Help Platform Site My Account

ProductBalance Gross interest rate (%) AER (%)
35 Days Notice Deposit Account£10,000 - £1,000,0000.700.70
60 Days Notice Deposit Account£10,000 - £1,000,0000.800.80
95 Days Notice Deposit Account£10,000 - £1,000,0000.950.95
120 Days Notice Deposit Account£10,000 - £1,000,0001.201.20

*Please check our terms and conditions

  • Little planning can get you a long way: Pick a term which matches your business needs. Provide us with 35, 60, 95 and 120 days’ notice to withdraw your funds and you can benefit from competitive rates. All eligible deposits are FSCS-protected. Guaranteed the same level of protection on your money as any other UK bank.
  • Unlimited number of withdrawals: Unlimited withdrawals permitted provided you give us the appropriate notice.  Additional deposits permitted at any time. 
  • Interest: Interest rates are variable and interest is applied to account on the first day of every subsequent month.
  • 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 Notice Accounts

What is the interest rate?

ProductBalance Gross interest rate (%) AER (%)
35 Days Notice Deposit Account£10,000 - £1,000,0000.700.70
60 Days Notice Deposit Account£10,000 - £1,000,0000.800.80
95 Days Notice Deposit Account£10,000 - £1,000,0000.950.95
120 Days Notice Deposit Account£10,000 - £1,000,0001.201.20

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 30 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 based on a £1,000 deposit?

ProductInitial Deposit at account openingBalance after 12 months
35 Days Notice£10,000 £10,070.00
60 Days Notice£10,000 £10,080.00
95 Days Notice£10,000 £10,095.00
120 Days Notice£10,000 £10,120.00

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 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; 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:

  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 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.

*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 through our website. Business deposit accounts are not available through our mobile app.

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. Business deposit accounts are not available through our mobile app.

How many accounts can I open?
  • 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.
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.

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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