Gatehouse Bank: 6 months Fixed Term Deposit

(this savings product offers expected profit rather than interest as it follows Sharia 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, reinvested annually and is payable on maturity. Profit will be paid gross without prior deduction of income tax.

Should the bank amend the rate advertised before you have fully transferred the funds and the rate is lower than the rate you originally ordered, we will automatically cancel your order. We will contact you if this occurs.

Expected Profit Rate

In the unlikely event that the advertised expected profit rate will not be met, (after you have opened your savings account), Raisin will contact you advising of the new expected profit rate. You will then have the option to accept the new expected profit rate or terminate your deposit immediately upon which Gatehouse Bank will return to you the original deposit with the accrued profit up to that date.

‘Make Good’ Offer

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 and can do so by emailing service@raisin.co.uk with the email title ‘Make Good Opt 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 with Gatehouse Bank.

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 needs to make good the amount of any shortfall (set out above), this will not comply with Shariah principles.

The estimated balance after 6 months on a deposit of £1,000 is £1,024.70. This projection is for illustrative purposes only and does not take into account individual circumstances.

To open this savings account, you must apply online through Raisin. Savings accounts at Raisin 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
●  Hold a UK bank or building society account from which you will fund your application
●  Have a valid mobile phone number and email address
●  Have a UK National Insurance Number

Your application acceptance will be subject to the successful completion of Anti-Money Laundering/Know Your Customer (AML/KYC) checks.

The minimum amount you can deposit is £1000, and the maximum amount you can deposit is £85,000 (per product and banking institution).

You can manage your savings account through Raisin by logging into your Raisin UK Account. You can contact Raisin by telephone, by email or in writing by using the contact details provided in the Raisin Terms & Conditions.

Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.

Because this savings account 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 account does NOT operate on the basis that you can end the fixed term of your savings account prematurely and pay a fee to withdraw your funds sooner.

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

Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.

Funds will appear in MIM’s account by the following business day from funding your application at the latest. Funds will be remitted to Gatehouse Bank by MIM on the second business day after arriving in the MIM account. It can therefore take up to 3 business days for an ordered product to be set up and start earning profit.

Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.

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 accounts 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 account.