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Al Rayan increases fixed bond rates

Al Rayan increases fixed bond rates

Category: Savings
Author: Lieke Braadbaart
Date: 24/09/2018

Al Rayan Bank has increased the rates on several of its fixed bonds by up to 0.15%, which sees its 18-month deal improve its position in the Best Buys, while the two- and three-year bonds climb all the way to the top of their charts. They also earn a high Moneyfacts rating.

The basics…

The 18-month Fixed Term Deposit now boasts a rate of 2.22% (2.20% gross), paid quarterly, while the two-year equivalent pays a market-leading 2.32% (2.30% gross) and the three-year pays a top rate of 2.42% (2.40% gross). They are Sharia'a compliant, which means the rates represent the expected profit rate.

The finer details…

The accounts require a minimum investment of £1,000. They do not allow additions or early access, so savers will have to ensure they are happy to part with their funds for the whole of the chosen term. The bonds can be opened and operated by phone, by post, in branch, online and via smartphone app.

Why we like them…

The near market-leading one-year rate and market-leading two- and three-year rates are more than enough to see these bonds take their top spots in the Best Buy charts and earn a high rating.

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 Any products featured may be withdrawn by their provider or changed at any time.

 

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 Any products featured may be withdrawn by their provider or changed at any time.

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