Bank of London and The Middle East has reviewed its fixed rate bonds and made some slight reductions. Nevertheless, its 18-month and three-year accounts have retained their places in the Moneyfacts charts.
The 18-month Sharia'a compliant Premier Deposit Account now pays a competitive rate of 1.80% per annum. Meanwhile, the three-year version pays a rival-beating 2.40% yearly.
These accounts require an initial investment of £25,000 and can be opened and operated online. A BLME current account is needed in order to transfer funds to the chosen bond.
As with many fixed rate accounts, further additions cannot be made and early access is also not allowed. Investors must therefore think carefully about the size of their investment and the length of the chosen term.
Although a hefty initial investment is needed, the 18-month and three-year bonds offer excellent rates for those looking to make a short to mid-length investment. However, savers will need to be comfortable with locking their money away as there is no option to access funds early.
Four Moneyfacts Stars have been awarded.
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