Clydesdale 40 day notice ISA RATE CUT

intalex · 6 February 2016 at 8:54AM

I wonder if they'd allow a temporary additional deposit window to this ISA given they are changing the balance tiers for the top rate?

beefturnmail · 9 February 2016 at 3:06PM

Rich2808 wrote: »

The Al Rayan bank is offering. 2 percent on 120 days notice. It accepts transfers in and can be opened from £250. It can be operated online or by post or in one of their branches - which are in London - Whitechapel and Edgware Road, Birmingham, Luton, Leicester and Manchester.

http://www.alrayanbank.co.uk/savings/isas/notice-cash-isa/

Not quite 40 days notice - but it's an option.

This is a Sharia compliant product though, so does not pay 2% interest, but rather 2% expected (or target) 'profit'.

I am not familiar with Sharia law - does this mean that there is a risk that the 'profit' will be less than 2%, and if so, how significant is that risk?

MARTYM8` · 9 February 2016 at 7:34PM

beefturnmail wrote: »

This is a Sharia compliant product though, so does not pay 2% interest, but rather 2% expected (or target) 'profit'.

I am not familiar with Sharia law - does this mean that there is a risk that the 'profit' will be less than 2%, and if so, how significant is that risk?

Technically it is not guaranteed - they could actually pay more if a higher profit rate is achieved! And if its not on target they are committed to contact you and allow you to transfer your funds penalty free.

It is regarded as interest by HMT for tax purposes and your funds are protected by the £75k FSCS scheme. And you earn the 2% on £250 upwards rather than £24,000.

They also have a 1.9% one year fixed term isa.

So if you want to keep getting 2% without resorting to a two year fixed term but only a four month one then its an option.

Clydesdale 40 day notice ISA RATE CUT

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