Al Rayan Bank today launched a range of fixed term accounts, which not only dominate our Sharia fixed term account table but offer leading rates when judged against the market as a whole.
Fixed term accounts remain one of the most popular areas of the savings market and Sharia accounts are an important piece of the puzzle – offering returns that often compare favourably with some of the top fixed rate bonds available.
However, today Al Rayan Bank has taken this a step further, with new 36 month, 24 month, 18 month and 12 month accounts that are each market leading.
The new 12 month account matches the dominant Gatehouse Bank*, both paying 2.10% gross/AER.
Both are Sharia compliant accounts and offer the market-leading rate for one year.
However, the main difference is that the Gatehouse account is also available through the Raisin UK savings platform, where a welcome bonus of up to £100 is available for new customers.
>> Find out more about Raisin UK
Even more compelling is Al Rayan’s 18 month account, which pays the highest rate currently available for that particular term – 2.30% gross/AER. This rate incidentally beats many of the best two year accounts on the market currently.
Also leading the market is the 24 month account, which is paying 2.40% gross/AER and sits ahead of the top-paying standard fixed rate bond (Investec 2.35% gross/AER).
Last but not least is the provider’s 36 month bond, which pays 2.50% gross/AER - higher than the next best option, which is currently ICICI Bank UK (2.40% gross/AER).
Please refer to our sharia fixed term accounts best buy table for more information on the accounts above and other options.
>> How do Sharia compliant accounts work?
With compelling rates on offer, it is certainly worth looking into this type of account in more detail or getting in touch with us to discuss your options.
If you dismiss Sharia accounts out of hand, you could be missing out on some competitive returns, as Al Rayan Bank has shown today – so this could be just the prompt to take another look.
If you need any help with finding the accounts that are most suitable for your needs, please call us on 0800 011 9705 to speak to one of our expert savings specialists.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
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