Al Rayan Bank is offering 4.72 percent on their 18 Month fixed term deposit account.
As the cost of living crisis continues, many Britons will be looking for ways to make their savings work harder for them.
If people can afford to lock their money away for 18 months, they can benefit from higher rates and get more for their money.
Rachel Springall, finance expert at Moneyfactscompare.co.uk has analysed the following deal and rated the product “excellent”.
She said: “This week Al Rayan Bank has taken a prominent position in the short-term fixed market with a rise to the expected profit rate on its 18 Month Fixed Term Deposit.
“Now paying an expected profit rate of 4.72 percent gross, the deal may well appeal to savers who are comfortable with locking away their cash to secure a competitive return over the shorter-term.
“Overall, this account receives an Excellent Moneyfacts product rating.”
Britons can get 4.72 percent gross / 4.80 percent AER payable quarterly on balances up to £1million.
If on account opening someone deposited £5,000 into their 18 Month Fixed Term Deposit Account, the estimated balance on the maturity of their account would be £5,364.61.
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It should be noted that the minimum deposit required to open the account is £5,000.
The account be opened online on their website or on the phone. It can also be managed via it’s mobile banking app.
Money can be deposited by either direct account transfer or a cheque from an account in the person’s name.
Customers will not be able to close the account or withdraw any of their funds before the date of maturity.
During the fixed term, people cannot add additional funds to their account.
As the base rate sits at 4.25 percent, Britons are encouraged to get the best deals they can as some interest rates are touching six percent.
Castle Bank has this week increased their Fixed Rate e-Cash ISA to mirror that of the base rate.
Now offering 4.25 percent, savers can use this account to utilise their ISA allowance.
The minimum investment for this account is £1,000 and the normal ISA limit of £20,0000 applies each tax year.
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