Gatehouse Bank launches Green Saver accounts
- Consumers believe only a third of UK companies are doing enough to tackle climate change
- The bank is today launching a suite of Green Saver accounts, which will see a tree planted for every fixed term deposit account opened, in a bid to help the environment
Gatehouse Bank today unveils its Green Saver accounts as new research reveals UK companies are viewed as not doing enough for the environment.
The bank conducted a national survey1 in the run up to today’s launch which sees all its fixed-term accounts and Cash ISAs now coming with the added environmental benefit of a tree planted for each one opened, and the carbon credits registered on behalf of its customers.
Consumers interviewed for the research said they believed only a third (33 per cent) of UK companies are doing enough to help the environment, only four per cent believed every UK company is doing enough, while 15 per cent said that no company is doing enough.
Geraldine Burnett, Gatehouse’s corporate social responsibility manager, said: “We want to have a positive impact on people’s lives, not just offering competitive savings rates, but by also providing a greater tangible benefit without cost to our customers. Clearly, from our research the public feels more needs to be done about the climate crisis and feels there is much work still to be done by organisations across the UK to counteract damage to the environment.”
Meanwhile, millions of people are determined to protect the planet with the research showing 93 per cent of respondents are doing things to help the environment, with the vast majority (72 per cent) making efforts to recycle household rubbish, and half (56 per cent) upcycling and reusing household items such as clothes and furniture.
Gatehouse, a Shariah-compliant challenger bank, has four fixed-term deposit accounts and four ISAs which have all been converted to Green Saver Fixed Term Deposit Accounts and Green Saver Cash ISAs.
Fixed Term Green Saver rates
Product |
Rate (AER) |
1 Year Fixed Term Deposit |
0.55% |
2 Year Fixed Term Deposit |
1.10% |
3 Year Fixed Term Deposit |
1.25% |
5 Year Fixed Term Deposit |
1.50% |
Fixed Term Green Cash ISA rates
Product |
Rate (AER) |
1 Year Fixed Term Cash ISA |
0.45% |
2 Year Fixed Term Cash ISA |
0.80% |
3 Year Fixed Term Cash ISA |
0.90% |
5 Year Fixed Term Cash ISA |
1.30% |
View all our Green Saver Accounts
The bank expects thousands of saplings will be planted in the first year, with one tree going into the ground for every account opened, or when an existing fixed term savings account is renewed.
As a Shariah-compliant bank, all savings deposited with Gatehouse are invested ethically. The bank’s Shariah principles ensure that savers’ deposits are never used to support sectors such as alcohol, tobacco, gambling, adult entertainment and the arms industry.
Gatehouse wants to further its ethical and sustainable measures by planting trees which can reduce the amount of carbon dioxide in the atmosphere.
The Committee on Climate Change has recommended that around 30,000 hectares of new woodland should be planted in the UK every year until 2050, which could absorb approximately 10 per cent of residual greenhouse gas emissions2.
Specialist UK ecological company Forest Carbon, which creates and develops woodland and peatlands for carbon capture, will be responsible for planting the trees on Gatehouse’s behalf in locations across Britain. All the carbon credits will be listed on behalf of Green Saver customers.
Gatehouse Bank is one of the founding signatories of the United Nations Principles for Responsible Banking. It has been working to align the business with the UN Sustainable Development Goals.
Charles Haresnape, CEO at Gatehouse Bank, said: “As an ethical bank committed to aligning our business with the UN Sustainable Development Goals, we are striving to find more ways to support the environment. Tree planting through our Green Saver accounts is a small step, but a practical way we can contribute to the action on climate change.
“It is clear from our research that the public feels more companies should get involved, and that individuals are eager to play their part in contributing to a greener environment. We believe that through our Green Saver accounts and in partnership with Forest Carbon, we will offer people a simple, positive way to contribute to a better environment. Our goal is to plant thousands of trees in 2021 on behalf of our customers.”
1Survey carried out by Opinium, which sampled 2,002 nationally representative respondents from 08/01/21 - 11/01/21.