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60 Day Notice Account

1.15% AER
Keeping your money protected

60 Day Notice Account

What is the product?

This is a 60 Day Notice Account, operated under Shariah principles. This means that 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.

To date, Gatehouse Bank has always managed to pay its customers the expected profit rate.

AER offered is the Annual Equivalent Rate and it shows you what the gross rate would be if profit was paid and compounded each year.


Key Product Information

Account Name
60 Day Notice Account
Expected Profit Rate (EPR)
  • Annual: 1.15% Gross/AER

    Monthly: 1.14% Gross/1.15% AER

Can Milestone Savings change the expected profit rate?

Yes, the expected profit rate is variable. We can increase or decrease the rate as set out in the Terms & Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

£1,011.50

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 at www.milestonesavings.co.uk

Minimum initial deposit is £1,000
Maximum balance for this account is £1,000,000

Additional deposits are permitted at any time.
The minimum additional deposit is £1

Can I withdraw money?

Yes, you can make unlimited withdrawals subject to 60 days’ notice. No early withdrawals are allowed.

Your money will be returned to your nominated account.

Additional Information

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 deposits.

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  1. 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.

  2. Customer Support

    Support is available by telephone and online, by logging into your account.

  3. Contact Information

    Postal Address: Gatehouse Bank, PO Box 861, Wallsend, NE28 5BP

    Telephone: 0345 600 3350

    Email: info@milestonesavings.co.uk

  4. Complaints

    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 complaint.info@financial-ombudsman.org.uk 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.

  5. 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. 

  6. 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.

  7. Important Notice

    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

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FAQ

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