Earn profit on your savings and have access 24/7.
- The expected profit rate is 0.40%
- Minimum opening balance of £1,000
- Sharia compliant return on your savings
- Earn an attractive expected rate of profit
- Profits are not subject to UK tax
- Married couples can combine their ISA allowance across two accounts
- Transfer existing ISA balances into your Al Rayan Bank Fixed Term Deposit Cash ISA for up to 30 days from account opening
- 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||12 Month Fixed Term Deposit Cash ISA|
|What is the expected profit rate?||
0.40% (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 Cash ISA 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 Fixed Term Deposit Cash ISA the estimated balance on the maturity of your account would be £1,004.01
This is for illustrative purposes only and does not take into account your individual circumstances.
|How do I open and manage my account?||
There is a limit to the amount you can invest in an ISA in any tax year; this is referred to as the annual ISA allowance*. The annual ISA allowance is now £20,000 and the whole amount can be invested in a cash ISA.
*This is our current understanding of the annual ISA allowance.
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:
Please note that you can only pay into one new cash ISA in each tax year. A tax year runs from April 6th of one year to April 5th of the next. You cannot carry over any unused ISA allowance.
If you have a cash ISA or a stocks and shares ISA with other providers, you can transfer either partial or full balances** into an Instant Access or Fixed Term Cash ISA with Al Rayan Bank. You will need to complete and sign a transfer form, and send this to us at the above address. You can obtain a transfer form in any of the following ways:
** Under HM Revenue & Customs ISA regulations, only whole transfers of current tax year subscriptions (including profit) can be accepted.
If you try to deposit more than the annual ISA allowance into your new Notice Cash ISA in any tax year, we will place the excess into a linked account nominated by yourself.
If you asked us to open an On Demand Savings account to act as your linked account, you will receive a welcome pack in relation to this account under separate cover.
|Can I withdraw money?||
No. When your Fixed Term Deposit Cash ISA 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 Cash ISA , 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.|
- ISA application form
- Cash ISA transfer authority form
- Stocks and shares ISA transfer authority form
- FTDs 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:
- Cash ISAs
- Proof of identity
- Personal banking
- Tariff list for personal 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.
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