Ethical bank increases rates – resulting in ‘some of the best returns available’

Martin Lewis provides advice on savings accounts

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It’s good news for savers who are slowly starting to see more attractive savings rates enter the market. The biggest increase applies to the bank’s Two Year Fixed Term Woodland Saver, which rises by 0.25 percentage points to 2.15 percent.

All accounts require an initial deposit of £1,000 and are covered by the Financial Services Compensation Scheme.

Gatehouse Bank was named the UK’s Best Ethical Savings Provider at the 2022 Moneynet Awards, an accolade the bank has won three years in a row.

Ravi Kumar, senior product manager at Gatehouse Bank, said savers should look around for the best savings rates available.

He said: “We are pleased to increase our savings rates, offering some of the best returns available on the market to support savers looking to reach their short- and long-term financial goals.

“Savers should make a conscious effort to look for the best savings rates on offer to meet their savings goals.”

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“In addition, our Woodland Saver accounts provide customers with the opportunity to support the environment by planting trees to increase UK woodland.”

This account may also attract savers who are environmentally conscious.

That’s because a tree is planted for every Woodland Saver/Cash ISA account opened.

Some 13,000 trees having already been planted across four woodland locations in the UK since the launch of the product in February.

These options could be of interest to people who are looking for a solid return, while also helping the environment.

Speaking following the initial launch last year, Moneyfacts Rachel Springall said: “This new initiative from Gatehouse Bank is a great way for savers to not only invest with an ethical brand, but also make a difference to the environment and fight back against climate change.

“Not only will a tree be planted for every account opened, but savers can receive an attractive return on their pot.”

All of the bank’s Fixed Term Woodland Cash ISAs are rising by 0.10 percentage points, following a rate rise made just a week ago.

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Money Saving Expert Martin Lewis recently offered his verdict on whether ISAs are still worth it in his Money Saving Expert newsletter.

Mr Lewis recommended first time buyers take advantage of their lifetime ISA allowance as they will receive a 25 percent Government boost worth up to £1,000 a year for their first home.

MSE’s weekly Money Tips email has 8.4m subscribers and is published on Wednesday. The latest Money Tips email can be viewed here.

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