Gatehouse Bank has announced it will be increasing the rates on all its notice accounts by 0.25%.
The shariah-compliant challenger bank will increase these rates from this Friday (17th August).
Rates for its 31-day notice account will rise from 1.05% to 1.30%, while its 60-day notice account will go up from 1.15% to 1.40%.
For its 120-day notice account, the rate will increase from 1.53% to 1.78%.
It will also introduce a new 95-day notice account, which will have a rate of 1.77%.
Charles Haresnape, CEO at Gatehouse Bank, said: “I’m delighted that we are able to increase the returns available on our range of notice accounts.
“While savings rates are still relatively low, there are a number of providers now offering considerably greater returns than those available from the traditional high street banks, and I would encourage all savers to shop around for the best returns on their hard-earned savings.
"[UK savers] have had a demoralising decade, struggling to make a real return in a low interest rate environment and increasing returns will, hopefully, encourage more to [save] for their dream purchases, whether that be weddings, holiday, retirement or simply a lump sum to deal with those unexpected bills.”
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