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2 Year Fixed

Provider Rate Min/Max Deposit Opening Account Accessing Account Interest Options SG Verdict
Al Rayan Bank
1.76% £5,000 / No Maximum

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid on Anniversary
  • Paid Away or Compounded
  • Paid Quarterly

This account pays expected profit, rather than interest, to meet Sharia law requirements.  

Those savers comfortable with this are likely to be attracted by the variety of channels to open and manage their account

Allica Bank
1.55% £10,000 / £250,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Annually
  • Paid Compounded

Allica are based in Milton Keynes and were awarded their banking licence in 2019 and launched in April 2020. 

 isbank Raisin
1.70% £1,000 / £85,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Annually
  • Added to the account

This product from Turkey's largest private bank, isbank, is only available on the Raisin platform.  It currently comes with a £50 bonus for new customers depositing £10,000 or more

 QIB - Raisin
1.70% £1,000 / £85,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid On Maturity

QIB (UK) Plc are a Sharia bank and their products are only available via the Raisin UK platform.  It currently comes with a £50 bonus for new customers depositing £10,000 or more

Atom Bank
1.75% £50 / £100,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid on Anniversary
  • Paid Away or Compounded
  • Paid Monthly
  • Paid Annually

Durham based Atom Bank has attracted over 20,000 customers and £1.5bn of savings since its launch in April 2016.

Savers can only access Atom’s products via their mobile app

BLME
1.60% £1,000 / £1,000,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Away or Compounded
  • Paid On Maturity

This account pays expected profit, rather than interest, to meet Sharia law requirements. 

Close Brothers
1.55% £10,000 / £2,000,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid on Anniversary
  • Paid Annually
  • Paid Away

Close Bank have been trading since 1878 and are a FTSE 250 listed company.

Gatehouse Bank
1.50% £1,000 / £85,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Annually
  • Paid Away

This account pays expected profit, rather than interest, to meet Sharia law requirements.  

Hodge Bank
1.50% £1,000 / £1,000,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Away or Compounded
  • Paid Monthly
  • Paid Annually
  • Annual interest paid 31st March

Hodge bank is based in South Wales and was authorised in 1987. It looks after just over £1bn of deposits.    

Paragon Bank
1.45% £1,000 / £100,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid on Anniversary
  • Paid Away or Compounded
  • Paid Monthly
  • Paid Annually

Birmingham based Paragon launched in 2014 and now look after over £7.8bn of savings

United Trust Bank
1.45% £5,000 / £1,000,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid On Maturity

London based specialist lender United Trust has a single branch in Moorgate and allows 14 days to fund the account.

Zopa Bank
1.45% £1,000 / £250,000

Branch
App
Internet
Post
Telephone

Branch
App
Internet
Post
Telephone

  • Paid Monthly
  • Paid Compounded

Zopa started life as a peer to peer lending business in 2005 but became a licensed bank in 2019 and launched their first savings accounts in August 2020.

About The Savings Guru

We help savers get the best deal for their money by providing unique insight in to the savings market.  We help prospective banks apply for a banking licence and we help build customer services, products and marketing for them.  We also work with existing banks and building societies to improve their savings propositions.  This  insider view of savings means we are uniquely placed to help savers.

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