Table topping expected profit rates on Al Rayan Bank’s award winning Fixed Term Deposits (FTDs
FTD range offers a host of additional features for customers
Just two weeks after being named the UK’s Best Fixed Savings Account Provider*, Al Rayan Bank has announced expected profit rate increases across its entire Fixed Term Deposit (FTD) product range (12, 18, 24 and 36 months). The new profit rates place three of the Bank’s FTDs at the top of the Moneyfacts Best Buy tables**.
In addition to table topping expected profit rates, Al Rayan Bank’s, feature rich, FTD range offers savers a host of additional benefits which are not available from other fixed savings account providers on the Best Buy tables:
- FTDs can be opened online, by phone, by post or in branch,
- Deposits are accepted from £1,000 to £1,000,000.
- Profits are paid to savers quarterly and can either be withdrawn by the customer and taken as income or reinvested into the original deposit to compound the expected profit rate; this particular feature is expected to appeal to those with a large lump sum to invest, such as ‘retirees’ or ‘empty nesters’.
The table topping expected profits rates are:
- 12 Month FTD. For customers who reinvest their quarterly profit for the entire term, the expected return is 2.02% (previously 1.91%). For those who take the profit quarterly, the expected return is 2.00% (previously 1.90%) gross p.a
- 24 Month FTD. For customers who reinvest their quarterly profit for the entire term, the expected return is 2.11% (up from 2.02%) gross p.a. For those who take the profit quarterly, the expected return is 2.09% (up from 2.00%) gross p.a
- 36 Month FTD. For customers who reinvest their quarterly profit for the entire term, the expected return is 2.16% (up from 2.07%) gross p.a. For those who take the profit quarterly, the expected return is 2.14% (up from 2.05%) gross p.a
In addition, Al Rayan Bank has also reintroduced its 18 month FTD. For customers who reinvest their quarterly profit for the entire term, the expected return is 2.06% gross p.a. For those who take the profit quarterly, the expected return is 2.04% gross p.a.
Al Rayan Bank invests its customers’ deposits ethically, in asset backed Sharia complaint activities. Money is never invested in industries connected with gambling, pornography, tobacco, arms and other activities not in keeping with the values of Islam.
Highly competitive returns such as this, combined with the Bank’s ethical approach to banking and award-winning^ customer service, have helped its products to become increasingly popular with customers of all faiths. The Bank estimates that 94% of new customers who opened FTDs in 2016 were non-Muslim.
As an Islamic bank, Al Rayan Bank pays profit to its savers, rather than a guaranteed rate of interest. This means that there is a very small element of risk on the return; however, since the Bank was established in 2004, it has always achieved at least the profit rate that it has quoted to its customers. Al Rayan Bank’s savers are fully covered by the UK Financial Services Compensation Scheme (FSCS), which currently protects eligible depositors’ savings up to £85,000 per individual.
As an independent UK bank, Al Rayan Bank is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
*Al Rayan Bank was named ‘Best fixed account provider’ at the 2017 Moneyfacts Awards
**Moneyfacts 12 & 18 months, and 24 months Fixed Rate Bonds tables
^Al Rayan Bank was awarded the ‘Outstanding Customer Service’ award at the 2017 Asian Business Chamber of Commerce Awards