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Gatehouse Bank Customers Plant 50,000 Trees Through Woodland Saver Accounts
Gatehouse Bank, a Shariah-compliant UK challenger bank, has planted 50,000 trees on behalf of its customers through its Woodland Saver accounts.
For every fixed-term deposit or cash ISA account opened or renewed, Gatehouse works with Forest Carbon to plant a tree on behalf of the customer across nine UK woodland projects certified by the government’s Woodland Carbon Code.
The saplings are planted strategically to ensure that the woodlands are sustainably managed and protected in the long term. Planting trees offers several environmental and social benefits such as boosting biodiversity, reducing pollution and improving access to green spaces across the UK. This initiative also aligns to Gatehouse Bank’s ESG strategy and commitments as a founding signatory to the UN Principles for Responsible Banking.
The Bank offers seven fixed term deposit Woodland Saver accounts, ranging from a term of six months to five years, and six Woodland Saver cash ISAs which range from a one-year to a five-year term. The accounts, which can be opened online and managed through Gatehouse’s savings app, allow both monthly and annual profit options.*
Ravi Kumar, Senior Product Manager at Gatehouse Bank, commented: “We are delighted to have surpassed the milestone of 50,000 trees planted through our Woodland Saver accounts, thanks to our customers.
“We take great pride in helping our customers align their financial goals to their ethical values, which clearly resonates with our customer base. In our most recent customer survey, just under nine in 10 (87%) of our savings customers cited tree-planting as a key driver for opening a Woodland Saver account.”
*The expected profit rate is what Gatehouse Bank expects to deliver to customers when they invest their funds. It’s the profit Gatehouse shares from the returns generated. To date, Gatehouse has always generated and paid customers the expected profit rate stated when the account is opened.
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