Al Rayan Bank announces a new ‘table-topping’ expected profit rate on its 12 Month Fixed Term Deposit
In a welcome boost for savers, Al Rayan Bank, one of the fastest growing banks in the UK*, has increased the expected profit rate on its 12 Month Fixed Term Deposit (FTD) to 1.91%**, putting it at the top of the independent Moneyfacts best buy tables by some margin.
Four of Al Rayan Bank’s savings products currently top the Moneyfacts best buy tables. In addition to the 12 Month FTD, the Bank’s 24 month FTD, 12 Month FTD Cash ISA and 120 Day Notice Cash ISA all currently offer table topping expected rates of return.
The expected profit rates are as follows:
- 12 Month FTD. For customers who reinvest their quarterly profit for the entire term, the expected return is 1.91% gross p.a. For those who take the profit quarterly, the expected return is 1.90% gross p.a
- 24 Month FTD. For customers who reinvest their quarterly profit for the entire term, the expected return is 2.02% gross p.a. For those who take the profit quarterly, the expected return is 2.00% gross p.a
- 12 Month cash ISA. For customers who reinvest their quarterly profit for the entire term, the expected return is 1.16% gross p.a. For those who take the profit quarterly, the expected return is 1.15% gross p.a
- 120 Day Notice Cash ISA. The expected profit rate of 1.20% gross p.a
All of Al Rayan Bank savings accounts can be opened online, in-branch, by phone or by post. Deposits can be made by cash, cheque or by direct account transfer. The minimum opening balance for the FTD accounts is £1,000, and for the 120 Day Notice Cash ISA is £250.
Al Rayan Bank invests its customers’ deposits ethically, in Sharia complaint goods and services. Money is not invested in activities connected with gambling, pornography, tobacco, arms and other commodities not in keeping with the values of Islam.
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. Indeed, the Bank estimates that 28% of its customer base is 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 small element of risk on the return; however, since the Bank was established in 2004, it has always achieved the profit rate that it has quoted to its customers. Additionally, Al Rayan Bank’s savers are fully covered by the UK Financial Services Compensation Scheme, 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.
* In 2016, the Bank was named as the third fastest growing bank in the UK by pre-tax by profits, in a complete financial analysis of all 155 UK incorporated banks. Source: Bank League Tables 2017, a complete financial analysis of all 155 UK incorporated banks, Searchline Publishing 2017
** Moneyfacts ‘best buy’ tables as of 8 June 2017 https://moneyfacts.co.uk
^ Al Rayan Bank was awarded the ‘Outstanding Customer Service’ award at the 2017 Asian Business Chamber of Commerce Awards
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