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TermInterest rate (%) Gross interest rate (%) AER (%)
3 months0.510.510.51
6 months0.800.800.80
12 months1.261.261.26

*Please check our terms and conditions

  • Fixed. Secure. Certain: We know that running a business is not easy. Lock your money away for a set period ranging from 3 to 12 months, and benefit from competitive rates. All eligible deposits are FSCS-protected. Guaranteed the same level of protection on your money as any other UK bank.
  • No withdrawals permitted: No access to funds during the term. 
  • Interest: Interest rates are fixed and interest is paid at maturity
  • Low opening balance: Open an account with us from as little as £10,000; maximum deposit of £1,000,000 across all OakNorth business savings accounts.
  • Transparent: No hidden charges, what you see is what you get
  • Account access: Access your account information via Online

*Please check our terms and conditions

Account name: Business Fixed Term

What is the interest rate?

TermInterest rate (%) Gross interest rate (%) AER (%)
3 months0.510.510.51
6 months0.800.800.80
12 months1.261.261.26

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 3, 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.

TermInitial Deposit at account openingBalance after maturity
3 Months£10,000 £10,012.85
6 Months£10,000 £10,040.11
12 Months£10,000 £10,126.00

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 2 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:

  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 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.

*Please check our terms and conditions

FAQs

Do you offer accounts for businesses, corporates, charities, or other types of organisation?

Yes, we offer Fixed Term Business Savings accounts for UK Limited Companies and UK Limited Liability Partnerships.

Where can I find the Terms and Conditions for Business accounts?

You can find the following Business Savings Terms and Conditions:

  • Fixed Term Deposits here
  • Notice Accounts here
  • Easy Access Accounts here
What if one of the directors of the business ceases to be a UK resident?

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.

Do you offer online access to my account?

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 it’s active OakNorth accounts

How many accounts can I open?

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.

What is a Business Fixed Term Savings account?

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.

Do you allow multiple payments for Business Fixed Term Deposits? Can I fund my account with numerous transactions?

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.

Is my interest rate fixed during the term of the account?

Yes, the interest rate is fixed, and it cannot be changed over the term of a Fixed Term Savings Account.

When will I get the interest amount on a Business Fixed Term Deposit?

The interest is paid gross in full at the maturity date of the account.

Will I be notified when my Business Fixed Term Savings Account matures?

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.

What happens once my Business Fixed Term Savings Account matures?

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.

What if my Business Fixed Term deposit matures on a weekday or public holiday?

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.

What happens if I open numerous accounts with OakNorth?

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.

How can I close my Business Fixed Term Deposit?

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.

What is a Business Fixed Term Savings account?

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.

Do you allow multiple payments for Business Fixed Term Deposits? Can I fund my account with numerous transactions?

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.

Is my interest rate fixed during the term of the account?

Yes, the interest rate is fixed, and it cannot be changed over the term of a Fixed Term Savings Account.

When will I get the interest amount on a Business Fixed Term Deposit?

The interest is paid gross in full at the maturity date of the account.

Will I be notified when my Business Fixed Term Savings Account matures?

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.

What happens once my Business Fixed Term Savings Account matures?

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.

What if my Business Fixed Term deposit matures on a weekday or public holiday?

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.

How can I close my Business Fixed Term Deposit?

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 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 regards 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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