Bank of London and The Middle East has reduced the rate paid on its five-year fixed bond by 0.20%. However, it has maintained its place in the charts and been joined by a new seven-year version.
The five-year version of Premier Deposit Account now pays an expected profit rate of 2.35% yearly, the same rate as the seven-year variant, enabling both to hold coveted places in the charts.
These Sharia'a compliant accounts must be opened and operated online with a minimum investment of £25,000. Savers should note that they will need to have or open a BLME current account in order to be eligible.
Additional deposits and early access to funds are not possible, so savers will need to be happy with the amount they invest and the length of their chosen term.
Savers who have a significant pot to squirrel away are likely to eye these accounts with interest. Provided they are happy to lock their money away, these deals offer competitive returns and will appeal to those who are looking for longer-term investments.
Moneyfacts rating: Excellent
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