All Home Finance FAQs

A Buy-to-Let purchase plan is a Shariah-compliant mortgage alternative. You can use it just like a conventional mortgage to buy or refinance your Buy-to-Let property. For more information, please view our Buy-to-Let video.

Our Buy-to-Let video

Yes. We can provide Buy-to-Let finance for individuals, and also sole proprietors, partnerships, UK registered limited companies and SPV (special purpose vehicle) structures. We also offer Green Home Finance products which carry discounted rates and are only available for properties with a valid Energy Performance Certificate (EPC) rating of A or B – for more information please click here.

Yes. Having both an inclusive and flexible approach, we have specific products to help meet the needs of both UK Expats and International residents based overseas. For more information, please view our Buy-to-Let video.

Our Buy-to-Let video

Yes, we can consider finance for portfolios. We have no restriction on the number of properties in a portfolio.

Yes, we have a range of options for more complex property portfolios including HMOs and MUFBs. For more information, please contact our qualified advisers.

• Call us Monday to Friday 9.00am – 5.00pm
• Complete our online form

Our Tariff of Charges gives details of the charges payable in connection with finance applications and additional administration charges following completion.

Tariff of Charges

FTV or finance-to-value is the finance amount expressed as a percentage of the property valuation. For example, if a finance product has a maximum FTV of 80%, you will need to provide at least 20% of the property value as your contribution (with the Bank contributing the other 80%). Please refer to our Buy-to-Let products for the maximum FTV applicable.

Our Buy-to-Let products

Depending on the product chosen an Early Redemption Charge may be payable if you make Additional Acquisition Payments (often known as ‘lump sum’ payments) or redeem your Purchase Plan during a Fixed Rental Rate Period. Full details are set out in the product information.

Depending on the product chosen, it may be possible to make Additional Acquisition Payments (often known as ‘lump sum’ payments) during a Fixed Rental Rate Period of your product. If this facility is available, full details are set out in the product information. Outside a Fixed Rental Rate Period, you can make Additional Acquisition Payments at any time subject to a minimum payment of £2,000. Please note:

• When an Additional Acquisition Payment is made, if your account is on an Acquisition and Rent basis you will have the option to either:
  • reduce your monthly payment and keep the finance term the same, OR
  • reduce the outstanding finance term by keeping your monthly payment the same

• However, if your account is on a Rent Only basis your monthly payment will be reduced

• You will be advised of any new monthly payment amount after you have made the Additional Acquisition Payment

No, we do not recommend any solicitor and are happy to work with a UK based solicitor of your choice. However, we do suggest you choose a solicitor with experience of conveyancing involving Shariah finance as the underlying documentation is different to a conventional mortgage. We can provide a list with all UK based solicitors with Shariah credentials. Please see this list here.

In respect of refinancing under a purchase plan, a share in the property to be financed is sold by the customer to the Bank (this share is then leased by the Bank to the customer). We understand that, on a strict reading of tax legislation, there is a potential capital gains tax charge triggered by this sale if it is deemed a disposal for CGT, there has been a gain in value for the customer since the property was purchased and no exemption, such as private residence relief, applies.

The customer should, if they deem it necessary, seek their own tax advice or make representations to HMRC in this regard. We are happy to provide details of the financing structure to assist with this.

The Bank is committed to reducing its own environmental impact and in October 2021 became operationally carbon neutral. We are working to align the business with the UN Sustainable Development Goals, having been a founding signatory to the United Nations Principles for Responsible Banking in 2019.

We are also committed to supporting customers that are looking to reduce their impact on the environment through our products. The launch of our Green Home Finance products is a natural progression and follows the launch of our highly successful Woodland Saver accounts in February 2021, that is supporting UK woodland growth.

In addition to our standard eligibility criteria, our Green Home Finance products are available where properties have a valid Energy Performance Certificate (EPC) rating of A or B.

EPC stands for Energy Performance Certificate and is a summary of your property's energy efficiency. Your home will need a valid Energy Performance Certificate (EPC) rating of A or B to be eligible to select one of our Green Home Finance products. You can check your property’s rating on the EPC Register.

If you’re moving into a new build home and your home is still being built, ask your house builder for the Energy Performance Certificate or predicted energy assessment.

There are three benefits:

1. You will benefit from a 0.10% reduction in the finance rate charged for the entire product term, compared to an equivalent standard product of the same type
2. The Bank, at its own cost, will offset the carbon footprint of your property for the entire fixed term of the product (two or five years)
3. In addition, the Bank, at its own cost, will continue to offset the carbon footprint of your property for however long you remain a customer of the Bank, subject to your property meeting the required EPC rating of any green products being chosen at that time

These figures have been provided by Forest Carbon, for the average consumption of Gas and Electricity of the average UK home. Based on this, the average UK household’s carbon emissions generated by heating and lighting a home are 2.9 tonnes of CO2 per year.

We have teamed up with Forest Carbon to offset the carbon footprint of your property.

Forest Carbon partner on a range of natural based and clean energy projects, which include, carbon loss prevention (avoided deforestation, peatland protection, solar, wind and hydro projects) and carbon capture (from growing trees in new forests).

Yes. Once an existing customer reaches the end of their product term, the new Green Home Finance products will be made available to them, if they meet the eligibility criteria.

Depending on the product chosen, it may be possible to make Additional Acquisition Payments (often known as ‘lump sum’ payments) during a Fixed Rental Rate Period of your product. If this facility is available, full details are set out in the product information. Outside a Fixed Rental Rate Period, you can make Additional Acquisition Payments at any time subject to a minimum payment of £2,000.

Please note:

• When an Additional Acquisition Payment is made, if your account is on an Acquisition and Rent basis you will have the option to either:
  • reduce your monthly payment and keep the finance term the same, OR
  • reduce the outstanding finance term by keeping your monthly payment the same

• However, if your account is on a Rent Only basis your monthly payment will be reduced

• You will be advised of any new monthly payment amount after you have made the Additional Acquisition Payment

Savings accounts with us work just like a conventional savings account, with one important difference - because we’re Shariah-compliant, we don’t pay interest. Instead, we invest your funds to earn you a profit.

Neither payment nor receipt of interest is permitted under the Shariah principle that money shouldn’t be generated from money. It’s also thought that money shouldn’t be left idle but put to good use through trade consistent with Shariah principles. So, we put your savings to work to earn a profit. To date, we have always generated and paid our customers the expected profit rate. For more information, please view our Savings video.

Our Savings video

The expected profit rate is what we expect to deliver to you from investing your funds. It’s the profit we share with you from the returns generated. We monitor your account daily to make sure it’s achieved. To date, we have always generated and paid our customers the expected profit rate stated when they opened their account. For more information, please view our Savings video.

Our Savings video

If we don’t think the expected profit rate will be achieved, we’ll get in touch to tell you of the new expected rate. You then have the option of keeping your account with us at the new rate or withdrawing your original deposit along with the profit earned so far. So far, we’ve not had to do this. We have always generated and paid our customers the expected profit rate.

To comply with Shariah principles, we don’t make investments involving excessive uncertainty, gambling or speculation - criteria that many responsible investors adopt regardless of religious convictions.

Our Shariah-compliant status also means that deposits and investments we receive are never used to support non-compliant activities or sectors: this includes alcohol, tobacco, pork and non-halal meat production, gambling, adult entertainment, and arms.

Examples of eligible investments include construction projects, certain real estate investments and sukuk (sometimes known as Islamic bonds). For more information, please view our Savings video.

Our Savings video

Fixed Term Deposits

With fixed term deposits, you can’t withdraw funds before the end of the product term (its maturity) other than in exceptional circumstances. These are detailed in the products terms and conditions.

Notice Accounts

With notice accounts, you can withdraw funds but must tell us in advance. For a 95-day notice account, for example, you need to notify us 95 days before you want the money.

Cash ISAs

You can withdraw money from your ISA, for this or previous years, but with fixed term accounts, withdrawals within the term are subject to a reduction in profits.

Easy Access Accounts

You have access to your online account 24/7 and can easily withdraw all or part of your funds to your nominated account.

Your eligible deposits are protected by the Financial Services Compensation Scheme (FSCS). If a bank cannot pay you your money, the FSCS will compensate you. Each account holder is entitled to claim for the value of all accounts they hold with us up to the current FSCS limit of £85,000 per person and £170,000 for joint accounts. Deposits balances above these limits are not covered. Please visit www.fscs.org.uk for further information.

No. All profit is paid gross, without any tax being deducted.

Yes, we plant a tree on behalf of our customers for every Woodland Saver Fixed Term Deposit or Fixed Term Cash ISA account opened and funded, or renewed, at no cost to the customer. Find out more about how you can help grow UK woodlands as you grow your savings here.

Woodland Saver Accounts

As a Shariah-compliant bank, we invest our customers’ deposits in a portfolio of assets that comply with Shariah principles, to generate the expected profit rate for the account holders.

We have an obligation as a trustee; we’re accountable to depositors under Islamic principles of finance for any negligence.

The eligibility criteria are simple. You need to be a UK resident, aged 18 or older, and holding a current account with a UK bank or building society. For more information, please view our Savings video.

Our Savings video

All you need is the sort code and account number of your existing UK bank or building society account, as well as your email address and mobile number. To start your application, choose a product on our Savings page, click the "Apply now" button and follow the instructions. Please note, our savings accounts can't be opened via our Savings App at the moment.

Our Savings accounts

You can transfer funds from an existing ISA by applying online. You will be asked to provide details of your current ISA provider.

If you request a transfer of the current year’s ISA subscriptions, the total current ISA subscription amount must be transferred.

You can also transfer funds from an existing ISA after your account is opened with us. Simply complete the Cash ISA Transfer Form, available to download from the Useful Docs section of our website.

Your nominated account is the UK bank or building society account you use to fund your Gatehouse savings account. Your nominated account must be with a UK bank or building society. We’ll ask you for your nominated account details when you open your savings account with us. Deposits can only be made from your nominated account.

Yes, you can open one account for each of our products, subject to the product terms and conditions.

Remember you’re only covered by the Financial Services Compensation Scheme (FSCS) for a total of up to £85,000 per person and £170,000 for money held in joint names, across all accounts. For more information please visit http://www.fscs.org.uk/

Yes, for products other than our Cash ISAs, each account can have up to two account holders. We work on the assumption that you both have equal share of the money in the account and are jointly responsible for the account. We will usually act on instructions from either one of you, without checking with the other, unless you tell us about a dispute over the account. If you do, you’ll only be able to operate the account by post and we will require signatures from both account holders.

If there is a dispute, please contact us by phone or in writing.

As with all UK savings accounts, we check your identity and address before you open an account. To make this as easy as possible, we do this by checking electronic databases. Sometimes we may need to ask you to send identification by post. If so, we’ll tell you before we open your account.

All our savings accounts have a 14-calendar day cooling off period from the day the account is funded. If you change your mind within this time, please write to us to cancel your account. No notice period or charges will apply.

For POA on new and existing accounts, please call us on (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762 to ask for an application form. Complete and send it to us with your proof of power of attorney and any other supporting documents we’ve asked for. You will also need to download or ask for a copy of our terms and conditions and the key product information for the product and keep these for your records.

Where there is more than one attorney named, we can only accept attorneys appointed ‘jointly and severally’. This allows either attorney to make decisions independently.

Where attorneys are authorised to act ‘jointly’, instructions are needed from all attorneys who must agree on all decisions. We are unable to support this type of Power of Attorney.

The Power of Attorney will specify whether individual attorneys have the power to act ‘jointly’ or ‘jointly and severally’.

If the Power of Attorney document requires attorneys to act ‘Jointly’, please contact us on (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762 for further information.

As long as you send us your deposit by bank transfer or cheque within 14 days of applying for the account, we’ll apply the profit rate shown on our website at the time you applied (or a higher rate if we have increased it).

If we don’t receive your deposit as cleared funds within 30 days of your application, we won’t open the account, and you’ll need to re-apply.

Once you have successfully completed your online application we’ll send you an email confirming you’ve passed our online checks and explaining how to pay money into your account. We’ll also send you those instructions in the post.

Your account is officially open once we receive your cleared funds. We’ll use this date to calculate your profit payments, and, for a Fixed Term account, its maturity date.

Once open, you can manage your account online 24/7 or by using our Savings App. To find out more and to download our Savings App, click here.

You can email us on info@gatehousebanksavings.com, call us on (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762, or write to us at Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP.

You can view your Savings account information at any time, by logging on here with your user ID and password, or with our Savings App, available from the Apple and Google Play stores.

Savings Log In Download Savings App

You can fund your new account by bank transfer from your nominated account or sending us a UK bank or building society cheque.

If we don’t receive your initial deposit as cleared funds within 30 days of your application, the account will not be opened, and you will need to re-apply.

If you make a deposit before 1pm on a working day, funds will show on your account by close of business the same day. Deposits after 1pm, will show by close of business the following day.

Deposits you send to your Gatehouse bank account may be rejected if your bank has recently changed the sort code and account number associated with your nominated account. If so, please log in to your account and update your nominated account details.

Fixed Term Deposits (including Fixed Term Cash ISAs)

For fixed term deposits, if you make your initial deposit by bank transfer, you can send it in instalments as long as we receive them all within a 5 working day period, and receive the full deposit within 30 days of your application.

If your initial deposit is by cheque, we can’t accept instalments, and it must be the full amount. We cannot accept a combination of cheque and bank transfer.

Once we have received the initial deposit (either as a single payment or in instalments) you can’t make any more deposits for the term of the account.

Notice and Easy Access Accounts (including Easy Access Cash ISA)

For Notice and Easy Access Accounts, you can make extra deposits at any time.

No, but you can view your account balance and transactions at any time by logging in to your account online 24/7 or using our Savings App. You will receive a closing statement for your account, and if you want a paper copy, please write to us to request one.

Shortly after 6th April each year, you will be able to view and print a Section 975 (S975) tax certificate. If you’d like a paper copy instead, please write to us to request one. If you request a paper copy, we’ll send one every year, and you won’t be able to download or print it online.

You can reset your password by following the ‘Forgotten your password’ link on our log in page. You can also call us on (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762, Monday to Friday 9.00am – 5.00pm UK time.

Savings Log In

Yes. You can change your nominated account to another UK bank or building society account at any time, by logging into your account, but not using our Savings App.

Log into your savings account here and go to 'Change Details'.

You can also have your profit paid into a separate account. You can view or change this in the ‘My Accounts’ section. Changing the nominated account will not change the destination of your profit, which must be updated separately.

Savings Log In

You can email us on info@gatehousebanksavings.com, call us on (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762, or write to us at Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP.

You can update your email address, contact numbers and marketing preferences within our Savings App. To find out more or to download our Savings App, click here.

You can also change your personal details by logging into your account here and select 'Change Details'. Click on 'Personal Details', then select the option you need and follow the instructions.

IMPORTANT: Beware of any unusual or urgent requests to change personal details. Learn more here or contact us to check if the communication is legitimate.

Savings Log In Fraud Awareness

Fixed Term Deposits and Fixed Term Cash ISAs, we will contact you 25 days before your account is due to mature to let you know your maturity options. Once you’ve decided, you can tell us what you want to do by logging into your account and selecting your maturity option.

It’s simple to open a new fixed term account or withdraw your full deposit. If you don’t tell us what you want to do by your maturity date, we’ll transfer your deposit into an appropriate easy access account, where you can get to it any time you like.

You can email us on info@gatehousebanksavings.com, call us on (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762, or write to us at Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP.

You can email us on info@gatehousebanksavings.com, call us on (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762, or write to us at Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP.

To make a complaint about your savings account, please email us at info@gatehousebanksavings.com or call us on (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762, Monday to Friday, 9.00am – 5.00pm. You can also write to us at Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP.

We will try to resolve your complaint as quickly and fairly as possible. Please see our complaints policy for more information. If you’re still unhappy, you can contact the Financial Ombudsman Service (FOS) at complaint.info@financial-ombudsman.org.uk.

Please get in touch immediately. Call us on (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762 Monday to Friday, 9.00am – 5.00pm, or alternatively email us on info@gatehousebanksavings.com

If you are not sure what to look out for when it comes to fraud, learn more on our dedicated page we have to keep our customers safe online.

Fraud Awareness

Please get in touch at your earliest convenience. Call us on (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762 Monday to Friday, 9.00am – 5.00pm, or email us on info@gatehousebanksavings.com

No. Gatehouse Bank is paying for the tree planting on behalf of our customers and this does not impact the expected profit rate on your savings account.

Trees planted through the Gatehouse Bank Woodland Saver tree planting scheme are located within four specific UK woodland creation projects, through our planting partner Forest Carbon. Trees are allocated to project sites according to environmental requirements. Therefore, you cannot request a specific woodland project for your tree.

Trees are from a range of woodland species including Oak, Hazel and Birch, specifically chosen for the habitat and environment where they are planted.

Yes. The trees planted in these new woodlands are expected to capture carbon dioxide over their lifetimes. These woodlands will be independently verified over the long term to establish how much carbon dioxide they are capturing. The projects are registered on the publicly available UK Land Carbon Registry. More information can be found in the Terms & Conditions.

All trees are planted by our partner Forest Carbon in line with the seasonal planting requirements of UK woodlands. Once planted, all growing trees and the carbon emissions they sequester are independently verified under the Woodland Carbon Code.

If you wish to see one of the woodland projects in action you can visit the Lowther Whale Project which is situated in the Lake District National Park and adjacent to public walkways. Please contact the team at Gatehouse Bank for more information.

We can guarantee your tree will be in one of the four specified UK woodland projects, but do not assign individual customer trees to specific locations.

Gatehouse Bank has entered into an agreement with woodland project developer Forest Carbon to plant a tree for every Woodland Saver account opened or renewed. All woodland projects are verified by the UK Government’s Woodland Carbon Code, which ensures the right trees are planted in the right place. We will publish an annual report, available on our website, detailing the number of trees planted and carbon sequestered by our Woodland Saver scheme.

Yes. Our Woodland Saver tree planting scheme is certified by the UK Government Woodland Carbon Code, which gives assurance that each woodland scheme will deliver the benefits claimed, and that the woodland represents genuine new planting.

Our Savings App can be used by any customer with a Gatehouse Bank online savings account.

You can download at the relevant app store:

• Google Play Store (for Android devices)
• Apple App Store (for iOS devices)

Once you have downloaded and installed our Savings App, follow the instructions below to register and activate:

• Open the app and confirm that you’re an existing customer
• Enter your online services username and password
• Provide the requested characters from your security question
• Create and confirm your 6 digit app PIN
• Enable biometric login (if supported on your device)
• Review and agree to the terms & conditions
• You can then access the app and view your savings account(s)

Our Savings App is available on Apple iPhone or Android smartphones or tablets operating on the latest versions.

To find out which mobile operating system your smartphone is running, please follow the instructions below (this may differ slightly from device to device depending on the version you’re running):

• Apple iPhone: Select settings > ‘General-About-Version (iPhone)’ or ‘Settings-About-Phone Software’ information
• Android: Select ‘Settings-About-Phone Software’ information

Please note: The app will not work on older devices that are unable to upgrade to these operating systems.

Our Savings App may be downloaded and used on Apple iPads running iOS 11 (or above) and Android tablets Version 7.1 (or above), however it will be an up-scaled version of the mobile app.

To enlarge the screen on an iPad, open the app and tap on the icon in the bottom right hand corner.

The app will automatically enlarge to fill the screen on an Android tablet.

No. For security reasons, only one registered customer can access the app on a single device.

Biometrics are biological measurements - or physical characteristics - that can be used to identify individuals, such as facial recognition or fingerprint scanning.

Biometrics are available on various devices to allow you to easily log in to your app. The type of biometrics available depends on your device.

We do not currently offer this feature, but this may change over time as we develop our Savings App further and release more features and updates.

To continue to use our Savings App, you’ll need to use the latest version of the app. Please visit the relevant app store, depending on the device you use, to update to the latest version.

We are constantly adding new features and improvements to our Savings App and we deliver these to you via app updates.

To ensure that you have the best experience in using our Savings App, you will always need to use the latest version of the app, available from the relevant app store.

If you can’t find the latest version of our Savings App within the relevant app store, this means your mobile device will not allow the latest version to be downloaded. However, you can continue to access your account via our website.

If you’re upgrading your device, you will need to re-register via our Savings App once you’ve downloaded it from the relevant app store onto your new device.

Security is paramount to our services. Access to our Savings App is via biometric touch / face login or PIN entry. Your login method is uniquely linked to the mobile app on your device. This means only your login works on your app.

We regularly test, update and validate our security to ensure we maintain a high grade of protection. We also use recognised and independent security experts to validate the security of our app.

It is important that only you know your account password. You cannot update this password via the app so please contact us by telephone to reset your password, or request a reset via our website. Our number is (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762 and we are open Monday to Friday, 9am-5pm.

Fraud Awareness

Please contact us directly via telephone to discuss your concerns. Our number is (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762 and we are open Monday to Friday, 9am-5pm.

If you are not sure what to look out for when it comes to fraud, learn more on our dedicated page we have to keep our customers safe online.

Fraud Awareness

You can’t change your account password via our Savings App, however you can change your password by logging in to your online account. Alternatively, you can call us to reset your password. Our number is (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762 and we are open Monday to Friday, 9am-5pm

You can call us to reset your password, or request a reset via our website. Our number is (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762 and we are open Monday to Friday, 9am-5pm.

Your fingerprint and / or facial ID can be changed and updated within your device’s settings and permissions.

You can change your PIN by accessing the profile menu within the app, then select ‘Change PIN’.

You can change your biometric functionality by accessing the Settings menu within our Savings App, then select ‘Biometric Settings’.

Once logged into our Savings App, your savings account balances will display on the main Account Summary screen.

Yes, you can move funds to your nominated account by using the ‘Transfer’ button within our Savings App and selecting ‘Linked Account’.

Yes, you may transfer money to any online account held with us, where the terms of the account allow this. Select the account from the list of accounts held within the ‘Transfer’ option.

To pay money into your savings account, click on the ‘Pay In’ button and follow the instructions in our Savings App, which will guide you through the steps to do this.

Setting up savings goals isn’t something you’re able to do at the moment within our Savings App. However we’re developing future functionality to support this and other features which we hope to release in the near future.

You can click on any of your accounts to display a list of transactions and details.

No, however you can scroll through your transactions and view further details on each item displayed. This may change over time as we develop our Savings App further and release more features and updates.

Yes, you can set up future payments from Easy Access accounts by using the ‘Transfer’ button within our Savings App and selecting a future date. You can cancel any future payments within the Statements screen and selecting ‘Pending Transactions’.

Your use of our Savings App is free of charge. However, your internet or service provider may charge for using data on your smartphone or tablet device.

Yes, you can update your email address, contact numbers and Marketing Preferences in our Savings App.

You can also view your name and address details. If these need changing you can update your address details within online banking and call us on a name change.

You can call us on (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762, Monday to Friday, 9am-5pm.

Managing your nominated account isn’t something you’re able to do at the moment within our Savings App. However, we’re developing future functionality to support this and other features which we hope to release in the near future.

Adding or removing account holders isn’t something you’re able to do at the moment within our Savings App. However, we’re developing future functionality to support this and other features which we hope to release in the near future.

You can contact us via the FAQ & Help section within our Savings App or via your secure messages through your online account. You can also call us on (within UK) 0345 600 3350 or (outside UK) +44 191 295 7762, Monday to Friday, 9am-5pm.

Our Savings App has been designed and developed to be compatible with screen reader user preference settings.

Our Savings App has been designed and developed to support large text user preference settings.

Secure messaging isn’t currently supported within our Savings App. However, we’re developing future functionality to support this and other features which we hope to release in the near future.

Web and video chat isn’t currently supported within our Savings App. However, we’re developing future functionality to support this and other features which we hope to release in the near future.

Where the terms of your savings account allow this, you would need to make a total withdrawal of the balance of your account - in doing so, this will cause your account to be closed.

Shariah finance principles are derived from Islamic teachings and encourage ‘fair play’ that promotes fairer, more socially responsible ways of conducting financial affairs. Products and services that are ‘Shariah-compliant’ are available to all and suitable for both Muslims and non-Muslims alike.

Shariah principles promote trade and enterprise to generate real wealth for the benefit of the community as a whole. It does this in a way that provides stability, is transparent and facilitates the sharing of both risk and reward in an equitable way.

Read more about the differences between Shariah and conventional finance

Gatehouse Bank - A Different Way

No. Shariah-compliant products and services are available to all and suitable for both Muslims and non-Muslims. In fact, many non-Muslims actively choose Shariah-compliant products and services because they view them as ethical, fairer, more socially responsible and transparent, and because of the competitive range of products.

There are some key differences between Shariah finance and conventional finance:

• Finance and investments must not be used to support industries or activities that are against the Shariah principles. These include alcohol, tobacco, pork and non-halal meat production, gambling, adult entertainment, and arms.

• Money must be put to a good use to generate profit supported by a genuine trade or business related activity. The giving or receiving of interest (making ‘money from money’) is prohibited.

Read more about the differences between Shariah and conventional finance

Our Videos

We have a Shariah Supervisory Board (SSB) made up of individual Shariah experts who are independent from the Bank, but are active in overseeing our operations. The SSB is formally appointed by the Board of Directors, but reports directly to the Bank’s shareholders. The SSB has an oversight of the Bank’s activities, including transaction documentation and other contractual obligations we may enter into. In addition, please view our Shariah Supervisory Board page or watch our A Different Way video.

Our Shariah Supervisory Board Gatehouse Bank - A Different Way

No, many British banks offer Shariah-compliant finance products to UK customers. Gatehouse Bank is a regulated UK bank, founded in 2007 and headquartered in London - we’re not a subsidiary or branch of an overseas bank.

Payment and receipt of interest isn’t permitted under Shariah principles - it’s thought that money shouldn’t be generated from money. It’s also thought that money shouldn’t be left idle, but put to good use through trade that’s consistent with Shariah principles. So, we put your savings to work to earn a profit. To date, we have always paid our customers the expected profit rate.

For more information, please view our Savings video.

Our Savings video

To comply with Shariah principles, we don’t make investments involving excessive uncertainty, gambling or speculation - criteria that many responsible investors adopt regardless of religious convictions.

Our Shariah-compliant status also means that deposits and investments we receive are never used to support non-compliant activities or sectors: this includes alcohol, tobacco, pork and non-halal meat production, gambling, adult entertainment, and arms.

Examples of eligible investments include construction projects, certain real estate investments and sukuk (sometimes known as Islamic bonds). For more information, please view our Savings video.

Our Savings video