Upgrade and improvements in progress

We're excited to announce that we’re upgrading the Raisin UK savings marketplace. We’ll be launching something new soon, but between Monday 12th November 2018 and Monday 19th November 2018, you won't be able to register with us or apply for any savings products. If you've already registered with us or applied for a savings product, you can still fund your savings product and claim your bonus, as well as log into your customer portal, but you won't be able to make any changes to your account.

Read our Newsroom post to find out what’s coming.

Gatehouse Bank

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 through Raisin UK, you can rest assured that your capital is secure.

Gatehouse Bank
Headquarters:
14 Grosvenor Street, London
Year established:
2008
Number of customers:
1643
Deposit protection:
£85,000

Save with Gatehouse Bank

3 offers match your search

Interest
Term
Bank
Deposit protection
Interest + bonus *
2.68% AER
5 Year
Fixed Term Deposit
Apply now + £2,827.55
+ £40 bonus *
Apply Now + £2,827.55 Profit
+ £ Launch bonus *
Savings product name
Gatehouse Bank: 5 Year Fixed Term Deposit (Raisin Issue)
What is the profit rate?

2.68% AER (this savings product offers expected profit rather than interest as it follows Shariah principles)

AER is the Annual Equivalent Rate and represents what the expected profit rate would be if profit was realised and paid once each year.

Profit is calculated daily and payable on maturity. Profit is due to be paid gross without prior deduction of tax.

Can Gatehouse Bank change the profit rate?

In the unlikely event that the expected profit rate will not be met Raisin UK will contact you advising of the new expected profit rate. You will then have the option to accept the rate or terminate this agreement immediately upon which Gatehouse Bank will return the original deposit with the accrued profit up to that date.

If your deposit amount returns a loss, Gatehouse Bank shall make good the amount of any shortfall that you may have suffered. You shall therefore be entitled to receive payment from Gatehouse Bank of the full amount that you had previously deposited.

You are entitled to refuse this offer. You will be able to do by logging into your Raisin UK customer portal and opting out.

If you accept this offer, you shall therefore be entitled to receive payment from Gatehouse Bank of the full amount that you had previously deposited.

We would like to draw your attention to the guidance offered by the Gatehouse Bank Shariah Supervisory Board. The guidance is that if Gatehouse Bank need to make good the amount of any shortfall (set out above), this will not comply with Shariah principles.

How much profit might a £10,000 deposit have earned by the date of maturity?

The estimated profit earned upon the date of maturity on a deposit of £10,000 is £1,413.77. This projection is for illustrative purposes only and does not take into account individual circumstances.

How do I purchase and manage a savings product?

To purchase this savings product, you must apply online through Raisin UK. Raisin UK Savings products are only available through this online application process, and to be eligible to apply, you must be a UK resident who is aged 18 or over and hold a UK bank or building society account.

The minimum amount you can deposit is £1,000, and the maximum amount you can deposit is £85,000.

You can manage your savings product by communicating through Raisin UK using the secure messaging feature in your customer portal, by telephone, by email or in writing by using the contact details provided in the Terms & Conditions. Raisin UK will only provide instructions relating to your savings product through email and the Raisin UK customer portal secure messaging feature.

Can I withdraw money?

Because this savings product is a fixed term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies, becomes mentally incapacitated or bankrupt, or in any other exceptional circumstances agreed to by Gatehouse Bank in its absolute discretion. This savings product does NOT operate on the basis that you can end the fixed term of your deposit prematurely and pay a fee to withdraw your funds sooner.

Raisin UK will contact you approximately one month before the maturity date of your deposit to advise you of your options. If Raisin UK do not receive a response from you, your deposit will be held in your Meteor Asset Management account at the end of the fixed term until you decide what you would like to do with the proceeds.

Your deposit will not automatically renew at the end of the fixed term for a further fixed term.

Additional information

Transfers of funds must be received within 5 business days of your savings product application approval date to qualify for the profit rate you have applied for. Funds must be transferred from a UK bank or building society account in your name and by electronic bank transfer only. Any funds received after 5pm on the 5th business day will be returned to your nominated account.

Typically, if you fund this savings product with one lump sum, your funds will be remitted to Gatehouse Bank by MIM via BACS no later than the first business day after you have transferred the amount that you pledge to fund this savings product. If you need to make multiple transfers to reach the amount that you pledged, your funds will be remitted by MIM no later than the first business day after the final transfer.

Your Deposit Term will start when the BACS payment is received by Gatehouse Bank. This will normally be two business days after MIM has remitted your funds to Gatehouse Bank.

Shariah banking, also known as Islamic banking, covers any financial activity that complies with Shariah principles, reflecting the belief that exploitative gains, such as earning interest on money, are prohibited. Subsequently, Shariah savings products use the money from deposits to invest and generate a profit, rather than an interest rate. There are no restrictions on who can apply for a Shariah savings product.

Information Required

To purchase a savings product from Gatehouse Bank, you need to provide the following information:

  • A valid email address which Raisin UK can use to send you confirmation of your application;
  • Your personal details including your name, date of birth and National Insurance number;
  • Your address and postcode;
  • A UK mobile telephone number; and
  • The details of a UK bank or building society account from which you will fund your application.
Deposit Guarantee

Your deposits with Gatehouse Bank – are eligible for protection by the Financial Services Compensation Scheme (FSCS). The FSCS is a UK Government-backed protection scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your savings account deposit up to the £85,000 per person, per banking group limit.

Your deposit will be administered by Meteor Asset Management Limited (MAM) and Meteor Investment Management Limited (MIM) who will process your application and cash respectively. Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.

In the event that MIM or MAM cannot meet their obligations you will remain the beneficial owner of any deposits purchased for you, and also cash held on your behalf in MIM’s client account. In both cases these will remain covered under the FSCS protection for the deposit taker or the banks holding client money to £85,000. For more details please see our Meteor Asset Management Terms and Conditions.

Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.

Apply Now

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 through Raisin UK, you can rest assured that your capital is secure.

The FSCS is a UK Government-backed policy that covers deposits in savings accounts up to £85,000, or £170,000 if you have a joint account, and investments up to £50,000 per person, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It’s available for deposits with most UK high-street and online banks and means if the bank fails and deposits become unavailable, then the scheme will cover your savings account deposit up to the £85,000 per person per banking group limit.

The FSCS will pay compensation up to the limit of £85,000 per person, per authorised institution/banking group. However, if each of the banks is covered by a single authorisation within a group, the FSCS will only pay compensation up to a total limit of £85,000 once. This limit will be for the total of all the accounts you have with the different bank brands under the authorisation, irrespective of how many different institutions a person holds accounts with.

Raisin UK will always let you know which products are within the same banking group, so you can make informed decisions as to which products are right for you.

2.33% AER
3 Year
Fixed Term Deposit
Apply now + £1,430.83
+ £40 bonus *
Apply Now + £1,430.83 Profit
+ £ Launch bonus *
Savings product name
Gatehouse Bank: 3 Year Fixed Term Deposit (Raisin Issue)
What is the profit rate?

2.33% AER (this savings product offers expected profit rather than interest as it follows Shariah principles)

AER is the Annual Equivalent Rate and represents what the expected profit rate would be if profit was realised and paid once each year.

Profit is calculated daily and payable on maturity. Profit is due to be paid gross without prior deduction of tax.

Can Gatehouse Bank change the profit rate?

In the unlikely event that the expected profit rate will not be met Raisin UK will contact you advising of the new expected profit rate. You will then have the option to accept the rate or terminate this agreement immediately upon which Gatehouse Bank will return the original deposit with the accrued profit up to that date.

If your deposit amount returns a loss, Gatehouse Bank shall make good the amount of any shortfall that you may have suffered. You shall therefore be entitled to receive payment from Gatehouse Bank of the full amount that you had previously deposited.

You are entitled to refuse this offer. You will be able to do by logging into your Raisin UK customer portal and opting out.

If you accept this offer, you shall therefore be entitled to receive payment from Gatehouse Bank of the full amount that you had previously deposited.

We would like to draw your attention to the guidance offered by the Gatehouse Bank Shariah Supervisory Board. The guidance is that if Gatehouse Bank need to make good the amount of any shortfall (set out above), this will not comply with Shariah principles.

How much profit might a £10,000 deposit have earned by the date of maturity?

The estimated profit earned upon the date of maturity on a deposit of £10,000 is £715.41. This projection is for illustrative purposes only and does not take into account individual circumstances.

How do I purchase and manage a savings product?

To purchase this savings product, you must apply online through Raisin UK. Raisin UK Savings products are only available through this online application process, and to be eligible to apply, you must be a UK resident who is aged 18 or over and hold a UK bank or building society account.

The minimum amount you can deposit is £1,000, and the maximum amount you can deposit is £85,000.

You can manage your savings product by communicating through Raisin UK using the secure messaging feature in your customer portal, by telephone, by email or in writing by using the contact details provided in the Terms & Conditions. Raisin UK will only provide instructions relating to your savings product through email and the Raisin UK customer portal secure messaging feature.

Can I withdraw money?

Because this savings product is a fixed term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies, becomes mentally incapacitated or bankrupt, or in any other exceptional circumstances agreed to by Gatehouse Bank in its absolute discretion. This savings product does NOT operate on the basis that you can end the fixed term of your deposit prematurely and pay a fee to withdraw your funds sooner.

Raisin UK will contact you approximately one month before the maturity date of your deposit to advise you of your options. If Raisin UK do not receive a response from you, your deposit will be held in your Meteor Asset Management account at the end of the fixed term until you decide what you would like to do with the proceeds.

Your deposit will not automatically renew at the end of the fixed term for a further fixed term.

Additional information

Transfers of funds must be received within 5 business days of your savings product application approval date to qualify for the profit rate you have applied for. Funds must be transferred from a UK bank or building society account in your name and by electronic bank transfer only. Any funds received after 5pm on the 5th business day will be returned to your nominated account.

Typically, if you fund this savings product with one lump sum, your funds will be remitted to Gatehouse Bank by MIM via BACS no later than the first business day after you have transferred the amount that you pledge to fund this savings product. If you need to make multiple transfers to reach the amount that you pledged, your funds will be remitted by MIM no later than the first business day after the final transfer.

Your Deposit Term will start when the BACS payment is received by Gatehouse Bank. This will normally be two business days after MIM has remitted your funds to Gatehouse Bank.

Shariah banking, also known as Islamic banking, covers any financial activity that complies with Shariah principles, reflecting the belief that exploitative gains, such as earning interest on money, are prohibited. Subsequently, Shariah savings products use the money from deposits to invest and generate a profit, rather than an interest rate. There are no restrictions on who can apply for a Shariah savings product.

Information Required

To purchase a savings product from Gatehouse Bank, you need to provide the following information:

  • A valid email address which Raisin UK can use to send you confirmation of your application;
  • Your personal details including your name, date of birth and National Insurance number;
  • Your address and postcode;
  • A UK mobile telephone number; and
  • The details of a UK bank or building society account from which you will fund your application.
Deposit Guarantee

Your deposits with Gatehouse Bank – are eligible for protection by the Financial Services Compensation Scheme (FSCS). The FSCS is a UK Government-backed protection scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your savings account deposit up to the £85,000 per person, per banking group limit.

Your deposit will be administered by Meteor Asset Management Limited (MAM) and Meteor Investment Management Limited (MIM) who will process your application and cash respectively. Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.

In the event that MIM or MAM cannot meet their obligations you will remain the beneficial owner of any deposits purchased for you, and also cash held on your behalf in MIM’s client account. In both cases these will remain covered under the FSCS protection for the deposit taker or the banks holding client money to £85,000. For more details please see our Meteor Asset Management Terms and Conditions.

Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.

Apply Now

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 through Raisin UK, you can rest assured that your capital is secure.

The FSCS is a UK Government-backed policy that covers deposits in savings accounts up to £85,000, or £170,000 if you have a joint account, and investments up to £50,000 per person, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It’s available for deposits with most UK high-street and online banks and means if the bank fails and deposits become unavailable, then the scheme will cover your savings account deposit up to the £85,000 per person per banking group limit.

The FSCS will pay compensation up to the limit of £85,000 per person, per authorised institution/banking group. However, if each of the banks is covered by a single authorisation within a group, the FSCS will only pay compensation up to a total limit of £85,000 once. This limit will be for the total of all the accounts you have with the different bank brands under the authorisation, irrespective of how many different institutions a person holds accounts with.

Raisin UK will always let you know which products are within the same banking group, so you can make informed decisions as to which products are right for you.

2.14% AER
2 Year
Fixed Term Deposit
Apply now + £865.16
+ £40 bonus *
Apply Now + £865.16 Profit
+ £ Launch bonus *
Savings product name
Gatehouse Bank: 2 Year Fixed Term Deposit (Raisin Issue)
What is the profit rate?

2.14% AER (this savings product offers expected profit rather than interest as it follows Shariah principles)

AER is the Annual Equivalent Rate and represents what the expected profit rate would be if profit was realised and paid once each year.

Profit is calculated daily and payable on maturity. Profit is due to be paid gross without prior deduction of tax.

Can Gatehouse Bank change the profit rate?

In the unlikely event that the expected profit rate will not be met Raisin UK will contact you advising of the new expected profit rate. You will then have the option to accept the rate or terminate this agreement immediately upon which Gatehouse Bank will return the original deposit with the accrued profit up to that date.

If your deposit amount returns a loss, Gatehouse Bank shall make good the amount of any shortfall that you may have suffered. You shall therefore be entitled to receive payment from Gatehouse Bank of the full amount that you had previously deposited.

You are entitled to refuse this offer. You will be able to do by logging into your Raisin UK customer portal and opting out.

If you accept this offer, you shall therefore be entitled to receive payment from Gatehouse Bank of the full amount that you had previously deposited.

We would like to draw your attention to the guidance offered by the Gatehouse Bank Shariah Supervisory Board. The guidance is that if Gatehouse Bank need to make good the amount of any shortfall (set out above), this will not comply with Shariah principles.

How much profit might a £10,000 deposit have earned by the date of maturity?

The estimated profit earned upon the date of maturity on a deposit of £10,000 is £432.58. This projection is for illustrative purposes only and does not take into account individual circumstances.

How do I purchase and manage a savings product?

To purchase this savings product, you must apply online through Raisin UK. Raisin UK Savings products are only available through this online application process, and to be eligible to apply, you must be a UK resident who is aged 18 or over and hold a UK bank or building society account.

The minimum amount you can deposit is £1,000, and the maximum amount you can deposit is £85,000.

You can manage your savings product by communicating through Raisin UK using the secure messaging feature in your customer portal, by telephone, by email or in writing by using the contact details provided in the Terms & Conditions. Raisin UK will only provide instructions relating to your savings product through email and the Raisin UK customer portal secure messaging feature.

Can I withdraw money?

Because this savings product is a fixed term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies, becomes mentally incapacitated or bankrupt, or in any other exceptional circumstances agreed to by Gatehouse Bank in its absolute discretion. This savings product does NOT operate on the basis that you can end the fixed term of your deposit prematurely and pay a fee to withdraw your funds sooner.

Raisin UK will contact you approximately one month before the maturity date of your deposit to advise you of your options. If Raisin UK do not receive a response from you, your deposit will be held in your Meteor Asset Management account at the end of the fixed term until you decide what you would like to do with the proceeds.

Your deposit will not automatically renew at the end of the fixed term for a further fixed term.

Additional information

Transfers of funds must be received within 5 business days of your savings product application approval date to qualify for the profit rate you have applied for. Funds must be transferred from a UK bank or building society account in your name and by electronic bank transfer only. Any funds received after 5pm on the 5th business day will be returned to your nominated account.

Typically, if you fund this savings product with one lump sum, your funds will be remitted to Gatehouse Bank by MIM via BACS no later than the first business day after you have transferred the amount that you pledge to fund this savings product. If you need to make multiple transfers to reach the amount that you pledged, your funds will be remitted by MIM no later than the first business day after the final transfer.

Your Deposit Term will start when the BACS payment is received by Gatehouse Bank. This will normally be two business days after MIM has remitted your funds to Gatehouse Bank.

Shariah banking, also known as Islamic banking, covers any financial activity that complies with Shariah principles, reflecting the belief that exploitative gains, such as earning interest on money, are prohibited. Subsequently, Shariah savings products use the money from deposits to invest and generate a profit, rather than an interest rate. There are no restrictions on who can apply for a Shariah savings product.

Information Required

To purchase a savings product from Gatehouse Bank, you need to provide the following information:

  • A valid email address which Raisin UK can use to send you confirmation of your application;
  • Your personal details including your name, date of birth and National Insurance number;
  • Your address and postcode;
  • A UK mobile telephone number; and
  • The details of a UK bank or building society account from which you will fund your application.
Deposit Guarantee

Your deposits with Gatehouse Bank – are eligible for protection by the Financial Services Compensation Scheme (FSCS). The FSCS is a UK Government-backed protection scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your savings account deposit up to the £85,000 per person, per banking group limit.

Your deposit will be administered by Meteor Asset Management Limited (MAM) and Meteor Investment Management Limited (MIM) who will process your application and cash respectively. Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.

In the event that MIM or MAM cannot meet their obligations you will remain the beneficial owner of any deposits purchased for you, and also cash held on your behalf in MIM’s client account. In both cases these will remain covered under the FSCS protection for the deposit taker or the banks holding client money to £85,000. For more details please see our Meteor Asset Management Terms and Conditions.

Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.

Apply Now

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 through Raisin UK, you can rest assured that your capital is secure.

The FSCS is a UK Government-backed policy that covers deposits in savings accounts up to £85,000, or £170,000 if you have a joint account, and investments up to £50,000 per person, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It’s available for deposits with most UK high-street and online banks and means if the bank fails and deposits become unavailable, then the scheme will cover your savings account deposit up to the £85,000 per person per banking group limit.

The FSCS will pay compensation up to the limit of £85,000 per person, per authorised institution/banking group. However, if each of the banks is covered by a single authorisation within a group, the FSCS will only pay compensation up to a total limit of £85,000 once. This limit will be for the total of all the accounts you have with the different bank brands under the authorisation, irrespective of how many different institutions a person holds accounts with.

Raisin UK will always let you know which products are within the same banking group, so you can make informed decisions as to which products are right for you.

* Bonus amount and availability dependent on eligibility and amount deposited into a savings product purchased through Raisin UK. Please read our bonus page to find out more.