Business savings accounts with bigger earnings
Business savings accounts are currently unavailable to open for new customers.
If your business has some surplus cash – even if it’s only for a few months – why not put it in an OakNorth business account and earn competitive interest rates? We’ve got fixed term, easy access and notice accounts, so you can save for your business in a way that suits you.
The Financial Conduct Authority (FCA) is a financial services regulator in the UK. It requires us, OakNorth Bank, to give you this important information to help you to decide whether our Business Fixed Term Accounts are right for you. You should read this document carefully, together with the General Terms & Conditions and Specific Terms & Conditions for our Fixed Term Accounts, so that you understand what you are buying, and keep it safe for future reference.
You should scroll down and read all information below carefully before you apply.
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| Term/Product | Gross rate (%) | AER (%) | |
|---|---|---|---|
| 6 months | 1.50 | 1.50 | |
| 12 months | 2.00 | 2.00 |
Interest is calculated daily and paid gross on maturity.
No. The interest rate is fixed during the term.
| Term | Initial deposit | Balance after maturity | |
|---|---|---|---|
| 6 months | £10,000 | £10,075.21 | |
| 12 months | £10,000 | £10,200.00 |
The estimated balance refers to the balance after maturity of the selected Fixed Term deposit.
These estimates assume that the account remains open during the selected term, and interest is accrued daily and applied to the account on maturity.
*This is only an example for illustrative purposes and does not take into account your individual circumstances.
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 deposit 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. 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:
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.
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 Savings Accounts. It should not be used as a substitute for our Terms and Conditions which can be found on our website. Specific Terms and Conditions for Business Fixed Term Deposits can be found here.
The Financial Conduct Authority (FCA) is a financial services regulator in the UK. It requires us, OakNorth Bank, to give you this important information to help you to decide whether our Business Notice Savings Accounts are right for you. You should read this document carefully, together with the General Terms & Conditions and Specific Terms & Conditions for Business Notice Savings Accounts, so that you understand what you are buying, and keep it safe for future reference.
You should scroll down and read all information below carefully before you apply.
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| Term/Product | Gross rate (%) | AER (%) | |
|---|---|---|---|
| 35 days | 1.59 | 1.60 | |
| 60 days | 1.69 | 1.70 | |
| 95 days | 1.79 | 1.80 | |
| 120 days | 1.89 | 1.90 |
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.
| Term | Initial deposit at account opening | Balance after 12 months | |
|---|---|---|---|
| 35 Days | £10,000 | £10,160.00 | |
| 60 Days | £10,000 | £10,170.00 | |
| 95 Days | £10,000 | £10,180.00 | |
| 120 Days | £10,000 | £10,190.00 |
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.
*This is only an example for illustrative purposes and does not take into account your individual circumstances.
Our business accounts are available to businesses that have been registered in the UK for at least three 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:
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.
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: Terms and conditions which can be found on our website. Specific Terms and Conditions for Business Notice Savings Accounts can be found here.
You must be 18 or over to open an account.
You must be a business owner.
You must have business funds to deposit.
You must have been registered with HMRC for at least three years.
The minimum deposit amount in a single account is £10,000.
The maximum deposit amount across multiple accounts is £1,000,000.
You need to fund your account within 14 days of its approval.
You can only deposit funds into your account from an account held in your business’ name.
OakNorth is fully regulated and licensed so your eligible business savings are protected up to £85,000
by the Financial Services Compensation Scheme.
Similar to a personal savings account, a business savings account allows you to save money and earn competitive interest rates to help grow your funds. The longer you can lock your money away for, the more interest you can earn.
To open a savings account, fill out our online application or download the OakNorth app and apply directly there. You will require the following information:
A valid email address and telephone number.
Details of your main bank account from which you will make your deposit.
Your address details.
For Cash ISA customers, your National Insurance number and if transferring funds from another ISA provider(s), the details of the existing ISA account(s).”
Yes, you can open multiple business accounts as long as the minimum balance is at least £10,000 and the maximum balance across all your accounts does not exceed £1,000,000.