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Savings provider is offering ‘competitive' rate on up to £85,000 - ‘excellent'

Daily Express 01/12/2022 Temie Laleye

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This week, Qatar Islamic Bank QIB (UK) - Raisin UK raised the interest on their 18 Month Fixed Term Deposit. Savers can now benefit from an "excellent rate" on up £85,000 of their cash.

Challenger banks are giving high street banks a run for their money by offering competitive interest rates on savings.

QIB's (UK) 18 Month deal now pays 4.45 percent and may well attract savers as it remains "competitive".

This savings account was rated as a top pick by Moneyfacts experts who say it is an "excellent" choice.

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfacts.co.uk, said: "This week QIB (UK) has reduced the expected profit rate on selected Raisin UK - Fixed Term Deposit accounts.

"Its 18 Month deal now pays 4.45 percent and may well attract savers as it remains competitive within the short-term sector.

"As is usual with fixed accounts, savers must be comfortable with their initial deposit and duration of the fixed term, as early access is not permitted until maturity.

"Overall, this account receives an Excellent Moneyfacts product rating."

Britons need £1,000 to open the account.

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Profit is calculated annually and re-invested for deposits that are longer than one year.

The estimated balance after 18 months on a deposit of £1,000 is £1,067.49.

To open this savings account, savers must apply online through Raisin UK.

As this savings account is a fixed-term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies or becomes bankrupt.

Key product details:

Rate: 4.45 percent gross / 4.45 percent AER, payable on maturity
Notice / term: 18 months
Minimum opening amount: £1,000
Maximum investment amount: £85,000
Access: Not permitted
Further additions: Not permitted
Opening account: Online
Managing account: Online, by phone and by post

Other information: Minimum applicant age 18. Account available via Raisin UK. Shari'ah compliant account - rates shown are an expected profit rate.

Following the Bank of England's latest base rate increase, many banks have increased their interest rate.

Britons are urged to shop around and get the best deal available to them.

If people can commit to putting their savings away for a longer period, they can benefit from 4.76 percent AER.

Investec Bank plc - Raisin UK is offering 4.76 percent gross / 4.65 percent AER on their Two Year Fixed Term Deposit.

This account is available to all UK residents over the age of 18, with a minimum balance of £1,000 and a maximum balance of £85,000.

£1,000.00 would earn £95.20 after 24 months, for a final balance of £1,095.20.

Britons can open, view and manage their Investec Fixed Term Deposit all directly through Raisin UK.

No money can be withdrawn until the end of the agr

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