Al Rayan Bank has increased its expected profit rate (EPR) for new fixed-term deposit (FTD) customers.
The Sharia-compliant bank has increased the EPR of its 12-month FTD from 1.85% to 2.02% and its 18-month FTD from 1.95% to 2.07%.
It will also boost its 24-month FTD from 2.05% to 2.17% and its 36-month FTD from 2.20% to 2.27%.
These FTD accounts require a minimum deposit of £1,000 and profits are calculated on a daily basis and paid quarterly, taken as income or reinvested.
Saquib Ismail, head of branches and retail deposits at Al Rayan Bank, said: “We’re constantly looking at ways to deliver more to our savers, and the high returns on our FTD accounts are one way of ensuring they are making the most of their hard earned money.
“It’s important for us to ensure that our products remain competitive and that we continue to support our customers in making well informed financial decisions when it comes to their savings.”
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