Al Rayan Bank has announced a number of changes to further enhance its savings account range.
The changes included the introduction of a new 24-month cash Isa, increased expected profit rates on its 12-month cash Isa, 24-month fixed-term deposit (FTD), 36-month FTD and 90-day notice accounts.
The FTD range pays profits to customers either quarterly or at maturity, allowing customers to reinvest their profit to maximise returns or take it as a quarterly income.
Customers that reinvest their quarterly profit for the entire term are offered greater expected returns.
The new expected profit rates are available immediately to new customers.
Fixed-term deposits (FTD):
• 24-month FTD: for customers who reinvest their quarterly profit for the entire term, the expected return has increased to 2.22% from 2.11% gross pa. For those who take the profit quarterly, the expected return has increased to 2.20% from 2.09%
• 36-month FTD: for customers who reinvest their quarterly profit for the entire term, the expected return has increased to 2.32% from 2.16% gross pa. For those who take the profit quarterly, the expected return has increased to 2.30% from 2.14%.
Fixed-term Individual Savings Accounts (Isas):
• 24-month cash Isa: offers an expected profit rate of 1.70% tax free
• 12-month cash Isa: the expected tax-free profit rate has increased to 1.35% from 1.15%.
Al Rayan Bank offers its customers an 'expected profit rate' which it generates by investing depositors' funds in ethical, Sharia-compliant trading activities.
The bank stated that it achieves the expected profit rate by monitoring the performance daily to ensure it will provide the return offered.
Every one of Al Rayan Bank's savings accounts can be opened online, in branch or by calling the bank's UK-based call centre.
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