Islamic Banks dominate podium for best fixed rate bonds savings rates

Bank of London and The Middle East, Premier Deposit Account – 2.75% expected profit rate at £1,000

Gatehouse Bank, Fixed Term Deposit – 2.75% expected profit rate at £1,000

Bank of London and The Middle East, Premier Deposit Account – 2.70% expected profit rate at £1,000

The best saving rates on offer this week are once again in the fixed rate bond chart, but to secure the top three rates a minimum deposit of £1,000 is needed. Two accounts are offering an expected profit rate of 2.75%. Bank of London and The Middle East (BLME) is offering this on its Premier Deposit Account, a seven-year bond that pays profit on each anniversary. Once open, it does not accept further additions or withdrawals, and it can only be opened online and then managed by post. To open this bond a BLME transfer account is required to hold funds pending investment.

Gatehouse Bank was also offering an expected profit rate of 2.75% on its Fixed Term Deposit, a five-year bond that pays profit on each anniversary. This bond also doesn’t accept further additions or withdrawals and it can only be opened and managed online.

BLME was third in the chart this week with the five-year version of its Premier Deposit Account, offering an expected profit rate of 2.70%. This bond also pays profit each anniversary and doesn’t accept further additions or withdrawals. The bond must be opened online and then managed by post, and a BLME transfer account is required to hold funds pending investment.

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Author: The Muslim Wealth Portal

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