Al Rayan Bank’s 12 Month Fixed Term Deposit regains its place at the top of the best buy tables
Al Rayan Bank has increased the expected profit rate (EPR) on its award-winning 12 Month Fixed Term Deposit (FTD) from 2.10% to 2.15%*, taking it back to the top of the Moneyfacts Best Buy tables.
An attractive feature of the 12 Month FTD is that unlike similar saving products on the market, profits can be taken as income or reinvested. If the latter course is taken, the EPR on the account rises to 2.17%*, which is paid on maturity.
The FTD account requires a minimum deposit of £1,000, and the account can be opened online, by phone, in branch or by post.
The 12 Month FTD, joins the Bank’s 18 Month, 24 Month and 36 Month FTD at the top of the Moneyfacts Best Buy tables, which currently offer EPRs of 2.30% (2.32% if reinvested), 2.40% (2.42%) and 2.50% (2.52%) respectively.
As with all of Al Rayan Bank’s products, customers are given a guarantee that their funds will only be invested in ethical, Sharia compliant investments. These exclude all interest-bearing transactions and activities such as gambling, speculation, tobacco and alcohol.
Al Rayan Bank is the UK's oldest and largest Sharia compliant bank**. It increasingly appeals to customers of all faiths and none. Indeed, it is estimates that over 90% of new FTD customers who join are non-Muslim.
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 also a member of the Financial Services Compensation Scheme, which guarantees customers’ deposits up to £85,000.
^ Correct as of 31 January 2019
* Where profit is taken as an income and not reinvested, EPR will be 2.15% (12 month FTD), 2.30% (18 month FTD), 2.40% (24 month FTD), 2.50% (36 month FTD)
**Al Rayan Bank is the largest Islamic bank in the UK by assets as per latest published accounts