Forming good savings habits with fixed term deposits
Ramadan is a perfect opportunity to contemplate your life and think about the things you want to do more, or less, of. If one of your resolutions is to save more money, and you have at least £1,000 to invest, you might want to consider a fixed term deposit account.
These accounts typically pay the highest rate of profit because you agree with the bank beforehand not to access your money for a certain period (a fixed term) of time. The general rule is, the longer you can lock your money away, the more profit you will earn.
Al Rayan Bank has a selection of Fixed Term Deposit (FTD) accounts: 12 months, 18 months, 24 months. The table below shows the profit rate you can expect for each of these accounts.
|Term||Expected profit rate||Min deposit amount|
|12 Month FTD||1.90%*||£1,000||Find out more|
|18 Month FTD||2.00%*||£1,000||Find out more|
|24 Month FTD||2.30%*||£1,000||Find out more|
|12 Month Cash ISA||1.90%*||£1,000||Find out more|
Our Fixed Term Deposit accounts offer market leading returns and our 24 Month Fixed Term Deposit account in particular helped Al Rayan Bank enjoy a 30 month reign at the top of the Best Buy Tables**.
You can open a Fixed Term Deposit account online, by phone, in branch or by post. To find out more information about this, or any of our other savings accounts, please click here. To discuss your savings needs, or how you can make your savings work harder for you, please ring our Customer Services team on 0800 4086 407, who will be happy to help you.
* Gross P.A. Terms and conditions apply
** From 1 December 2012 until 1 June 2015, the Bank has consistently offered at least one savings account with the UK’s highest rate of return, according to the Moneyfacts best buy tables.