Gatehouse Bank increases rates on its savings products

Gatehouse Bank has today increased rates on its one-year, 18 month and two-year Woodland Saver Fixed Term Cash ISA accounts.

The biggest increase in Expected Profit Rates applies to the Bank’s 18-month Woodland Saver Cash ISA account, which has risen by 0.20 percentage points to 3.95%.

Fixed Term Cash ISA rate changes

Product	Old rate	New rate
1 Year Woodland Saver Cash ISA	3.70%	3.80%
18 Month Woodland Saver Cash ISA	3.75%	3.95%
2 Year Woodland Saver Cash ISA	4.00%	4.10%

For every Woodland Saver account opened or renewed, Gatehouse Bank plants a tree on behalf of the customer in a certified UK woodland project, planting 25,000 trees to date. All of Gatehouse Bank’s Woodland Saver accounts allow both monthly and annual profit options, and can be opened online and managed through the Gatehouse Bank savings app. More information on Gatehouse Bank’s Woodland Saver ISAs is available here.

This news also coincides with the relaunch of Gatehouse Bank’s Easy Access savings account and Easy Access Cash ISA, which hold an Expected Profit Rate of 3.00% and 2.90%, respectively, and can be opened with a minimum deposit of £1.

Ravi Kumar, Senior Product Manager at Gatehouse Bank, commented: “We have designed these changes with the customer at the front of our minds, offering some of the best returns available on the market.

“With inflation and cost-of-living on the rise, it’s important that we continue to help our customers reach their savings goals by providing them with the best possible returns on their deposits.”

As a Shariah-compliant Bank, Gatehouse does not use deposits 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 a fixed interest rate.