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
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