Al Rayan Bank launches 90 Day Notice Account

25 July 2017

After being named the UK’s 'Best Fixed Account Provider*' last month, Al Rayan Bank has enhanced its savings range with the launch of a new 90 Day Notice Account. With an expected profit rate of 1.40%, the new account caters for those who wish to earn a comparatively high return on their savings, while maintaining the flexibility to access their funds. It is available for personal, business and institutional customers, such as charities.

Customers can open a 90 Day Notice Account with a minimum £250 deposit, and subject to the required notice period being given, unlimited withdrawals are allowed. Profit is calculated and accrued monthly, and to make saving as convenient for customers as possible, the account can be managed in branch, by post, by phone, online and by smartphone app.

The addition of the 90 Day Notice Account provides Al Rayan Bank’s customers with a range of savings options. For example, customers prepared to tie their money up for longer in order to earn a higher rate of profit can invest in one of the Bank’s award winning Fixed Term Deposit (FTD) accounts, several of which currently offer market leading expected profit rates. For those customers who would prefer to access their money with a shorter period of notice, the Bank also offers a 60 Day Notice Account, paying an expected profit rate of 1.00%.

An inclusive bank which welcomes people of any faith, Al Rayan Bank’s table-topping savings range has already attracted a large number of new savers. In fact, the Bank estimates that in 2016, over 90% of new FTD customers who joined the Bank were non-Muslim. These customers have been attracted by the products’ excellent expected profit rates, the Bank’s award-winning customer service, and its ethical approach to banking.

Al Rayan Bank is founded on ethical principles that are derived from trade, entrepreneurship and risk-sharing in which the customer and Bank work together as partners towards a mutually profitable end. These principles prohibit the Bank from investing savers’ deposits in unethical activities such as gambling, pornography, speculation, tobacco, arms and other commodities prohibited in Islam.

Al Rayan Bank has been a pioneer of British retail Islamic banking since it was founded in 2004. The first wholly Sharia compliant retail bank in the UK, it has earned a reputation for providing innovative products which appeal to people of any faith. Al Rayan Bank has 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, and by Trade Finance Global as the Best Islamic Finance Services in Western Europe.

As an independent UK bank, Al Rayan Bank is authorised by the Prudential Regulation Authority, regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is a member of Financial Services Compensation Scheme.

* In June 2017, Al Rayan Bank (UK) was been named as the ‘Best Fixed Savings Account Provider’ in the UK by Moneyfacts, the country’s leading personal finance data provider.

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