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 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.
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.
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
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