Al Rayan Bank has unveiled a new 12-month fixed rate cash ISA, which has stormed right to the top of the Moneyfacts charts for its highly competitive rate and terms.
12 Month Fixed Term Cash ISA pays an indicative profit rate of 1.90% quarterly, earning it the top spot in the Moneyfacts charts.
The finer details…
This Sharia'a compliant account can be opened and operated in branch, by post, by phone and online with a minimum deposit of £1,000. Savers should note that interest must be compounded.
Further additions can be made for up to 30 days after the initial deposit and transfers in of cash and stocks & shares ISAs are welcomed. Like many fixed rate deals, no early access is permitted. Transfers out, meanwhile, will result in an interest penalty, with the rate being reduced for up to 90 days.
Why we like it…
The market-leading rate of this account is sure to attract the interest of eager savers, while the option to make further additions and transfer in existing ISA savings enhances the account's appeal. However, savers must note that early access to funds is not permitted, and that transfers out can result in a hefty penalty.
Moneyfacts rating: Excellent
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