News

Gatehouse Bank increases Cash ISA rates

Gatehouse Bank has today increased the expected profit rates on its Fixed Term Woodland Cash ISAs.

The increases apply across the whole range but the bank’s 3 Year, 4 Year and 5 Year Cash ISA accounts see the biggest improvements with rises of 0.50 percentage points. It takes the expected profit rate for a 5 Year Cash ISA to 2.00%.

Fixed Term Cash ISA rate changes

Product

Old rate

New rate

1 Year Fixed Term Woodland Cash ISA

0.90%

1.30%

18 Month Fixed Term Woodland Cash ISA

1.00%

1.40%

2 Year Fixed Term Woodland Cash ISA

1.20%

1.65%

3 Year Fixed Term Woodland Cash ISA

1.25%

1.75%

4 Year Fixed Term Woodland Cash ISA

1.30%

1.80%

5 Year Fixed Term Woodland Cash ISA

1.50%

2.00%

The changes come after the bank made improvements to its Fixed Term Woodland Saver accounts last week, following increases just a few weeks earlier.

The biggest improvement saw the bank’s 2 Year Fixed Term Woodland Saver rise by 0.23 percentage points to 1.90%.

Gatehouse’s fixed-term and Cash ISA accounts are known as Woodland Savers, as a tree is planted for each one opened.

Since the launch just over a year ago, 12,900 trees have been planted at four woodland locations around Britain with the carbon credits registered on behalf of customers.

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

Click here for the full Fixed Term rates and Cash ISA rates.

Ravi Kumar, Senior Product Manager at Gatehouse Bank, said:

“We’re pleased to offer another boost for savers with increases to our Cash ISA rates, following the improvements recently made to our fixed term deposit accounts.

“These rate rises will help customers meet their savings goals, while simultaneously supporting the environment with even more tree planting around the UK.”