News

Gatehouse Bank Relaunches Table Topping 1 year Savings Account Offering 2.10%

  • Gatehouse Bank now has three savings accounts that lead the Best Buy tables
  • 1 Year fixed-term account joins 95 Day Notice Account as market leader
  • Leading 95 Day Notice Account’s Expected Profit Rate (EPR) of 1.85% already beats every 120 Day Notice Account on the market

Gatehouse Bank has relaunched its 1 Year fixed-term savings account with a market-leading expected profit rate of 2.10% AER. The move means two Gatehouse Bank savings accounts currently offer table-topping returns.

The Shariah-compliant bank’s 95 Day Notice Account offering an expected profit rate of 1.85% AER is also a Best Buy, and even trumps all the 120 Day Notice Accounts currently available on the market.

Gatehouse offers a further six savings products — three fixed-term and three notice accounts, with all accounts requiring a £1,000 minimum initial deposit. Scroll down for a full list of the bank’s current rates.

Over the last twelve months Gatehouse Bank has expanded its offering in the retail market, with a focus on savings and property finance. The bank last week launched its first mortgage alternative for homeowners. The Bank’s first Home Purchase Plan (HPP) offers homebuyers 2-year fixed term finance with no early settlement charges.

Gatehouse Bank is a UK bank and the deposits it manages are protected by the Financial Services Compensation Scheme (FSCS), up to £85,000 per person.

Gatehouse Bank’s current savings products (14/12/18):

  • 1 Year Fixed Term Deposit: 2.10% AER
  • 2 Year Fixed Term Deposit: 2.14% AER
  • 3 Year Fixed Term Deposit: 2.33% AER
  • 5 Year Fixed Term Deposit: 2.68% AER
  • 31 Day Notice: 1.30% AER
  • 60 Day Notice: 1.40% AER
  • 95 Day Notice: 1.85% AER
  • 120 Day Notice: 1.87% AER

Charles Haresnape, CEO, Gatehouse Bank, commented:

“Times are still hard for savers but rates are slowly creeping up.

“Recently we’ve seen a little bit more competition in the market with providers trying to better each other. That is not only good news for savers but also the wider UK economy, as it means there are businesses and individuals looking for finance, and banks need to be on the front foot and appealing to savers by making rates more attractive.

“There’s also a growing appetite for different types of providers. Whereas Shariah-compliant finance used to be very niche, the competitive products now available from Shariah-compliant banks are attracting savvy savers from all backgrounds.”