Al Rayan Bank has increased the rates paid on selected fixed rate bonds by up to 0.25%, propelling its 24-month and 36-month deals to the top of the Moneyfacts charts.
The Sharia'a compliant 24-month variant of Fixed Term Deposit now pays an indicative profit rate of 2.75% quarterly while the 36-month version pays 2.85%, both of which are the market-leading rates for their respective terms.
Both accounts can be opened and operated in branch, by post and online with a minimum investment of £1,000.
As is common in the fixed rate market, neither account allows additions or early access to funds. Savers must therefore be happy with both their initial deposit and the length of their chosen term.
The rate boost to these bonds has allowed them to climb up the charts to rest at the very top, something that is sure to attract eager savers, provided they are happy to lock their money away.
Moneyfacts rating: Excellent
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