1 Year Fixed Term Deposit
What is the product?
This is a 1 year Fixed Term Deposit, operated under Shariah principles. This means interest cannot be earned, only profit.
What does this mean for my money?
The profit we share is the expected profit rate at the time you open your account. We monitor your account on a daily basis to ensure the expected profit rate will be achieved. If we believe the expected profit rate will not be achieved, we will contact you giving you notice of the new expected profit rate. You will then have the option to continue your account with us at the new rate, or close your account immediately with your original deposit returned, along with profit earned.
Key product information
1 year fixed term deposit
Expected Profit Rate (EPR)
Estimated balance after 1 year based on a £1,000 deposit
Please note: This projection is provided for illustrative purposes only and does not take into account customer's individual circumstances. This projection is based on an initial £1,000 deposit and no further deposits or withdrawals are made.
How do I open and manage my account?
You can open and manage your account online. Minimum deposit of £1,000 and maximum of £1,000,000.
Can I withdraw money?
You are not allowed to withdraw funds from your account before the maturity date other than in exceptional circumstances as set out in the Terms and Conditions. Accounts will mature 1 year from the date of opening the account. You can choose to reinvest or withdraw your funds on maturity. If we do not receive maturity instructions by the maturity date, we will transfer your money into an Easy Access.
Profit will be paid gross of UK income tax. This means that we will not deduct any income tax from the profit payments you receive on your Gatehouse Bank deposit.Download this update
We will communicate with you only in English for any purpose relating to your account. The laws of England and Wales govern this agreement and we both submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute between us, provided however, if you are a resident in Scotland you may start proceedings in the courts of Scotland and, if you are a resident in Northern Ireland, you may start proceedings in the courts of Northern Ireland.
Expected profit rate definition
The profit we share with you is the 'expected profit rate' we offer at the time you open your account. We monitor your account on a daily basis to ensure the expected profit rate will be achieved. If we believe the expected profit rate will not be achieved, we will contact you giving you notice of the new expected profit rate. You will then have the option to continue your account with us at the new rate, or close your account immediately with your original deposit returned, along with profit earned. To date, Gatehouse Bank has always managed to pay its customers the expected profit rate.
Customer support & contact information
Support is available by telephone and online, by logging into your account.
Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP
0345 600 3350
Making a complaint
If you are unhappy with any aspect of our service and want to make a complaint, please contact us in the first instance and we will try to resolve the complaint as fast and fairly as possible. A copy of our complaints policy is available on our website. If you remain unhappy, you can contact the Financial Ombudsman Service (FOS) at email@example.com The FOS is available to resolve certain complaints if they cannot be resolved through our internal complaints procedures. For more information about the FOS, please visit www.financial-ombudsman.org.uk.
Financial Services Compensation Scheme (FSCS)
Your eligible deposits are protected by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme. The FSCS can pay compensation if a bank is unable to meet its financial obligations. Each account holder is entitled to claim up to the current FSCS limit in respect of the total value of all accounts you hold with us. Currently, this is up to £85,000 per person and £170,000 for joint accounts. Any deposits you hold above these limits are not covered. Please visit www.fscs.org.uk for further information.