Business Savings
Choose the right account for your business needs
Fixed Term Savings
- Rate: 0.50%-0.80% AER/gross
- Term: 6 and 12 months
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Account name: Business Fixed Term
What is the interest rate?
| Term | Interest rate (%) | Gross interest rate (%) | AER (%) |
|---|---|---|---|
| 6 months | 0.50 | 0.50 | 0.50 |
| 12 months | 0.80 | 0.80 | 0.80 |
Interest is calculated daily and paid gross on maturity.
Can OakNorth change the interest rate?
No. The interest rate is fixed during the term.
What would the estimated balance be after 6 and 12 months* based on a £10,000 deposit?
*The estimated balance refers to the balance after maturity of the selected fixed term deposit.
| Term | Initial Deposit at account opening | Balance after maturity |
|---|---|---|
| 6 Months | £10,000 | £10,025.07 |
| 12 Months | £10,000 | £10,080.00 |
These estimates assume that the account remains open during the selected term, and interest is accrued daily and applied to the account on maturity. These are only examples for illustrative purposes and do not take into account individual circumstances.
How do I open and manage my account?
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; gambling or betting activities. Applications to open an account must be completed online through the savings page on our website.
Minimum balance required to open an account: £10,000. Maximum deposit for each account: £1,000,000. Maximum deposit that can be held across all OakNorth accounts: £1,000,000. The account can only be funded with a single deposit payment. We cannot accept additional deposits into the same account during the term of the deposit.
Once opened, the 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:
- 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.
- 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.
- 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.
- 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 users’ 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. You can contact us by email, by phone or in writing using the details on our contact page. Please refer to our website for our contact details.
Can I withdraw money?
No. This is a Fixed Term Deposit Account. The amount in the account becomes available at the end of the selected term. 30 days before your account matures, we will send you an email asking if you want to:
- Reinvest the full or partial balance in a new OakNorth Business Deposit account. Any remaining balance will be transferred back to your nominated account.
- Return your full original principal investment and interest earned back to your nominated account.
If we do not hear from you before the account maturity date, we will transfer the total amount including interest to a variable rate Business Easy Access Deposit Account with us.
Additional Information
Interest accrues daily and is applied to the account upon maturity. Gross rate interest is the interest payable without subtracting tax. The AER (Annual Equivalent Rate) illustrates the annual interest rate as calculated over the original principal and any interest accrued during the year, or the term of the deposit, whichever is shorter.
Please note: The information provided in the summary box, is a summary of the key features of our Business Fixed Term Deposit Accounts. It should not be used as a substitute for our terms and conditions which can be found on our website.
Click here for terms and conditions.
Notice Accounts
- Rate: 0.35%-0.62% AER/gross (variable)
- Term: 35, 60, 95, 120-days
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Account name: Business Notice Accounts
What is the interest rate?
| Product | Balance | Gross interest rate (%) | AER (%) |
|---|---|---|---|
| 35 Days Notice Deposit Account | £10,000 - £1,000,000 | 0.35 | 0.35 |
| 60 Days Notice Deposit Account | £10,000 - £1,000,000 | 0.45 | 0.45 |
| 95 Days Notice Deposit Account | £10,000 - £1,000,000 | 0.60 | 0.60 |
| 120 Days Notice Deposit Account | £10,000 - £1,000,000 | 0.62 | 0.62 |
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.
Can OakNorth change the interest rate?
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.
What would the estimated balance be after 12 months deposit based on a £10,000 deposit?
| Product | Initial Deposit at account opening | Balance after 12 months |
|---|---|---|
| 35 Days Notice | £10,000 | £10,035.00 |
| 60 Days Notice | £10,000 | £10,045.00 |
| 95 Days Notice | £10,000 | £10,060.00 |
| 120 Days Notice | £10,000 | £10,062.00 |
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.
How do I open and manage my account?
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:
- 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.
- 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.
- 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.
- 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.
Can I withdraw money?
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.
Additional Information
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.
Click here for terms and conditions.
Easy Access Accounts
- Rate: 0.15% AER/gross (variable)
- Term: Next-day access
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Account name: Business Easy Access
What is the interest rate?
| Product | Balance | Gross interest rate (%) | AER (%) |
|---|---|---|---|
| Business Easy Access | £10,000 - £1,000,000 | 0.15 | 0.15 |
Interest is calculated on the closing daily balance and applied to the account on the first day of every subsequent month.
*The monthly interest rate is rounded to 2 decimal places.
Can OakNorth change the interest rate?
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 prior to the decrease.
What would the estimated balance be after 12 months’ deposit based on a £10,000 deposit?
| Initial Deposit at account opening | Balance after 12 months |
|---|---|
| £10,000 | £10,015.00 |
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.
How do I open and manage my account?
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:
- 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.
- 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.
- 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.
- 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.
Can I withdraw money?
Yes, there is no limitation on the number of withdrawals that can be made. You can withdraw funds via online banking, or by emailing the business desk at businessdesk@oaknorth.com.
There is a minimum withdrawal amount of £10,000, or the full balance amount if the account balance is less than £10,000. No notice of withdrawal is required and withdrawal requests can be made at any time. The funds will be credited back into your nominated account the next business day.
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.
Additional Information
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 Easy Access Accounts. It should not be used as a substitute for our terms and conditions which can be found on our website.
Click here for terms and conditions.
How much interest could you earn ?
OakNorth interest rate (AER):
%
Total Interest Earnt:
£
Please note: your annual ISA allowance is £20,000 but you can transfer from previous tax years, as long as your maximum deposit across all your OakNorth savings accounts is £500,000
Apply for an account
in 3 simple steps
1. Application
You can submit our online application. All you need to do is provide your business and personal information for all applicants, and business bank account details.
2. Approval
We will approve your application*
*There is a chance we may require additional information documentation regarding the business or any of the underlying applicants
3. Funding
Upon account approval, you will receive an email with details on how you can fund your OakNorth savings account.
See how we compare to other banks in the market
*Banks include (where applicable): RBS, Nationwide, Barclays, HSBC, Santander, Lloyds. Updated as of yesterday.
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AER
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OakNorth0.80%
-
Nationwide0.30%
-
Lloyds0.20%
- 1 year fixed term
Your savings, protected
Your eligible deposits with OakNorth are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. For further information in regard to eligible deposits, please view our Exclusions and Information sheet below.
For further information on fscs protection visit fscs.org.uk or view the leaflet below.
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