A few things before getting started
What is the product?
This is a 120 Day Notice Account, 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 applicable to the account, as published from time to time. 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.
Key product information
120 day notice account
Expected Profit Rate
Annual: 1.82% Gross/AER
Monthly: 1.80% Gross/1.82% AER
Can Gatehouse Bank change the expected profit rate?
Yes, the expected profit rate is variable. We can increase or decrease the rate as set out in the Terms & Conditions.
What would the estimated balance be after 12 months 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 and no further deposits or withdrawals are made.
How do I open and manage my account?
Minimum initial deposit is £1,000.
Maximum balance for this account is £1,000,000.
Additional deposits are permitted at any time. The minimum additional deposit is £1.
Can I withdraw money?
Yes, you can make unlimited withdrawals subject to 120 days’ notice. No early withdrawals are allowed.
Your money will be returned to your nominated account.
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.