Al Rayan Bank celebrates Ramadan with second Cash ISA promotion
ollowing the increase in the expected profit rate (EPR) of its Instant Access cash ISA earlier this month, Al Rayan Bank - the UK’s largest Islamic bank - has continued its Ramadan celebrations by raising the EPR of its 12-month and 24-month Fixed Term Deposit Cash ISAs.
The Bank’s 12-month Fixed Term Deposit Cash ISA has increased from 1.50% gross per annum (GPA) to 1.60% and similarly, its 24-month Fixed Term Deposit Cash ISA has increased from 1.70% to 1.80%, boosting the products’ lead at top of the Cash ISAs tables*.
Key product features and benefits:
- Minimum opening balance of £1,000
- Ethical, Sharia compliant return on your savings
- Market leading expected rate of profit
- Profits are not subject to UK tax
- Married couples can combine their ISA allowance across two accounts
- Accounts can be opened online, by telephone, by post* or at a branch
- Transfer existing ISA balances into your Al Rayan Bank Fixed Rate Deposit Cash ISA for up to 30 days from account opening
Al Rayan Bank is the UK's oldest and largest Sharia compliant bank. It increasingly appeals to customers of all faiths and currently estimates that over one third of its customers are not of the Muslim faith.
As an Islamic bank, Al Rayan Bank pays profit on its savings products rather than interest. The profit rate it quotes is expected, but since the bank was founded in 2004 it has always achieved the rate of profit 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.