Gatehouse Bank Plc

United KingdomUnited Kingdom(AA)

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Protection limit: Up to £85,000 payout in GBP

Sharia account

logo of Gatehouse Bank Plc

Bank Details

Gatehouse Bank, formerly Milestone Savings, is a new ethical Sharia-compliant challenger bank that was authorised by the Financial Conduct Authority and the Prudential Regulation Authority. Gatehouse Bank adheres to a strict ethical code of Sharia banking principles, and subsequently, they won’t invest in gambling, alcohol, tobacco or arms. Instead, they support projects with less ethical concerns, such as property and real estate projects across the UK. The principles of Sharia banking prohibit excessive uncertainty, gambling and speculation, and as the Financial Services Compensation Scheme protects savings products offered by Gatehouse Bank, you can rest assured that your capital is secure.

Security & Deposit Protection

The FSCS is the United Kingdom’s statutory deposit guarantee scheme. If an FSCS-protected bank fails or is unable to meet its financial obligations, the FSCS can provide compensation for eligible customer deposits up to a limit of £85,000 per person, per bank. The FSCS’ £85,000 protection limit applies to all deposits held with a bank (including current and savings accounts), as well as any deposits held with intermediaries of the same bank (for example, where a bank operates multiple banks under different trading names). Read our dedicated FAQ page to learn more about the FSCS.

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