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Al Rayan improves returns for Isa savers

Martin Greenland | 09:00 Friday 30th March 2018

Al Rayan Bank is increasing payments to British savers through both its instant access cash Isa and 12-month fixed term cash Isa.

The sharia-compliant bank is increasing the expected profit rate (EPR) on its 12-month fixed term cash Isa from 1.35% to 1.50%.

The bank is also boosting the EPR on its instant access cash Isa from 0.50% GPA (gross per annum) to 1.22% GPA.

Both changes are available with immediate effect.

“Ahead of the forthcoming Isa deadline, we're encouraging savers to shop around for the best tax-free deals available,” said Keith Leach, chief commercial officer at Al Rayan Bank.

“There are many benefits to Isas, namely that they enable savvy savers to build up funds without paying tax, and for some cash Isas, without being locked into longer terms.

“However, not all Isa providers offer the same.

“We'd encourage everyone looking to deposit their cash before the 5th April deadline to take the time to research the best product for them – and remember it might not be from a household high street bank name.”

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