Gatehouse Bank increases Easy Access savings account rate to competitive 1.40%

Gatehouse Bank has today increased rates on its newly launched Easy Access savings account.

The Expected Profit Rate for the instant access account has risen from 1.30% to 1.40%. The account is available to both new and existing customers.

The bank relaunched its Easy Access savings account last month as an alternative to notice and fixed term accounts, providing customers with instant access to their savings.

Click here to find out more about our Easy Access savings account.

Ravi Kumar, Senior Product Manager at Gatehouse Bank, said: “With savings rates increasing across the board, we want to ensure we have one of the best products on the market and provide our customers with competitive rates.

“Inflation and the cost-of-living is rising rapidly and it’s important that we support our customers with great returns whilst also giving them the flexibility to access their money 24/7.”

All Gatehouse Bank saving accounts require an initial deposit of £1,000 and are covered by the Financial Services Compensation Scheme. Deposits are not used to support sectors such as alcohol, gambling, tobacco, adult entertainment, and the arms industry as the bank is Shariah-compliant. It also means its products have an Expected Profit Rate instead of a fixed interest rate.