Account name: Business Easy Access
|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.
If we increase your interest rate, we will notify you within 30 calendar days of the increase and apply the change immediately. If we decrease your interest rate, we will notify you at least 14 calendar days prior to the decrease.
|Initial Deposit at account opening||Balance after 12 months|
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 30 calendar days prior to the decrease.
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 The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn.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.
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.
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.
Yes, we offer Fixed Term Business Savings accounts for UK Limited Companies and UK Limited Liability Partnerships through our website. Business deposit accounts are not available through our mobile app.
We shall be entitled (but not obliged) to return the funds, including interest up to that date to you if you cease to be a UK-based business or if any of the directors or significant shareholders (in the case of limited companies) or members (in the case of limited liability partnerships) cease to be UK tax residents but remain directors or shareholders (in the case of limited companies) or members (in the case of limited liability partnerships) in the Business or if there is a breach of any term set out in this Agreement. We will revoke access to the Account for other users connected with the Account that are not directors or significant shareholders (in the case of limited companies) or members (in the case of limited liability partnerships), when they cease to be a UK tax resident.
Yes. Once the account is funded and activated, the Business will receive an email asking to register for an online account where it can view and manage all of its active OakNorth accounts. Business deposit accounts are not available through our mobile app.
The Business can apply for an unlimited number of accounts as long as the minimum balance per account is at least £10,000; the maximum does not exceed £1,000,000.
Business Fixed Term Savings Accounts are savings accounts which give a guaranteed rate for a set period to the businesses or SMEs. You cannot withdraw your funds for this set period.
No. The Business can only fund the account with a single deposit payment when opening an account. We cannot accept additional deposits into the same account during the term of the deposit.
Yes, the interest rate is fixed, and it cannot be changed over the term of a Fixed Term Savings Account.
The interest is paid gross in full at the maturity date of the account.
We’ll get in touch a minimum of 30 calendar days before maturity (the end of your fixed rate account’s term) to let the Business know what your options are, and we’ll send you another reminder 14 calendar days before the maturity of the account.
We’ll act as per the instructions received from you before the maturity date. If we do not receive instructions from the Business before your Account maturity date, the total amount including interest will be automatically transferred to a variable rate Easy Access business deposit account with us and we will email the Business the new account details on the day of account opening. If we do not offer an Easy Access business deposit account on the Account maturity date, or an Easy Access business deposit account will not be available for a minimum of 3 months thereafter, we will transfer the full amount of the Account balance (principal and interest) back to the nominated UK bank account from which the funds were sent by the Business when the Account was opened.
The account will mature at the end of the fixed term period. If this date falls on a day that is not a business day, then the account will mature on the following business day.
If the Business opens more than one account with OakNorth, every consecutive account will also have a secondary 10-digit account reference that will be quoted in all communications.
This Agreement has a fixed term depending on the product selected by the Business. The Business cannot close the Account at any time between the date the Account is funded and the date when the product matures, unless there are exceptional circumstances as determined by us under our sole discretion, acting reasonably. If we do agree to cancel the Agreement prior to the date of maturity, we will transfer the principal and interest accrued up to the day of closure to the nominated UK bank account the Business used to fund the Account.
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.