This is an Easy Access Account and is available only to existing Gatehouse Bank customers as the default maturity option on our Fixed Term Deposit accounts. This is an instant access savings account and you can access your money at any time without any notice. Shariah principles mean we do not offer interest. In its place we invest your funds in Shariah compliant ways to earn profit which we then share with you. For more information, please see our Short Guide to Shariah Investing
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.
Support is available by telephone and online using the Client Login area at www.milestonesavings.co.uk
Postal Address: Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP
Telephone: 0345 600 3350
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.
If you have a query that’s not addressed here, please refer to our FAQs and Terms and Conditions.
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.
This product including the expected profit rate set out above is available for applications only whilst this document is published on our website. We may vary the details at any time by withdrawing this document from our website
A Short Guide to Shariah Investment
Find answers to the the most common questions about our products.