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24 Month Fixed Term Deposit Cash ISA

Earn higher profits by making a lump-sum investment over a fixed period of time.

1.50%*Expected profit rate
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Our 24 Month Fixed Term Deposit (FTD) cash ISA provides security by enabling you to make a tax free, lump-sum investment over a fixed period of time. A minimum deposit of £1,000 is required to open the 24 Month FTD cash ISA, profit will be paid to savers quarterly, or on maturity, and transfers-in are allowed for up to 30 days after the account has been opened.

There is a limit to the amount that you can pay into a cash ISA in any one tax year, and you can only open one new cash ISA in any one tax year.

Our Fixed Term Deposit Cash ISAs are operated under the Islamic finance principle of Wakala, which is an agency agreement for investment, where we work as your agent to achieve an expected (or target) profit rate.

*Gross p.a. / where profit is reinvested and paid on maturity. Terms & conditions apply.

Features and benefits

  • The expected profit rate is 1.50%
  • 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 Rate 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

Forms and leaflets

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

Summary box

Summary box  
Account name 24 Month Fixed Term Deposit Cash ISA
What is the expected profit rate?

1.50% (gross per annum)

We will calculate and pay your profits at quarterly intervals.
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 24 Month Fixed Term Deposit Cash ISA the estimated balance at the maturity of your account would be £1,030.00.

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:

  • Transfer funds from another account in your name
  • Take your cheque to one of our branches, or send it to Al Rayan Bank PLC, PO Box 12461, Birmingham, B16 6AQ with your account number written on the back

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 cash ISA or a stocks and shares ISA with other providers, you can transfer either partial or full balances** into Instant Access Cash ISA. 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:

  • By downloading a copy from our website at alrayanbank.co.uk
  • By calling us on 0800 4086 407
  • By visiting one of our branches

** Under HM Revenue & Customs ISA regulations, only whole transfers of current tax year subscriptions (including profit) can be accepted.

Linked account

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:

  • 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 Cash ISA and pay your balance into this account

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. 
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.

How to apply

To apply for our Fixed Term Deposit Cash ISA you must be:

  • A personal customer over the age of 16
  • A resident of the UK
  • Able to make the minimum deposit required for the account

You can apply for our Fixed Term Deposit Cash ISA in any of the following ways:

Online

  • To apply online for a Fixed Term Deposit Cash ISA click here
  • If you are an existing customer, please apply through online banking

By phone

  • You can call our Customer Services team on 0800 408 3088, Monday to Friday between 9.00am and 7.00 pm, and on Saturdays between 9.00 am and 1.00pm.

By post or at one of our branches

  • You can download, print and complete an application form, and send it along with the required proof of identity and address to:

Al Rayan Bank PLC 
PO Box 12461 
Birmingham 
B16 6AQ

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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