Al Rayan Bank has increased the rates paid on selected fixed rate bonds by up to 0.15%, making these already highly competitive deals even more eye-catching.
The 18-month version of Fixed Term Deposit now pays an indicative profit rate of 2.15% quarterly (2.17% AER), while its 24-month counterpart pays 2.40% (2.42% AER) and the 36-month version pays 2.70% on a quarterly basis (2.73% AER), all of which are market-leading rates for their respective terms.
These Sharia'a compliant accounts can be opened and operated in branch, by post, by phone and online with a minimum investment of £1,000.
As with many fixed rate deals, these bonds do not allow further additions or early access to funds. Savers must therefore be prepared to lock their initial investment away for the full length of their chosen term.
All of these bonds are chart-toppers in their respective sectors, something that is sure to make the keen investor prick up their ears. Provided savers are happy to lock their money away, these bonds are likely to continue to be very popular among those looking to secure a decent return.
Moneyfacts rating: Excellent
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