Al Rayan Bank’s fixed bonds stay on top | Product News - Moneyfacts

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Al Rayan Bank’s fixed bonds stay on top

Al Rayan Bank’s fixed bonds stay on top

Category: Savings
Date: 20/04/2016

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Al Rayan Bank has reduced the rates paid on selected fixed bonds by up to 0.25%, but despite this, its 24-month and 36-month bonds have maintained their grip on the top of their respective sectors.

The basics…

The 24-month version of Fixed Term Deposit now pays an indicative profit rate of 2.30% quarterly, while its 36-month counterpart pays 2.50% quarterly. These are still market-leading rates, which enable them to remain at the top of the charts.

The finer details…

These Sharia'a compliant accounts can be opened in branch, by post, by phone, online and by smartphone app. They can then be managed in the same way except via mobile app. An initial investment of at least £1,000 is required.

As is common in the fixed rate market, neither further additions nor early access to funds are allowed. Savers must therefore be prepared to lock their money away.

Why we like them…

These market-leading accounts are still garnering attention thanks to their highly competitive rates, so it's unsurprising that they have kept their chart positions. Provided savers are happy to not have access to their money for the duration of their chosen term, these accounts could prove to be a good home for a savings pot.

Moneyfacts rating: Excellent

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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