Gatehouse Bank announces market-leading 1 and 2 year savings account rates

Gatehouse Bank has today increased the Expected Profit Rate on its Woodland Saver accounts. The rates offered by the 1 and 2 year fixed-term accounts are now the highest of their type on the market. All Woodland Saver accounts are available to both new and existing customers.

The biggest increase in Expected Profit Rates applies to the Bank’s 1 Year Fixed-Term Woodland Saver, which rises by 0.14% to 2.75%.

ProductPrevious Rate (%)Current Rate (%)
1 Year Fixed-Term Woodland Saver2.61%2.75%
18 Month Fixed-Term Woodland Saver2.70%2.80%
2 Year Fixed-Term Woodland Saver3.00%3.10%
3 Year Fixed-Term Woodland Saver3.05%3.15%
4 Year Fixed-Term Woodland Saver3.10%3.16%
5 Year Fixed-Term Woodland Saver3.15%3.25%

All products allow both monthly and annual profit options, as well as the ability to pay the profit back into the account or into another nominated account. The products can be opened online and managed through Gatehouse Bank’s Savings App.

Gatehouse Bank will plant a tree in a certified UK woodland project for every Fixed-Term Deposit or Fixed-Term Cash ISA account that is opened or renewed, at no cost to the account holder. 15,000 trees have already been planted across four woodland locations in the UK since the launch of the product in February 2021. Click here to find out more about the Woodland Saver savings accounts.

All Gatehouse Bank savings accounts require an initial deposit of £1,000 and are covered by the Financial Services Compensation Scheme. Deposits are not used to support sectors such as alcohol, gambling, tobacco, adult entertainment, and the arms industry as the bank is Shariah-compliant. It also means its products have an Expected Profit Rate instead of a fixed interest rate.

Ravi Kumar, Senior Product Manager at Gatehouse Bank, said: “We are delighted to increase our Expected Profit Rates across our Woodland Saver accounts during what is a vital time for UK savers given the cost-of-living crunch.

"We are proud to have planted over 16,000 trees in designated UK woodland projects with the help of our customers, whilst also offering some of the best returns available in the market to support savers looking to reach their short- and long-term financial goals."