Al Rayan Bank has launched a 36-month fixed rate bond onto the market, securing it a prized place on the Moneyfacts charts.
The 36-month Fixed Term Deposit pays an indicative profit rate of 2.60% quarterly, allowing it to establish itself among the top 10 accounts of its sector.
This Sharia'a compliant account can be opened by phone, by post, in branch and online and then managed in the same way apart from online. A minimum investment of £1,000 is required.
Like many deals in this sector, further additions and early access to funds is not permitted. Savers must therefore be comfortable with the size of their investment and the 36-month term from the beginning.
Savers are likely to be intrigued by this latest deal as it boasts a competitive rate. The fact that it can be opened and managed via multiple routes also adds flexibility. However, savers must bear in mind that they will not be able to access funds prior to maturity, which means it will only suit those who are comfortable locking their money away.
Moneyfacts rating: Excellent
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