Gatehouse Bank has announced that it has increased the returns on the majority of its milestone savings accounts.
The sharia-compliant bank's 60-day notice account now offers customers 1.15% on deposits.
The returns on the accounts are generated by Gatehouse's profit-generating sharia-compliant assets.
Gatehouse provides finance or investment for construction projects, property and sukuk (Islamic bonds).
The ethical bank will not use funding to support gambling, alcohol, tobacco or arms companies.
Charles Haresnape, CEO at Gatehouse Bank (pictured above), said: “These latest rates show that ethical savings can be not just market-leading, but – in the case of our 60-day notice account – table-topping.
“As a sharia-compliant UK bank, we are ethical by default.
“This means that all savers can be reassured that their money will never be invested in companies in, say, the gambling, alcohol, tobacco and arms sectors.
“Our goal is to offer an alternative to all UK savers for whom returns are not just market-leading, but ethical to boot.”
The new fixed term deposit and notice accounts are:
- one-year fixed term deposit: 1.82% AER
- two-year fixed term deposit: 2.05% AER
- three-year fixed term deposit: 2.21% AER
- five-year fixed term deposit: 2.45% AER
- 31-day notice: 1.05% AER
- 60-day notice: 1.15% AER
- 120-day notice: 1.53% AER
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