Gatehouse Bank increases rates on two Savings accounts
Gatehouse Bank has today increased rates on its 1 Year and 18 Month Fixed Term Deposit savings accounts for the second time this month and are available to both new and existing customers.
The biggest increase in Expected Profit Rate (EPR) applies to the Bank’s 1 Year Fixed Term Woodland Saver, which rises by 0.20 percentage points to 2.00%.
The 18 Month Fixed Term Woodland Saver will rise by 0.15 percentage points to 2.05%.
A tree is planted for every Woodland Saver/Cash ISA account opened, with more than 13,000 trees having already been planted across four woodland locations in the UK since the product launched 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.
Ravi Kumar, Senior Product Manager at Gatehouse Bank, said:
“We are pleased to be supporting savers by increasing rates on two of our accounts for the second time this month. We are committed to helping customers reach their savings goals by continuing to offer some of the best rates on the market, while also bolstering the nation’s woodlands by planting thousands of trees around the UK.”