Gatehouse Bank increases rates on its Savings products
Gatehouse Bank has today increased rates across all of its Fixed Term Deposit and Cash ISA accounts. The accounts will be available to both new and existing customers.
The biggest increase in Expected Profit Rates applies to the Bank’s 2 Year Fixed Term Woodland Saver, which rises by 0.25 percentage points to 2.15%.
Fixed Term Woodland Saver account rate changes
Product |
Old rate |
New rate |
1 Year Fixed Term Woodland Saver |
1.62% |
1.80% |
18 Month Fixed Term Woodland Saver |
1.72% |
1.90% |
2 Year Fixed Term Woodland Saver |
1.90% |
2.15% |
3 Year Fixed Term Woodland Saver |
2.00% |
2.20% |
4 Year Fixed Term Woodland Saver |
2.10% |
2.25% |
5 Year Fixed Term Woodland Saver |
2.30% |
2.50% |
All of the Bank’s Fixed Term Woodland Cash ISAs are rising by 0.10 percentage points, following a rate rise made just a week ago.
Fixed Term Cash ISA rate changes
Product |
Old rate |
New rate |
1 Year Fixed Term Woodland Cash ISA |
1.30% |
1.40% |
18 Month Fixed Term Woodland Cash ISA |
1.40% |
1.50% |
2 Year Fixed Term Woodland Cash ISA |
1.65% |
1.75% |
3 Year Fixed Term Woodland Cash ISA |
1.75% |
1.85% |
4 Year Fixed Term Woodland Cash ISA |
1.80% |
1.90% |
5 Year Fixed Term Woodland Cash ISA |
2.00% |
2.10% |
A tree is planted for every Woodland Saver/Cash ISA account opened, with 13,000 trees having already been planted across four woodland locations in the UK since the launch of the product in February 2021.
All Gatehouse Bank saving 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.
Click here for the full Fixed Term rates and Cash ISA rates.
Ravi Kumar, Senior Product Manager at Gatehouse Bank, said:
“We are pleased to increase our savings rates, offering some of the best returns available on the market to support savers looking to reach their short- and long-term financial goals.
“Savers should make a conscious effort to look for the best savings rates on offer to meet their savings goals. In addition, our Woodland Saver accounts provide customers with the opportunity to support the environment by planting trees to increase UK woodland.”