With the Bank of England Base Rate now sitting at a 14-year high of four percent, high street banks and building societies have been boosting rates across their own savings products, offering savers much higher returns. Gatehouse Bank has increased rates on their savings products giving savers up to 4.40 percent on their fixed-term savings.
Fixed-rate accounts help add another level of certainty to savings, as these accounts enable savers to secure an interest rate for a set length of time.
This means the bank or building society cannot change the interest rate during the term of the bond, which may work well for account holders who can afford to invest long-term, without needing to dip into savings.
Gatehouse Bank’s Two Year Fixed Term Woodland Saver is currently offering an expected profit rate of 4.40 percent. This is an increase from 4.30 percent.
For every Fixed Term Deposit or Fixed Term Cash ISA account someone opens or renews, the bank will plant a tree in a certified UK woodland project on their behalf.
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Both products allow deposits and withdrawals at any time and can be opened with a minimum of £1.
Product – Old Rate (percent) – New Rate (percent)
- Easy Access Account – 3.05 – 3.20
- Easy Access Cash ISA – 3.05 – 3.15
Ravi Kumar, Senior Product Manager at Gatehouse Bank said: “We’re pleased to be supporting savers by increasing rates across several of our savings products for the second time this month.
“With many continuing to feel the pinch caused by the cost-of-living crisis, we remain committed to providing our customers with the best possible returns on their savings and helping them drive their financial goals forward.”