Al Rayan Bank boosts ISA savers' returns

22 March 2018

Al Rayan Bank, one of the fastest growing banks in the UK, is boosting payments to British savers with both its Instant Access Cash ISA and 12 Month Fixed Term Cash ISA.

The Bank is increasing the expected profit rate (EPR) of its 12 Month Fixed Term Cash ISA from 1.35% to a market leading1 1.50%. It is also changing the EPR of its Instant Access Cash ISA from 0.50% GPA to 1.22% GPA. Both changes are effective immediately and products are available to new customers.

Product features and benefits

12 Month Fixed Term Cash ISA Instant Access Cash ISA
  • Market leading returns
  • Minimum opening balance of £1,000
  • Transfer existing ISA balances into Al Rayan Bank Fixed Term Deposit Cash ISA for up to 30 days from account opening
  • Minimum opening balance of £50
  • Transfer existing ISA balances into Al Rayan Bank Instant Access Cash ISA
  • Flexibility to make additional deposits with no minimum amount, up to your annual cash ISA allowance.
  • Instant access to your money online or through telephone banking service
  • Access to funds through the post or in a branch

Alongside these Cash ISA products, Al Rayan Bank offers a market leading1 24-month Fixed Term Deposit Cash ISA, which has an EPR of 1.70% GPA.   Customers can apply for all Al Rayan Bank Cash ISAs online, in branch, by telephone or by post.

Keith Leach, Chief Commercial Officer at Al Rayan Bank, says:

Ahead of the forthcoming ISA deadline, we’re encouraging savers to shop around for the best tax-free deals available. There are many benefits to ISAs, namely that they enable savvy savers to build up funds without paying tax, and for some cash ISAs, without being locked into longer terms. However, not all ISA providers offer the same. We’d encourage everyone looking to deposit their cash before the 5th April deadline to take the time to research the best product for them – and remember it might not be from a household high-street bank name.

“At Al Rayan Bank, we’re proud to be able to offer both market leading and award-winning ISA products to our customers. We hope that this year savers shop around for the best deals”

Al Rayan Bank’s approach has earned it national recognition as an ethical alternative to conventional banking. The Bank can also be found in the top ten of ethical current account providers, according to ratings compiled by Ethical Consumer magazine.

Islamic banks, such as Al Rayan Bank, invest customers’ deposits in ethical, Sharia compliant trading activities in order to generate a profit. These investments are monitored on a daily basis by Al Rayan Bank to ensure that they will provide the profit rate which was quoted to the customer. Since Al Rayan Bank was founded in 2004, it has always paid the rate of profit it has quoted to its customers, and on numerous occasions, when investments have performed better than expected, it has even paid more.

Al Rayan Bank also offers a number of non-ISA savings products. Its award winning2 Fixed Term Deposit savings products include 12, 18, 24 and 36-month accounts. Customers can also save with Instant access accounts: On Demand Savings, Direct Savings, and Young Person’s Savings. Al Rayan Bank also offers notice accounts of 60 days, 90 days, and notice accounts for children.

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.

ENDS

1 Moneyfacts Best Fixed Term ISAs, 21 March 2018 https://moneyfacts.co.uk/isa/fixed-rate-isa

2 Best Fixed Account Provider - Moneyfacts Awards 2017.

Go Back