Gatehouse Bank relaunches Easy Access savings account

Gatehouse Bank has today relaunched its Easy Access savings account for new customers.

The Expected Profit Rate for the instant access account has risen from 0.90% to 1.30%. The account is available to both new and existing customers.

The rate rise follows an increase to five of the bank’s Fixed Term Woodland Saver accounts last Friday. A tree is planted for each Fixed Term Deposit account opened.

Fixed Term Woodland Saver account rate changes

Product	Old rate	New rate
1 Year Fixed Term Woodland Saver	2.00%	2.05%
18 Month Fixed Term Woodland Saver	2.05%	2.15%
2 Year Fixed Term Woodland Saver	2.15%	2.26%
3 Year Fixed Term Woodland Saver	2.20%	2.30%
4 Year Fixed Term Woodland Saver	2.25%	2.40%
5 Year Fixed Term Woodland Saver	2.50%	No change

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.

Click here for the full Fixed Term rates and Cash ISA rates.

Ravi Kumar, Senior Product Manager at Gatehouse Bank, said: “The savings market is very competitive at the moment, and we’re pleased to ensure we have one of the best rates on the market with this increase to our Easy Access account.

“This rate rise is particularly beneficial for savers who want great returns while also enjoying the flexibility of accessing their money whenever they want to.”