Gatehouse Bank Increases Savings Rates to Claim Best Buy Spot

  • 1 Year Fixed Term Deposit account increased to 2.15%
  • 2 Year Fixed Term Deposit account increased to 2.35%
  • 3 Year Fixed Term Deposit account increased to 2.45%

Gatehouse Bank is today increasing rates on three of its savings accounts. The Bank’s most popular account, a 1 Year Fixed Term Deposit (FTD) account, will now offer a market-leading 2.15% EPR. 

The bank is also raising rates on its 2 Year FTD account from 2.14% to 2.35%and its 3 Year FTD account from 2.33% to 2.45%, with both products expected to feature in Best Buy tables. 

All Gatehouse Bank savings accounts require an initial deposit of £1,000.

ProductNew RateOld RateExpected Market Position
1 Year Fixed Term Deposit2.15%2.10%First
2 Year Fixed Term Deposit2.35%2.14%Second
3 Year Fixed Term Deposit2.45%2.33%Second

The move means two Gatehouse savings accounts currently offer table-topping returns with its 120 Day Notice account offering a return of 1.87% also retaining a premier position.

All savings deposited with Gatehouse Bank are invested ethically. The Bank’s Shariah principles ensure that savers deposits are never used to support sectors such as alcohol, tobacco, gambling, adult entertainment and arms. 

Established in 2007, Gatehouse Bank is a UK bank and deposits held by the Bank are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person. The Bank has rapidly expanded its retail offering with a focus on savings and property finance and in December launched its first Home Purchase Plan, a mortgage alternative for homeowners.

Charles Haresnape, CEO at Gatehouse Bank, commented: 

“Gatehouse Bank is committed to offering its customers highly rewarding savings products and our decision to further enhance our competitive range highlights this commitment. We are seeing a growing number of savers choosing Gatehouse, not only for competitive returns but also because they want their hard earned savings to be managed ethically and I expect our new products to prove attractive.

“People continue to struggle to find inflation beating savings accounts and our simple message to savers remains the same — shop around and be prepared to consider less known providers, many of whom offer significantly better returns and offer the same FSCS government guarantee as the traditional banks, protecting savers’ balances up to £85,000 per person.” 

Gatehouse Bank’s current savings range (as of 18 January 2019):

Author: The Muslim Wealth Portal

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