Gatehouse Bank has announced that it is teaming up with a leading cash deposit platform, Flagstone, in a partnership that will see the Bank’s highly competitive savings products promoted to Flagstone clients.
Flagstone is a cash deposit platform for some of the UK’s leading wealth managers and its clients consist of corporates, charities and high net worth individuals.
Deposits held with Gatehouse Bank, a Shariah-compliant UK bank, are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.
Whilst conventional banks generate returns for customer savings accounts by making loans and investments, Gatehouse Bank generates a return through Shariah-compliant financing and investments, making its products popular with a range of investors. Being Shariah-compliant means that the Bank invests ethically and does not invest customer deposits in gambling, alcohol, tobacco or arms companies. It also means that, instead of traditional interest rates, the bank offers an alternative known as the Expected Profit Rate (EPR).
Charles Haresnape, CEO of Gatehouse Bank, said:
“We are delighted to partner with Flagstone at this exciting time of growth for the Bank. The Flagstone platform is recognised by clients as a powerful cash management tool, and we believe that the combination of Flagstone’s platform and Gatehouse Bank’s competitive products will prove to be a big success. We look forward to working closely with Flagstone, as we continue to grow and expand our offering.”
Andrew Thatcher, Co-Founder and Co-Managing Partner at Flagstone, said:
We’re delighted to welcome Gatehouse Bank to the Flagstone platform and to expand the range of attractive term deposit rates available to our clients on completion of just a single application, empowering them to generate more income, reduce risk and eliminate administrative hassle.