Gatehouse bank final profit total.

Bob2000

Hello

This isn't that big a deal, but l noticed that when I decided to roll over my 1 year fix isa at 4.36% for another year (same term and interest) the maturity information stated my profit would be £855 but when l checked this morning it was only £853.31.

Is this normal because of the sharia nature of the organisation.

When I've been told of my interest in "ordinary " banks/building society, l get what they tell me lm gong to get.

I'm just curious.

masonic

They have to tell you separately if the expected profit rate isn't achieved, and realistically they aren't going to shortfall by such a trivial amount and risk the loss of confidence.

I suspect maturity happened a day earlier than forecast in the calculation. What do you think you should have got based on the actual transaction dates?

Bob2000

Well, the interest which l was told l was going to earn didn't become visible to me until 11th April . The maturity date was 24th. So l assume that was what l was going to have.

I funded the account initially on opening 24th Apr 2025 and then added some more on the 29th.

Like I said it's not really an issue to me, but it's the first time l have had an account with a Islamic based provider.

Thank you for replying.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81977901#Comment_81977901

If there was a short initial period during which the account was only partially funded then could that explain the slight variance in interest, i.e. does £855 equate to 4.36% of your final balance but £853.31 reflects a smaller balance for the first few days?

Bob2000

https://forums.moneysavingexpert.com/discussion/comment/81978090#Comment_81978090

Yeah, the slight delay in fully funding is probably the reason behind the final figure. It was just curiousity by me.

Anyway let's see what happens in another 12 months time.