| Term | Interest rate (%) | Gross interest rate (%) | AER (%) |
|---|---|---|---|
| 3 months | 0.51 | 0.51 | 0.51 |
| 6 months | 0.80 | 0.80 | 0.80 |
| 12 months | 1.26 | 1.26 | 1.26 |
*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?
| Term | Interest rate (%) | Gross interest rate (%) | AER (%) |
|---|---|---|---|
| 3 months | 0.51 | 0.51 | 0.51 |
| 6 months | 0.80 | 0.80 | 0.80 |
| 12 months | 1.26 | 1.26 | 1.26 |
Interest is calculated daily and paid gross on maturity.
Can OakNorth change the interest rate?
What would the estimated balance be after 3, 6 and 12 months* based on a £10,000 deposit?
| Term | Initial Deposit at account opening | Balance 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?
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?
- 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
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
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 it’s active OakNorth accounts. Business deposit accounts are not available through our mobile app.
- Fixed Term Deposit Account: You can apply for an unlimited number of accounts as long as the minimum balance per account is at least £1; the maximum does not exceed £500,000; and the total amount you have deposited with us at any one time does not exceed £500,000 across all OakNorth accounts (including Easy Access Accounts, Notice Accounts, Cash ISAs).
- Easy Access Deposit Account: You can apply for an unlimited number of accounts. The minimum account opening balance is £1 and you can deposit up to a maximum of £500,000. The total amount that you can deposit with OakNorth at any one time cannot exceed £500,000 across all OakNorth accounts (including Fixed Term Accounts, Notice Accounts, Cash ISAs).
- Notice Deposit Account: You can apply for an unlimited number of accounts. The minimum account opening balance is £1 and you can deposit up to a maximum of £500,000. The total amount that you can deposit with OakNorth at any one time cannot exceed £500,000 across all OakNorth accounts (including Fixed Term, Easy Access Deposit Accounts and Cash ISAs).
- Fixed Rate Cash ISA: There are four types of ISAs: Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs, and Lifetime ISAs. The maximum amount that you will be allowed to invest across all types of ISAs, with us or any other provider, is the current tax year’s ISA allowance of £20,000 according to HMRC guidelines. You may only invest in one of each type of ISA within the tax year. There is no limit on transfers in for Cash ISAs from previous years. Please note, ISA accounts can only be opened through our website.
- Easy Access Cash ISA: There are four types of ISAs: Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs, and Lifetime ISAs. The maximum amount that you will be allowed to invest across all types of ISAs, with us or any other provider, is the current tax year’s ISA allowance of £20,000 according to HMRC guidelines. You may only invest in one of each type of ISA within the tax year. There is no limit on transfers in for Cash ISAs from previous years. Please note, ISA accounts can only be opened through our website.
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.
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.
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.
