Umbrellas

18 Month Fixed Term Deposit

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

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0.60%
£5,000

Product summary

0.60%
£5,000

Key information

  • The expected profit rate is 0.60% 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 0.60%
  • Requires a minimum deposit of £5,000 over a period of 18 months
  • 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 18 Month Fixed Term Deposit
What is the expected profit rate?

0.60% (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 18 Month Fixed Term Deposit Account the estimated balance on the maturity of your account would be £5,045.17.

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.

Other information

Application forms

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

Apply now Request a call back 0800 408 3086

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.

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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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Frequently asked questions