LONDON, September 11 — AlRayan Bank has raised the rate on its Meteor Savings 1 Year Fixed Rate Cash ISA to 4.75% AER, a market-leading offer reported by the Daily Express on Friday. The mechanics here are worth following closely. The account pays 4.60% AER for the duration of the one-year term, and a 0.15% Meteor Boost lifts the effective rate to 4.75% AER.
At maturity, the 4.60% return is credited to the saver’s Cash ISA, with the additional 0.15% paid as a cash bonus into the same Cash ISA.
What the account allows
Savers may deposit between £1,000 (about US$1,300) and £1,000,000 (about US$1.3 million), and must be 18 or over to open the account. Further additions are not permitted after the initial deposit. Transfers in are allowed, including from Cash ISAs and Stocks and Shares ISAs.
The catch is on the way out. Transfers out are permitted only at closure, and they trigger a reduction in the expected profit rate to 0.05% for 90 days — or for the number of days the account has been open, if that is less than 90 days.
Access to cash before maturity is permitted only upon closure and carries the same reduction to 0.05% for the same period.
Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, commented on the deal, saying: “AlRayan Bank has increased the rate on its Meteor Savings – 1 Year Fixed Rate Cash ISA this week to a market-leading 4.75%, which includes a 0.15% Meteor Boost.” The story was published by the Daily Express under the headline “Bank boosts interest on ISA to 4.75% – good for maximising tax returns,” with a byline for Holly Kintuka, Audience Writer.
The article carries standard sharing and commenting tools and a list of related personal finance headlines, including reports on a savings account paying 5.03%, energy bill changes, state pension triple lock questions, and HMRC savings checks.
What to watch
Whether the 4.75% headline holds as the market leader depends on how competitors respond in the coming weeks. For savers weighing the offer, the early-access penalty at 0.05% is the number that matters most.
