Al Rayan Bank expands its market-leading savings account range
Al Rayan Bank, one of the fastest growing UK banks* and the country’s ‘Best Fixed Savings Account Provider’**, has announced a raft of changes to further enhance its savings account range – which already offers many of the best returns in the UK. The changes include the introduction of a new 24-month cash ISA; and increased expected profit rates on its 12-month cash ISA; 24-month Fixed Term Deposit (FTD); 36-month FTD; and 90-day notice accounts, meaning all products are now market-leading^.
The new expected profit rates are available immediately to new customers.
Fixed Term Deposits (FTD)
Al Rayan Bank’s award-winning FTD range pays profits to customers either quarterly or at maturity, allowing customers to reinvest their profit to maximise returns or take it as a quarterly income. For customers that choose to reinvest their quarterly profit for the entire term, greater expected returns are offered. FTDs require a minimum deposit of £1,000.
- 24 Month FTD. For customers who reinvest their quarterly profit for the entire term, the expected return has increased to 2.22% from 2.11% gross p.a. For those who take the profit quarterly, the expected return has increased to 2.20% from 2.09%.
- 36 Month FTD. For customers who reinvest their quarterly profit for the entire term, the expected return has increased to 2.32% from 2.16% gross p.a. For those who take the profit quarterly, the expected return has increased to 2.30% from 2.14%.
Fixed Term Individual Savings Accounts (ISAs)
Al Rayan Bank’s fixed cash ISAs – highly commended at this year’s Moneyfacts Consumer Awards in the ‘ISA Provider of the Year’ category – allow savers to transfer funds in, as well as adding new funds up to the ISA limit of £20,000, within 30 days of account opening. FTD Cash ISAs require a minimum deposit of £1,000.
- 24 Month Cash ISA: offers an expected profit rate of 1.70% tax free
- 12 Month Cash ISA. The expected tax-free profit rate has increased to 1.35% from 1.15%
Available to new and existing customers, Al Rayan Bank’s notice accounts allow unlimited withdrawals, subject to the required notice period being given. Profit is calculated and accrued to the account monthly. Notice accounts require a minimum deposit of £250.
- 90 Day Notice Cash ISA. The expected profit rate has increased to 1.50%, from 1.40% gross p.a.
To make saving as convenient as possible for its customers, every one of Al Rayan Bank’s savings accounts can be opened online, in branch or by calling the Bank’s UK-based call centre.
Al Rayan Bank offers customers an 'expected profit rate' which it generates by investing depositors’ funds in ethical, Sharia compliant trading activities. The Bank achieves the expected profit rate by monitoring the performance daily to ensure it will provide the return offered; in its 13-year history, the Bank has always paid the profit rate it has quoted to customers.
As an independent UK bank, Al Rayan Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. The Bank is a member of the UK Financial Services Compensation Scheme, which guarantees customers’ deposits up to £85,000.
An inclusive UK bank which welcomes people of any or no faith, Al Rayan Bank’s market leading savings range has already attracted many savers. In fact, the Bank estimates that last year 94% of new customers who opened a Fixed Term Deposit Account were non-Muslim.
Al Rayan Bank has been a pioneer of British retail Islamic banking for 13 years. The first wholly Sharia compliant retail bank in the UK, the Bank was named as the third fastest growing bank in the UK by pre-tax by profits in 2016, in a complete financial analysis of all 155 UK incorporated banks. Al Rayan Bank has also been named by Global Finance magazine as one of the best Islamic banks in the world, in its annual list of the World’s Best Islamic Financial Institutions.
* Bank League Tables 2017, a complete financial analysis of all 155 UK incorporated banks, Searchline Publishing 2017
** In June 2017, Al Rayan Bank (UK) was named as the ‘Best Fixed Savings Account Provider’ in the UK by Moneyfacts, the country’s leading personal finance data provider
^ Moneyfacts.com Best Buy savings rates 21 Aug 2017
- ENDS -