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 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 deposit account deposit up to the £85,000 per person, per banking group limit. 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.

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