News

Gatehouse Bank relaunches 95 and 120 Day Notice Accounts and reduces the minimum deposit

Gatehouse Bank has today relaunched its 95 Day Notice Account and 120 Day Notice Account, and reduced the minimum deposits for both accounts from £1,000 to £500 to support savers in reaching their financial goals.

The Expected Profit Rate (EPR) for the 95 Day Notice Account has risen from 1.60% to 1.90%, and EPR for the 120 Day Notice Account has risen from 1.70% to 2.00%. The account is available to both new and existing customers.

The Notice Accounts are suitable for those with short to medium term savings goals and who are willing to provide notice to access their funds. Customers can manage their account through Gatehouse Bank’s new Savings App or Online Savings Portal.

The relaunch follows an increase to five of the Bank’s Fixed Term Woodland Cash ISAs last Friday. A tree is planted for each Fixed Term Deposit account opened.

Fixed Term Woodland Cash ISA rate changes

Product

Previous rate (%)

Current rate (%)

1 Year Fixed Term Woodland Cash ISA

2.00

2.20

18 Months Fixed Term Woodland Cash ISA

2.02

2.25

2 Year Fixed Term Woodland Cash ISA

2.35

2.60

3 Year Fixed Term Woodland Cash ISA

2.40

2.70

4 Year Fixed Term Woodland Cash ISA

2.45

2.75

5 Year Fixed Term Woodland Cash ISA

2.50

2.80

Click here for the full Notice Accounts rates and Cash ISA rates.

Ravi Kumar, Senior Product Manager at Gatehouse Bank, said: “We are pleased to relaunch our Notice Accounts with enhanced rates and reduce minimum deposits to give customers a much-needed lift during this challenging economic period.

“Our Expected Profit Rate increases ensure we are offering our customers competitive rates to help them achieve their financial goals, while also supporting the environment and planting even more trees in designated UK woodland projects.”

All Gatehouse Bank saving accounts 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.