A few things before getting started
What is the product?
This is a 1 Year Fixed Term Green Cash ISA, operated under Shariah principles. This means that interest cannot be earned, but we generate profit instead.
What does this mean for my money?
The profit we share is the expected profit rate at the time you open your account. We monitor your account on a daily basis to ensure the expected profit rate will be achieved. If we believe the expected profit rate will not be achieved, we will contact you giving you notice of the new expected profit rate. You will then have the option to continue your account with us at the new rate, or close your account immediately with your original deposit returned, along with profit earned. To date, we have always generated and paid our customers the expected profit rate.
Our Green Saver Accounts
By opening a 1 Year Fixed Term Green Cash ISA with Gatehouse Bank, you are helping to grow UK woodlands. For every Green Saver account opened or renewed, we’re planting a tree in a UK woodland on your behalf. In addition to helping capture carbon emissions, woodlands also deliver important benefits to biodiversity, landscape, flood management and water and air quality in the UK. At Gatehouse Bank, we see this as a win-win - for your savings and for the environment.
Key product information
1 Year Fixed Term Green Cash ISA
Expected Profit Rate (EPR)
Estimated balance after 1 year based on a £1,000 deposit
Please note: This projection is provided for illustrative purposes only and does not take into account customer's individual circumstances. This projection is based on:
- an initial £1,000 deposit
- no further deposits or withdrawals are made
- profit is paid away to your nominated account annually
How do I open and manage my account?
You can open your account online using the ‘apply now’ button. To apply for an account you must be at least 18 years old, a UK resident (or resident in the UK for tax purposes) and you will require your bank account details along with your mobile phone number. Once opened, you can manage your account online 24/7. Profit is paid on maturity to your nominated account.
Minimum deposit - £1,000
Maximum deposit - £1,000,000
Please note the maximum amount that can be subscribed to a Cash ISA per tax year is £20,000.
How do I fund my account?
We will apply the profit rate shown on our website, or a higher rate if we have increased it, provided that you send us your deposit amount by bank transfer or cheque within 14 days of making your application. Please be aware that if we have not received your deposit amount as cleared funds within 45 days of making your application, the account will not be opened and you will need to reapply.
Funds sent to your Cash ISA must be from your nominated account. Transfers from existing ISA accounts you hold are permitted.
Can I withdraw money?
Under HMRC ISA Subscription rules you can withdraw money from this tax year or previous tax years. Withdrawals within the 1 year term will be subject to a reduction in profit of 90 days. Please see our Savings Terms and Conditions for more information.
You can withdraw money from your Cash ISA by logging in to your account. Withdrawals will be paid back to your nominated account.
What happens at maturity?
Accounts will mature 1 year from the date of opening the account. You can choose to reinvest or withdraw your funds on maturity. If we do not receive maturity instructions by the maturity date, we will transfer your money into an Easy Access ISA account.
Profit earned is tax free and will not count towards your Personal Savings Allowance.
We will plant a tree in a UK woodland on your behalf for opening and funding your account. Trees are planted in UK woodland projects certified by the UK Government’s Woodland Carbon Code. For more information, please see Our Green Saver Accounts page.
Savings customer support & contact information
Support is available by telephone and online, by logging into your account.
Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP
0345 600 3350
Making a complaint
If you are unhappy with any aspect of our service and want to make a complaint, please contact us in the first instance and we will try to resolve the complaint as fast and fairly as possible. A copy of our complaints policy is available on our website.
Financial Services Compensation Scheme (FSCS)
Your eligible deposits are protected by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme. The FSCS can pay compensation if a bank is unable to meet its financial obligations. Each account holder is entitled to claim up to the current FSCS limit in respect of the total value of all accounts you hold with us. Currently, this is up to £85,000 per person and £170,000 for joint accounts. Any deposits you hold above these limits are not covered. Please visit www.fscs.org.uk for further information.