Gatehouse Bank has increased the rate on its one-year fixed-term deposit (FTD) account to 2%.
The sharia-compliant challenger bank has retired its Milestone Savings brand and now all savings products are being offered as Gatehouse Bank.
The bank currently offers four FTD accounts, ranging from one to five years, with three notice accounts set at 31 days, 60 days and 120 days.
“Interest rates may have been left at 0.5% by the Bank of England this month, but we are going to continue pushing to lead the way when it comes to delivering better returns for savers,” said Charles Haresnape, CEO at Gatehouse Bank (pictured above)
“Easy access accounts are still often paying noticeably less than the Bank of England base rate, so a rate of 2% on a one-year fixed-term deposit account certainly gives people something to think about.
“It also feels like the right time to bring all our accounts back under the Gatehouse Bank umbrella so it becomes the bank's name that is synonymous with them.”
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