Al Rayan Bank has announced that it has increased the expected profit rate on its 12-month fixed term deposit (FTD) to 191%.
This increase has resulted in four of Al Rayan's products topping the independent Moneyfacts best buy tables.
The expected profit rates are:
- 12-month FTD: For customers who reinvest their quarterly profit for the entire term, the expected return is 1.91% gross pa. For those who take the profit quarterly, the expected return is 1.90% gross pa.
- 24-month FTD: For customers who reinvest their quarterly profit for the entire term, the expected return is 2.02% gross pa. For those who take the profit quarterly, the expected return is 2.00% gross pa.
- 12-month cash Isa: For customers who reinvest their quarterly profit for the entire term, the expected return is 1.16% gross pa. For those who take the profit quarterly, the expected return is 1.15% gross pa.
- 120-day notice cash Isa: The expected profit rate is 1.20% gross pa.
Al Rayan Bank recently announced it had opened a new office in London's West End.
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