Gatehouse Bank

Pete_Smith

Was thinking about opening a fixed term account with Gatehouse Bank,are they sound enough?

Reaper

Yes, you gain FSCS protection the same as any other savings account. Just be aware the interest is not guaranteed because it is Shariah compliant which does not allow for a guaranteed return, but in practice I am not aware of any that have not paid out in full.

DrSyn

As Reaper says it has FSCS protection. Have you looked through their FAQs, to see how the account is run?

https://gatehousebank.com/personal/savings/savings-faqs

Pete_Smith

Thanks guys,I have bitten the bullet and gone for their 5 year fixed at 2.75 AER.

webjaved

Pete_Smith wrote: »

Thanks guys,I have bitten the bullet and gone for their 5 year fixed at 2.75 AER.

Let us know how you get on with them.

eskbanker

webjaved wrote: »

Pete_Smith wrote: »

Thanks guys,I have bitten the bullet and gone for their 5 year fixed at 2.75 AER.

Let us know how you get on with them.

* puts calendar reminder in for 14 March 2024 *

Tammydreaper

I have been with them for a while and find them to be first class.

masonic

Reaper wrote: »

Yes, you gain FSCS protection the same as any other savings account. Just be aware the interest is not guaranteed because it is Shariah compliant which does not allow for a guaranteed return, but in practice I am not aware of any that have not paid out in full.

The important point is that they are obliged to pay the agreed rate until they give notice that they need to change it. If they do that, you can reject the rate change and pull out your money free of charge with accrued interest. As you say, this doesn't happen in practice.