top of the table
Al Rayan Bank has increased the expected profit rates (EPR) across its Fixed Term Deposit (FTD) savings accounts for a third time in the last month. It means fixed savings EPRs have now hit 2% for the 36 month FTD account.
The EPRs have been increased across the Bank’s 12 month, 18 month, 24 month and 36 month FTDs, bringing all accounts to the top of the Moneyfacts Best Buy tables.
|
Savings product |
Previous expected profit rate* |
New expected profit rate |
|
1.50% |
1.60% |
|
|
1.55% |
1.70% |
|
|
1.71% |
1.85% |
|
|
1.91% |
2.00% |
FTDs require a minimum deposit of £5,000 with no permitted withdrawals until the end of the term. Accounts can be opened through Al Rayan Bank’s Digital Banking app for registered customers, or online at alrayanbank.co.uk and by telephone appointment.
Profits can be taken quarterly or reinvested. If a customer opts to reinvest, the expected profit rates will be 1.61%, 1.71%, 186% and 2.01%. Applicants must be over the age of 16.
Expected profit rates
Instead of paying interest to savers, Al Rayan Bank - as an Islamic bank - invests customers’ deposits in ethical, Sharia compliant activities to generate a profit. Profit rates are expected; however, since the Bank was founded in 2004 it has always paid at least the profit rate it has quoted to its customers. The Bank is also a member of the Financial Services Compensation Scheme, which guarantees eligible depositors’ savings up to £85,000.
As an independent UK bank, Al Rayan Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA.
* Moneyfacts 07 March 2022
