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Savings provider is offering ‘competitive’ rate on as much as £85,000 – ‘excellent’ | Personal Finance | Finance

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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 profit from an “excellent rate” on up £85,000 of their money.

Challenger banks are giving high street banks a run for his or her money by offering competitive rates of interest on savings.

QIB’s (UK) 18 Month deal now pays 4.45 percent and may perhaps attract savers because it stays “competitive”.

This savings account was rated as a top pick by Moneyfacts experts who say it’s an “excellent” alternative.

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

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“Its 18 Month deal now pays 4.45 percent and may perhaps attract savers because it stays competitive inside the short-term sector.

“As is common with fixed accounts, savers have to be comfortable with their initial deposit and duration of the fixed term, as early access will not be 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 which might be longer than one 12 months.

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 usually not permitted before the maturity date, except if an account holder dies or becomes bankrupt.

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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 rate of interest.

Britons are urged to buy around and get the perfect deal available to them.

If people can commit to putting their savings away for an extended period, they will profit from 4.76 percent AER.

Investec Bank plc – Raisin UK is offering 4.76 percent gross / 4.65 percent AER on their Two 12 months Fixed Term Deposit.

This account is obtainable 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 will be withdrawn until the tip of the agr

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