Gatehouse Bank has increased the rates on its savings accounts by 0.25 per cent, in line with the recent base rate rise.
All three of the bank’s existing notice accounts will be offering an extra 0.25 per cent starting from Friday 17 August. The UK-based Shariah-compliant challenger bank has also introduced a new 95-day notice account which offers a return of 1.77 per cent.
Gatehouse’s 31-day notice account will now offer 1.30 per cent – up from 1.05 per cent previously. The 60-day notice account will increase from 1.15 per cent to 1.40 per cent, while the 120-day notice account will go up to 1.78 per cent, from the previous rate of 1.53 per cent.
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“I’m delighted that we are able to increase the returns available on our range of notice accounts,” said Charles Haresnape, chief executive at Gatehouse Bank.
“Unlike many banks so far, we are transparently passing on the Bank of England’s increase in full, to hard-pressed UK savers. These have had a demoralising decade, struggling to make a real return in a low interest rate environment and increasing returns will, hopefully, encourage more to saving for their dream purchases, whether that be weddings, holiday, retirement or simply a lump sum to deal with those unexpected bills.
“Whilst savings rates are still relatively low, there are a number of providers now offering considerably greater returns than those available from the traditional high street banks, and I would encourage all savers to shop around for the best returns on their hard-earned savings.”
Last week, the Bank of England’s Monetary Policy Committee voted to raise the base rate for the second time in almost ten years, bumping it from 0.5 per cent to 0.75 per cent.
Since then, just a handful of banks including Skipton Building Society and Gatehouse Bank have passed the rate rise onto savers.
Also published on Medium.