A few things before getting started
What is the product?
This is a 2 year Fixed Term Cash ISA, operated under Shariah principles. This means that interest cannot be earned, but we generate profit instead.
What does this mean for my money?
The profit we share is the expected profit rate at the time you open your account. We monitor your account on a daily basis to ensure the expected profit rate will be achieved. If we believe the expected profit rate will not be achieved, we will contact you giving you notice of the new expected profit rate. You will then have the option to continue your account with us at the new rate, or close your account immediately with your original deposit returned, along with profit earned. To date, we have always generated and paid our customers the expected profit rate.
Key product information
2 year Fixed Term Cash ISA
Expected Profit Rate (EPR)
Estimated balance after 1 year based on a £1,000 deposit
Please note: This projection is provided for illustrative purposes only and does not take into account customer's individual circumstances. This projection is based on:
- an initial £1,000 deposit
- no further deposits or withdrawals are made
- profit is paid away to your nominated account annually
How do I open and manage my account?
Minimum deposit - £1,000
Maximum deposit - £1,000,000
Please note the maximum amount that can be subscribed to a Cash ISA per tax year is £20,000.
How do I fund my account?
We will apply the profit rate shown on our website, or a higher rate if we have increased it, provided that you send us your deposit amount by bank transfer or cheque within 14 days of making your application. Please be aware that if we have not received your deposit amount as cleared funds within 45 days of making your application, the account will not be opened and you will need to reapply.
Funds sent to your Cash ISA must be from your nominated account.
Transfers from existing ISA accounts you hold are permitted.
Can I withdraw money?
Under HMRC ISA Subscription rules you can withdraw money from this tax year or previous tax years. Withdrawals within the 2 year term will be subject to a reduction in profit of 180 days. Please see our terms and conditions for more information.
You can withdraw money from your Cash ISA by logging in to your account. Withdrawals will be paid back to your nominated account.
What happens at maturity?
Accounts will mature 2 years from the date of opening the account. You can choose to reinvest or withdraw your funds on maturity. If we do not receive maturity instructions by the maturity date, we will transfer your money into an Easy Access ISA account.
Profit earned is tax free and will not count towards your Personal Savings Allowance.
Savings customer support & contact information
Support is available by telephone and online, by logging into your account.
Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP
0345 600 3350
Making a complaint
If you are unhappy with any aspect of our service and want to make a complaint, please contact us in the first instance and we will try to resolve the complaint as fast and fairly as possible. A copy of our complaints policy is available on our website.
Financial Services Compensation Scheme (FSCS)
Your eligible deposits are protected by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme. The FSCS can pay compensation if a bank is unable to meet its financial obligations. Each account holder is entitled to claim up to the current FSCS limit in respect of the total value of all accounts you hold with us. Currently, this is up to £85,000 per person and £170,000 for joint accounts. Any deposits you hold above these limits are not covered. Please visit www.fscs.org.uk for further information.