Interest is calculated on the closing daily balance and applied to the account on the first day of every subsequent month. If a withdrawal request has been made, interest will be calculated on the total amount until, but not including, the day of the withdrawal.

*The monthly interest rate is rounded to 2 decimal places.

Yes. Interest rates are variable and can be increased or reduced at any time at our sole discretion as outlined in our terms and conditions.

If we increase the interest rate of your account, we will announce the increase on our website, and the change will take effect on the 1st day of the next calendar month (or in certain cases, with immediate effect). If we decrease the interest rate, we will notify the business at least 14 calendar days in addition to the notice period as per the type of account opened, prior to the decrease.

This is only an example for illustrative purposes and does not take into account your individual circumstances.

This example assumes that; no further deposits or withdrawals are made, that any interest earned stays in the account, and that there is no change to the interest rate.

Our business accounts are available to businesses that have been registered in the UK for at least 3 years and are registered with HMRC to pay tax in the UK.

We require personal details (name and date of birth) and residential addresses for all applicants (business directors, members, shareholders and other users connected with the account). All applicants must be aged 18 or over, UK residents and liable to pay tax in the UK.

The business must not be engaged in any of the following activities: oil or gas production; leather tanning; manufacturing, dressing or dyeing of fur; armaments; defence activities; wholesale or recovery of waste or scrap; banking or credit; trade finance; insurance or pensions activities; and gambling or betting activities.

Applications to open an account must be completed online through the savings page on our website.

Minimum deposit required to open an account: £10,000.

Maximum deposit for each account: £1,000,000.

Maximum deposit (excluding interest) that can be held across all OakNorth Business Savings Accounts: £1,000,000.

There is no limitation on the number of deposits made into your account. The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn. We may withdraw a product at any time which means that the product will be closed to new deposit applications.

Once you activate online banking, your account can be managed via the ‘My Account’ section of our website.

Within online banking the main applicant can set specific roles for the individuals associated with your accounts. Roles are set per deposit account, please see the various roles and a description of each below:

1. No access – A user with the role ‘No access’ will be able to register for online banking, but will not be able to see account details or access the accounts unless they are given another role.
2. Read only – A user with the role ‘Read only’ will be able to see the deposit accounts, its transactions and generate statements for all accounts that they are read only on.
3. Signatory – A user with the role ‘Signatory’ will be able to see the deposit accounts, its transactions and generate statements for all accounts they are a signatory on. If the account is transactional, they would also be able to authorise transactions.
4. Admin – A user with the role ‘Admin’ will be able to see the deposit accounts, its transactions and generate statements for all accounts. They can also administer online banking, by creating new users, setting users roles, resetting user’s password and activation links, and enabling and disabling existing users.

It is possible to set multiple user roles for each individual, per account.  However, if a user is set as admin, they will be admin for all accounts by default.

If for any reason you need to contact us, this can be done by email, by phone or by writing to us. Please refer to our website for our contact details.

Yes, but subject to giving us notice as per the type of account opened. There are no limitations on the number of withdrawals. You can request to withdraw funds via online banking, or by emailing the business desk at businessdesk@oaknorth.com.

Please note If a withdrawal request has been made, interest will be calculated on the total amount until, but not including, the day of the withdrawal.

There is a minimum withdrawal amount of £10,000. If after withdrawing funds the balance goes to £0, and remains £0 for a period of 6 months, the account will be closed.

We retain the right to pay a reduced rate of interest during any period when the account balance is below the minimum amount permitted for the product.

Interest will be paid gross.

Gross rate interest is the interest payable without taking account of any tax payable.

The AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once a year.

Please note:  The information provided in the summary box, is a summary of the key features of our Business Notice Accounts. It should not be used as a substitute for our terms and conditions which can be found on our website.