UBL UK matches table topping 5 Year Fixed Rate Cash ISA, with a table topping 5 Year Fixed Term Deposit

PRESS RELEASE - London, 15th October 2019: On Tuesday 15th October 2019, UBL UK announced a table topping increased rate for their 5 Year Fixed Term Deposit rewarding savers with a 2.36% AER, available for all new applications or roll-overs for existing customers from today.

The Bank is authorised by the PRA and regulated by the FCA and the PRA, as well as being a member of the Financial Services Compensation Scheme. Eligible depositors saving with UBL UK are covered up to £85,000 per depositor.

UBL UK offers a range of ethical Islamic savings accounts, as well as conventional products that serve the needs of UK savers looking for a bank that shares their values.

Brian Firth, CEO of UBL UK comments, ‘we are seeing some interesting trends in the fixed term savings market with many 5 year fixed deposit accounts paying less than some of their shorter term counterparts. We believe the market is being driven by sentiment from the Bank of England indicating a potential for reductions of the base rate in the near term. Brexit uncertainty is also posing some challenges with depositors taking a shorter term view of their savings whilst the economic outlook is uncertain.’

He adds, ‘as a community focused bank, UBL UK works hard to reward savers with competitive rates of interest on our conventional savings accounts, or profit on our ethical Islamic savings products. We feel that savers taking the long term view may be able to lock in a higher rate of interest over 5 years with our new rate, in light of potential for reductions to the shorter term deposits rates if the Bank of England does in fact reduce the base rate.’

Applications for the table topping 5 Year Fixed Term Deposit can be made by post, or by visiting any UBL UK branch. Application forms can be found on their website, as well as further information about the account and UBL UK.

Rates are correct at time of publication. For the current deal rate please click here.

Posted on 14/10/2019 - By UBL

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