Al Rayan Bank has increased the rate of its 24-month bond by 0.10%, catapulting it straight to the top of the Moneyfacts charts.
The 24-month version of Fixed Term Deposit now pays an indicative profit rate of 2.50% quarterly (2.52% AER), the top rate for its term, ensuring that this best buy account surges ahead of the competition.
The bond can be managed online, by post, by phone or in branch and requires a minimum opening deposit of £1,000. As is common in the sector, no flexibility for further additions or early access is offered, so savers will need to be comfortable with their investment from the outset.
It should be noted that this Sharia'a compliant account pays an indicative profit rate, rather than a guaranteed rate of interest, in line with Islamic finance principles.
Al Rayan Bank's latest review ensures that its two-year bond takes pride of place in the charts. It pays a rate that's well above its closest competitors, and for this reason will undoubtedly be noticed by eager savers looking for a healthy return on their investment.
Moneyfacts rating: Excellent
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