Al Rayan Bank launches new 60 Day Notice Cash ISA
Just in time for ISA season, Al Rayan Bank has today launched a new 60 Day Notice Cash ISA. Available immediately and with an expected profit rate of 1.00% tax free, the new account mirrors the Bank’s current 60 Day Notice Account. Earlier this year, Al Rayan Bank’s ISA range was highly commended at the Moneyfacts Consumer Awards in the ‘ISA Provider of the Year’ category. The independent awards are designed to showcase technically elite products that also have consumer approval.
Al Rayan Bank’s 60 Day Notice Cash ISA allows savers to transfer in and add funds at any time, up to the ISA limit, which is currently £15,240 but will be increased to £20,000 for the 2017/2018 tax year. Subject to the required 60 days’ notice period being given, unlimited withdrawals are allowed, providing savers keep a minimum operating balance of £250. Profit is calculated and accrued to the account monthly. To make saving as flexible for customers as possible, the account can be managed in branch, by post, by phone, online and by smartphone app.
Al Rayan Bank is a Sharia compliant, inclusive bank which welcomes people of any faith. The Bank’s ISA range has already attracted a large number of new savers; in fact, the Bank estimates that 83% of its new customers who opened ISAs 2016 were non-Muslim.
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 for nearly 13 years. 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. In 2015, Al Rayan Bank was 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.