Gatehouse Bank ups rate on easy access account | moneyfacts.co.uk

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Michael Brown

Content Writer
Published: 28/06/2022

While not market-leading, the increase means it pays the best expected profit rate for easy access accounts.

Gatehouse Bank has increased the expected profit rate on its Easy Access Account to 1.40% today, making it the highest paying Sharia’a compliant offer in this section of the market.

“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,” said Ravi Kumar, Senior Product Manager at Gatehouse Bank.

Overall, its new rate is 0.16% shy of the best interest payout, held by Virgin Money, on the market.  It is also bettered by previous market-leaders Chase, but shares third spot on our charts with several different providers.

These providers include Aldermore, Principality BS, Sainsbury’s Bank and Zopa. Each of these respective accounts come with their own characteristics, which can be viewed on our charts.  

Before Gatehouse Bank’s increase today, Al Rayan Bank offered the best expected profit rate for an easy access account at 1.31%. This rate is currently maintained, and is the second best expected profit rate on the easy access market.

Inflation and the cost of living is rising rapidly and it’s important that we support our customers with great returns while also giving them the flexibility to access their money,” said Kumar.

How does Gatehouse Bank’s new offer work?

Those looking for a Sharia’a compliant easy access account can expect the Easy Access Account to pay away its expected profit on the anniversary when the account is first funded.

Based on the minimum investment of £1,000, it means this account will pay £14 per year*.

Under Islamic finance principles, Gatehouse Bank will only use its funds to support certain Sharia’a compliant sectors. To find out more about these sectors, and how expected profit rates differ from interest, consider reading our guide.

*Calculations based on an investment of £1,000. Please note this is for illustrative purposes, returns can differ if withdrawals are made or further additions are added to the account throughout its tenure.

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