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Gatehouse Bank launches green saver accounts

Written by: Emma Lunn
The Islamic bank has launched a range of competitive green fixed rate bonds and fixed term cash ISAs, with a tree planted for each account opened.

Research by Gatehouse Bank found that consumers believe only a third (33%) of UK companies are doing enough to help the environment, only 4% believe every UK company is doing enough, while 15% think that no company is doing enough.

Meanwhile, millions of people are determined to protect the planet with the research showing 93% of respondents are doing things to help the environment. The vast majority (72%) make an effort to recycle household rubbish, and half (56%) upcycle and reuse household items such as clothes and furniture.

Gatehouse Bank expects thousands of saplings will be planted in the first year, with one tree going into the ground for every account opened, or when an existing fixed term savings account is renewed.

Specialist UK ecological company Forest Carbon, which creates and develops woodland and peatlands for carbon capture, will be responsible for planting the trees on Gatehouse’s behalf in locations across the UK. All the carbon credits will be listed on behalf of green saver customers.

Charles Haresnape, CEO at Gatehouse Bank, said: “As an ethical bank committed to aligning our business with the UN Sustainable Development Goals, we are striving to find more ways to support the environment. Tree planting through our green saver accounts is a small step, but a practical way we can contribute to the action on climate change.

“It is clear from our research that the public feels more companies should get involved, and that individuals are eager to play their part in contributing to a greener environment. We believe that through our green saver accounts and in partnership with Forest Carbon, we will offer people a simple, positive way to contribute to a better environment. Our goal is to plant thousands of trees in 2021 on behalf of our customers.”

What do the green saving accounts pay?

  • 1-year fixed term deposit 0.55%
  • 2-year fixed term deposit 1.10%
  • 3-year fixed term deposit 1.25%
  • 5-year fixed term deposit 1.50%
  • 1-year fixed term cash ISA 0.45%
  • 2-year fixed term cash ISA 0.80%
  • 3-year fixed term cash ISA 0.90%
  • 5-year fixed term cash ISA 1.30%

The rates compare favourably with the best-paying savings accounts on the market for two and three-year fixed terms, and top the table for five-year fixed rate bonds.

The green saver accounts are also best buys for two, three and five-year fixed term cash ISAs.

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