diff --git a/packages/loot-core/src/server/accounts/rules.test.ts b/packages/loot-core/src/server/accounts/rules.test.ts
index 859d7ab7e71..468a89dc95f 100644
--- a/packages/loot-core/src/server/accounts/rules.test.ts
+++ b/packages/loot-core/src/server/accounts/rules.test.ts
@@ -327,6 +327,16 @@ describe('Action', () => {
       expect(item.notes).toBe('Hey Sarah! You just payed 10');
     });
 
+    test('should not escape text', () => {
+      const action = new Action('set', 'notes', '', {
+        template: '{{notes}}',
+      });
+      const note = 'Sarah !@#$%^&*()<> Special';
+      const item = { notes: note };
+      action.exec(item);
+      expect(item.notes).toBe(note);
+    });
+
     describe('regex helper', () => {
       function testHelper(template: string, expected: unknown) {
         test(template, () => {
diff --git a/packages/loot-core/src/server/accounts/rules.ts b/packages/loot-core/src/server/accounts/rules.ts
index f67aa04b88c..8dfee69a322 100644
--- a/packages/loot-core/src/server/accounts/rules.ts
+++ b/packages/loot-core/src/server/accounts/rules.ts
@@ -565,7 +565,9 @@ export class Action {
       this.field = field;
       this.type = typeName;
       if (options?.template) {
-        this.handlebarsTemplate = Handlebars.compile(options.template);
+        this.handlebarsTemplate = Handlebars.compile(options.template, {
+          noEscape: true,
+        });
         try {
           this.handlebarsTemplate({});
         } catch (e) {
diff --git a/upcoming-release-notes/3632.md b/upcoming-release-notes/3632.md
new file mode 100644
index 00000000000..60d7ab77370
--- /dev/null
+++ b/upcoming-release-notes/3632.md
@@ -0,0 +1,6 @@
+---
+category: Bugfix
+authors: [UnderKoen]
+---
+
+Fix escaping in action rules templating