Gatehouse Bank increases rates on savings products

Gatehouse Bank has today announced rate increases across a selection of its savings products, including its Easy Access account and Easy Access Cash ISA; its 1-year, 18-month, and 2-year Woodland Saver Cash ISAs; and all of its Fixed Term Woodland Saver deposit accounts.

Fixed Term Woodland Saver accounts rate changes

The biggest increase in Expected Profit Rate* applies to Gatehouse Bank’s 1-year Woodland Saver account, which has risen by 0.25 percentage points to 4.35%. The Bank has also announced competitive rate increases across the rest of the product range.

ProductOld rate (%)New rate (%)
1 Year Fixed Term Woodland Saver4.104.35
18 Month Fixed Term Woodland Saver4.154.37
2 Year Fixed Term Woodland Saver4.304.40
3 Year Fixed Term Woodland Saver4.354.40
4 Year Fixed Term Woodland Saver4.354.40
5 Year Fixed Term Woodland Saver4.354.40

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Fixed Term Woodland Saver Cash ISA rate changes

Gatehouse Bank has also increased rates on its 1-year, 18-month and 2-year Woodland Saver Cash ISAs.

ProductOld rate (%)New rate (%)
1 Year Woodland Saver Cash ISA3.954.10
18 Month Woodland Saver Cash ISA4.004.15
2 Year Woodland Saver Cash ISA4.104.20

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For every Woodland Saver Fixed Term deposit or Cash ISA account opened or renewed, Gatehouse Bank plants a tree on behalf of its customers in a certified UK woodland project, planting over 25,000 trees to date.

Easy Access rate changes

Further rate increases have been announced on Gatehouse Bank’s Easy Access savings account and Easy Access Cash ISA, which now offer an Expected Profit Rate of 3.20% and 3.15%, respectively. Both products allow deposits and withdrawals at any time and can be opened with a minimum of £1.

ProductOld rate (%)New rate (%)
Easy Access Account3.053.20
Easy Access Cash ISA3.053.15

Ravi Kumar, Senior Product Manager at Gatehouse Bank, commented: “We’re pleased to be supporting savers by increasing rates across several of our savings products for the second time this month.

“With many continuing to feel the pinch caused by the cost-of-living crisis, we remain committed to providing our customers with the best possible returns on their savings and helping them drive their financial goals forward.”

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*As a Shariah-compliant Bank, Gatehouse Bank’s savings products have an Expected Profit Rate instead of a fixed interest rate. The Bank monitors this on a daily basis to ensure it will be achieved and has always generated and paid its customers the expected profit rate to date.