Al Rayan Bank has reduced its Sharia'a compliant fixed rate bonds by up to 0.35%; however, its 24 month and 36-month deals have proved their staying power and retained their crowns in their respective sectors.
The 24-month version of Fixed Term Deposit now has a market-leading indicative profit rate of 2.40% quarterly, while its 36-month counterpart has a similarly market-leading expected profit rate of 2.75%, again paid on a quarterly basis.
Both of these accounts can be opened in branch, online, by post, by phone and by mobile app and then operated in the same way, except via app. An initial deposit of £1,000 is required.
As is common in this sector, neither additions nor early access to funds are permitted. Savers must therefore be confident with both the amount they invest and the length of their chosen term.
These accounts may have undergone rate decreases, but this has in no way threatened their market-leading positions. Savers who are keen to secure top rates are therefore likely to continue to pay attention to these highly attractive bonds.
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 Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.