Fixed Term Deposit Accounts

FTD 650 X 300

What is a Fixed Term Deposit?
Al Rayan Bank’s Fixed Term Deposit is a savings account where our customers agree to place their money with us for a fixed period of time, in return for higher expected profit rates. Our Fixed Term Deposits offer some of the UK’s highest rates of return, and have been highly commended* by Moneyfacts, the leading personal finance data provider – who last year named us as the country’s best fixed term account provider.**

How much return can I expect with a Fixed Term Deposit?
The expected profit rates on our Fixed Term Deposit range depend on how long you can put your money away for. You can find details of our latest expected profit rates here. Profits are paid quarterly and can be taken as income or reinvested.

How do Fixed Term Deposits work?
Our Fixed Term Deposits are based on Wakala (agency agreement). Al Rayan Bank will act as an agent to achieve an agreed expected profit rate over an agreed number of days, monitoring the investment on a daily basis. We invest your deposits in ethical, Sharia compliant trading activities to generate a return. Although expected profit rates cannot be guaranteed, in our history, we have always paid at least the expected profit rate to our customers.

Why are expected profit rates shown as percentages (%), like interest rates?
Interest (riba) plays no part in our Fixed Term Deposit savings accounts. The percentages shown on our savings accounts indicate the expected annual return a customer could expect to generate from their investment. They are proportional rates and have nothing to do with interest.

How can I open a Fixed Term Deposit?
Fixed Term Deposits can be opened online, by phone, by post or in branch. You’ll need to be able to put your money away for the ‘fixed term’ – 12, 18, 24 or 36 months and have a min deposit of £1,000.

How can I find out more information?
All the information you need is on our website where we also offer a call back service. Find out more here    


* Moneyfacts High Commended

** Moneyfacts Best Fixed Account Provider

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