Gatehouse Bank has increased the rate on its milestone savings one-year fixed-term deposit account to 1.90%.
The account's returns are generated by the bank's profit-making, sharia-compliant investments, such as construction projects, property investments and Islamic bonds.
As an ethical bank, Gatehouse does not invest in gambling, alcohol, tobacco or arms companies.
Charles Haresnape, CEO at Gatehouse Bank (pictured above), said: “Average rates on savings products are still nearly 0.3% below the Bank of England base rate, but there are accounts out there that offer returns that will help combat the effects of inflation, if you look for them.
“Our milestone savings range is available to savers across the UK, while also being sharia-compliant.
“Savers – particularly those who use up their Isa allowance during the course of the year – need options and we are keen to meet their expectations.”
Gatehouse Bank's milestone savings products:
- one-year fixed-term deposit: 1.90% 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
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Wyelands Bank hires two new regional directors
Wyelands Bank has made two additions to its working capital solutions team...
Triodos Bank reports 17% growth in sustainable lending
Triodos Bank has reported a 17% year-on-year growth in sustainable lending for the year ended 31st December 2018...
Tandem introduces new savings account powered by AUTOSAVINGS
Tandem has launched a new savings account which pays 0.5% interest...
Project BankNorth picks nCino to provide digital banking platform
Project BankNorth has partnered with cloud-banking fintech nCino...
Curve to hire six country managers for international expansion
Curve has announced plans to open offices in Italy, Germany, France, Spain, Portugal and Poland...
Redefining SME banking technology
There has been significant change in the financial services sector in the past three to five years, one driven by new client expectations of customer experience, performance and speed of execution...
Unity Trust Bank reports 68 per cent profit rise
Unity Trust Bank increased its profits by 68% in 2018, having approved over £200m of lending to firms and projects...
OakNorth reveals plans for Manchester client-facing office
OakNorth’s Manchester client-facing office is expected to go live within two to three months, according to its chief operating officer Amir Nooriala (pictured above)...
SimplyBiz agrees to acquire Defaqto for £74.3m
The SimplyBiz Group has conditionally agreed to acquire the entire issued share capital of Regulus Topco Limited for a total consideration of £74.3m...
Training BDMs to the level required takes 'up to a year'
Investec Private Bank’s BDM Peter Izard (pictured above) has stated that if you don't invest in people, you won’t get the outcomes that you need...
A guide to 'Isa season'
If you’ve opened a newspaper or read the news online recently, you’ve probably come across the term ‘Isa season’ which focuses on how you should use your Isa allowance before the end of the tax year...