Gatehouse bank interest rate increase

Over62

We want to notify you that we are increasing the expected profit rate on your Gatehouse Bank EASY ACCESS account effective 31st January 2023 as follows:

Current rate	New higher rate
2.80%	2.90%

Email just received. 

Band7

Underwhelming.

mebu60

Band7 said:

Underwhelming.

Yup.

Will wait until after Thursday before moving funds. Skipton Base Rate Tracker Issue 3 could be 3.1% in a couple of weeks. At least we'll know what it will be in two day's time. 

Bobblehat

Am I right in thinking that I could withdraw all but £1 (say) to leave the account open? T&C's seem to mention initial minimum deposit of £1000, but not mention what happens if the balance falls below £1000 after withdrawals. Anyone left a small nominal amount in?

Mr_blibby

Had an odd thing with Gatehouse - we have 2 easy access account one in each of mine and my wifes name - the one with a significant amount in moved up to 2.86%, the other with a £1 in up to 2.9%...if you have one, prob worth a check...either way both underwhelming, so will be moving it on to pastures new

Bobblehat

Mr_blibby said:

Had an odd thing with Gatehouse - we have 2 easy access account one in each of mine and my wifes name - the one with a significant amount in moved up to 2.86%, the other with a £1 in up to 2.9%...if you have one, prob worth a check...either way both underwhelming, so will be moving it on to pastures new

One monthly interest profit, one annual interest profit?

Malchester

I have exactly £0 in my account and it is still open

AmityNeon

After three months, only a mere 0.1% increase to a non-leading rate, and they haven't even bothered to make the account available for new customers either. A strange decision, unless they believe existing holders will actually transfer money back to them.

mebu60

AmityNeon said:

After three months, only a mere 0.1% increase to a non-leading rate, and they haven't even bothered to make the account available for new customers either. A strange decision, unless they believe existing holders will actually transfer money back to them.

Or not transfer funds out. 

Band7

Bobblehat said:

Am I right in thinking that I could withdraw all but £1 (say) to leave the account open? T&C's seem to mention initial minimum deposit of £1000, but not mention what happens if the balance falls below £1000 after withdrawals. Anyone left a small nominal amount in?

Yes, had £1 in there for several months now. That’s not going to change, either, after today’s rate rise

Mr_blibby

email this AM - Rate now increase to 3% from 10/2