FAQs

Savings accounts

We offer personal and business accounts to suit your saving needs. Find out how to apply and the eligibility criteria below.

Our accounts are available to individuals, aged 18 or over, who are ordinarily resident in the UK (i.e. England, Wales, Northern Ireland and Scotland) for tax purposes and have a permanent UK address. Also, you must have a personal UK bank or building society account that allows transfers to be made to and from it.

If you’re over 18 years old and you’re a resident of the UK – i.e. you have a permanent UK address that you’ve had for over three years then you’re eligible for an OakNorth personal savings account.

Yes. You can open a joint savings account online from our website. We currently don’t offer joint account applications via the app. Joint accounts exclude ISA products.

If you’re over 18 years old and you’re a resident of the UK – i.e. you have a permanent UK address that you’ve had for over three years – then you’re eligible for an OakNorth fixed term savings account. You’ll also need to have a personal UK bank or building society account to transfer funds into your account

Once you’ve decided the right account for you, simply fill out our online application or download the OakNorth app and apply directly there.

To open a savings account, 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).

Deposits with OakNorth are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS) for each eligible depositor. The FSCS is the United Kingdom’s statutory deposit guarantee scheme and is designed to ensure your deposits are protected should a bank become insolvent. For further information about the FSCS please click here.

No. We do not have any branches, we are a digital-only bank, so manage all of customer accounts online or by telephone. Your account information is always available to you in Online Banking via our secure login page here or via the mobile app. If you have any queries you can call the Business Desk on 0330 380 1181 (Monday to Friday, 9am to 5pm) or email businessdesk@oaknorth.co.uk.

We are open Monday to Friday from 9am to 5pm. If you have any queries please email businessdesk@oaknorth.co.uk

Once your application is approved you will receive an email with the account number and sort code you need to deposit funds into your account. You must send the payment from your nominated bank account which you will be asked to specify during your online or mobile application.

All deposits will be processed no later than one business day from when we receive your funds.

You may also fund your new account by cheque, as long as it is drawn on the nominated bank account specified in your online or mobile application. Any cheques should be made payable to OakNorth Bank plc and should include your full name and OakNorth account number on the reverse. Cheques must be sent to: OakNorth Bank plc, 6th Floor, Ship Canal House, 98 King Street, Manchester, M2 4W

If you apply via our website: Once your account is approved and we receive your funds, we will send you a welcome email. You must click on the link “Activate Online Banking” in the email. It will take you to your internet browser, where you’ll be asked to create a username and password to complete your registration of Online Banking.

If you apply via our mobile app: You do not need to take any action to register for online banking as you will do this during the application on the app.

You can log in to your online banking via our website here. You can find this link on our website as “My Account” in the Menu. You can also log into your account via our mobile app which can be downloaded from the Apple App Store or Google Play Store

Website: If you log into online banking via the website, you will be asked to enter your username and password and then click on “Log In”.  Please note, you don’t need to click on “Activate Online Banking” if you have already registered a username and password.

When you click on Log In you’ll be sent a security code. You will be sent a new security code each time you attempt to log in. If you provided a mobile number in your application, your security code will be sent to your mobile. If you did not provide a mobile number, then the security code will be sent to your email address. You will receive an email to your registered email address containing the security code which you need to enter in the next step.

After entering the security code you can access online banking.

If you forget your password, go the online banking log in page, click on “Forgot my Password” and enter your username and click on “Proceed”. You’ll receive the instruction to reset your password on your registered email address.

App: To access your account via our mobile app, please firstly ensure you download the OakNorth app from your relevant app store (Apple App Store or Google Play Store). You can then simply select ‘I already have an account’ in the app and enter your username and password. You’ll then be sent a security code. You will be sent a new security code each time you attempt to log in. This will be sent to the mobile number provided in your application. If you forget your username or password, click on either ‘Forgotten username’ or ‘Forgotten password’ and follow the instructions to reset. You’ll receive the instruction to reset your password on your registered email address.

Once your application is approved, you will receive an email with the account number and sort code you need to deposit funds into your account. You must send the payment from your nominated bank account which you will be asked to specify during your online application.

No. We only accept applications online through our website or via our mobile app.

As with all UK savings accounts, we check your identity and address before you open an account, usually by checking a number of electronic databases. In some cases we may ask you to send additional documentation in order to proceed your application.

  1. If you are an deposit applicant applying for a new deposit account, please click here to see your specific Proof of Identification and Proof of Address requirements.
  2. If you are an existing deposit customer updating your currently registered address, please click here to see your specific Proof of Address requirements.
  3. If you are an executor of a deceased customer, please click here to see your specific Proof of Identification and Proof of Address requirements.

We verify your personal details, including identity, address and bank account information though an online system immediately after you submit your application. In some cases, we may need additional documentation in order to proceed with your application like suitable proof of identification and/or address. Details of which documents we can accept can be found here and how to get them certified (if required) can be found here.

Once you have submitted your application:

  • If your application is successful, you will receive an email with the bank details you need to fund your new account.
  • If we need additional information from you to complete your application, you will be provided with details of what you need to send to us.
  • If your application is unsuccessful, you will be advised that we are unable to open an account for you at this time.

Yes, we’ll send all documentation by email. When you close your account with us, and when your product matures, we’ll provide you with a tax certificate via email.  Please note that we do not issue statements or certificates via post.

Fixed Term Deposit Account Yes, you can fund your account with multiple deposit payments within 14 calendar days from the day your account is approved. The first deposit must be a minimum of £1 and all funds must come from your nominated bank account. We cannot accept additional deposits into the same account during the term of the deposit.

Easy Access Deposit Account Yes. 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.

Notice Deposit Account  Yes. 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.

Fixed Rate Cash ISA  Yes. You can make as many new deposits as you like, and up to three Cash ISA transfers within 30 days of your account approval, up to the current tax year ISA allowance as set by HMRC. There is no limit on transfers in for Cash ISAs from previous years.

Easy Access Cash ISA  Yes. 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.

Yes, for all products, you have the right to cancel the agreement, without penalty or notice, and close your account within 14 days from the date your account is first funded. You can exercise your right to cancel within this period via email or phone. Our contact details are available here. If you exercise your right to cancel, we will return any money you have deposited to your nominated account, and you will not receive any interest or incur any penalties.

Yes. In order to update any of these details please contact us by email at businessdesk@oaknorth.co.uk with your request.

If your application to open an Account is approved, there will be a maximum period of 14 calendar days (30 calendar days in case of Cash ISAs) to fund your Account from the date of approval. If the Account is not funded within 14 days, it will be closed.

You can fund your new account by cheque as long as it is drawn on the nominated bank account specified in your online application. Any cheques should be made payable to OakNorth Bank plc and should include your full name and OakNorth account number on the reverse. Cheques must be sent to:

OakNorth Bank plc, 6th Floor, Ship Canal House, 98 King Street, Manchester M2 4WU.

All deposits will be processed no later than one business day from when we receive your funds.

For Easy Access, Notice Accounts, Fixed Rate Cash ISAs and Easy Access Cash ISAs, deposits into your account will begin to accrue interest from the business day that they are received and applied to your OakNorth Bank account. Interest will be calculated on a minimum daily balance of your account.

For Fixed Term Deposit Accounts, interest will be calculated daily from the business day that they are received and applied to your account on maturity. Interest will be calculated based on the end of day balance of your account.

If you’re funding your OakNorth account for the first time, we’ll need to process your payment. Once confirmed, we’ll email you a link to register for Online Banking (if not already registered). Once registered, you’ll be able to see the funds in your account via online banking or the mobile app.

You’ll receive an email confirmation when your first payment is received. Any additional deposits can be viewed by logging in to your account via online banking or the mobile app.

  • For Fixed Term Deposit, Easy Access and Notice accounts: You can apply for an unlimited number of accounts. The minimum account opening balance for each account is £1 and for a sole account 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. For a joint account this means that the maximum amount that can be held would be £1,000,000, i.e. £500,000 per account holder across all OakNorth accounts.
  • For Fixed Rate and Easy Access Cash ISA: The minimum account opening balance for each account is £1. The maximum amount that you will be allowed to invest across all types of ISAs (Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs, and Lifetime 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 transfers can only be submitted through our website. The total amount that you can deposit with OakNorth at any one time cannot exceed £500,000 across all OakNorth accounts.

To apply for a new product as an existing customer, you can do so via our website and our mobile app.

Website: Please visit our website and click on “Apply Now” on the product you wish to apply for. On the application for the new account make sure to select “Yes” when asked if you are an existing customer of OakNorth. Please note that you will need to have your registered username and password to complete an application as an existing customer.

App: To open a new account via the app, you will need to log into the app. You can then apply for a new account by selecting the “Open a new savings account” button on the bottom of your My Savings page.

You can make withdrawals to your nominated account or transfers to any other Personal Savings accounts you hold with us that allow deposits. You can withdraw funds through your online banking or via our mobile app.

Withdrawals received before 12:00am will be sent back to your nominated bank account on the following working day. Withdrawals received after 12:00am will be sent back to your nominated bank account within 2 business days. You can also trigger withdrawal requests via email. In case of Notice Accounts, you must give notice and wait the full notice period, as per the type of account opened, before the funds are sent back into your nominated bank account.

You can transfer in funds to your OakNorth account via your Nominated account at any time. 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.

We can accept the following types of payment to fund an OakNorth account:

  • Open Banking (mobile app only)
  • Faster Payments Bank Transfer
  • CHAPS Bank Transfer (OakNorth is unable to reimburse any CHAPS payment charges)
  • BACs Bank Transfer
  • Personal Cheque
  • Banker’s Draft

We will email you detailed funding instructions if your account is approved. Please follow the specific instructions for your selected payment method to ensure we can accept your payment.

A nominated account is a UK bank account which you nominate when opening an account.

  • The nominated account must be a UK bank account in your name. For a joint application, the nominated account must be in at least one of the account holder’s names.
  • Your nominated account will be used for all deposits into and withdrawals from your account with us. When you open your account with us, you must provide us with the sort code and account number of your nominated account.

Fixed Rate ISA – The quickest and easiest way to withdraw funds is through your online account on our website or through our mobile app. If your withdrawal request is received on a business day, the money will be sent back to your nominated account on the following business day. If it is received on a non-business day such as Saturday, Sunday or a Bank holiday, the money will be sent back to your nominated account within 2 business days. You can also trigger withdrawal requests over the phone. Please note, if you would like to transfer your ISA out, you will need to contact your new ISA provider and instruct them to request a transfer from us.  Also, if you withdraw funds prior to the maturity date of your Fixed Rate Cash ISA: the money withdrawn will lose its tax-free wrapper; you will not be able to replace the money withdrawn and count it towards your ISA allowance for the current tax year; and you will be penalised with a loss of interest as shown below.

  • 12 Months- 90 days of interest on the amount withdrawn
  • 24 Months- 180 days of interest on the amount withdrawn
  • 36 Months- 270 days of interest on the amount withdrawn

Easy Access ISA – The quickest and easiest way to withdraw funds is through your online account on our website or through our mobile app. If your withdrawal request is received on a business day, the money will be sent back to your nominated account on the following business day. If it is received on a non-business day such as Saturday, Sunday or a Bank holiday, the money will be sent back to your nominated account within 2 business days. You can also trigger withdrawal requests over the phone. Please note, if you would like to transfer your ISA out, you will need to contact your new ISA provider and instruct them to request a transfer from us.

Fixed Term Deposit Account No. This is a Fixed Term Deposit Account for a set period of time and our Fixed Term Deposit Accounts do not allow for funds to be withdrawn during the term of the deposit. We will contact you before the account matures to inform you of the options available for your maturing funds.

Easy Access Deposit Account Yes. There is no term for an Easy Access Deposit Account and no limitation on the number of withdrawals, although there is a minimum withdrawal amount of £1. 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.

Notice Deposit Account  Yes, but subject to giving us notice. There are no limitations on the number of withdrawals. There is a minimum withdrawal amount of £1.  You must give notice and wait during the notice period, as per the type of account opened, before the funds are sent back into your nominated bank account.

Fixed Rate Cash ISA Yes. Your money can be returned to your nominated account or transferred to another ISA provider. Please note, if you would like to transfer your ISA out, you will need to contact your new ISA provider and instruct them to request a transfer from us. Also, if you withdraw funds prior to the maturity date of your Fixed Rate Cash ISA: the money withdrawn will lose its tax-free wrapper; you will not be able to replace the money withdrawn and count it towards your ISA allowance for the current tax year; and you will be penalised with a loss of interest as shown below.

  • 12 Months – 90 days of interest on the amount withdrawn
  • 24 Months – 180 days of interest on the amount withdrawn
  • 36 Months – 270 days of interest on the amount withdrawn

Easy Access Cash ISA Yes. Your money can be returned to your nominated account or transferred to another ISA provider at any time. Please note, if you would like to transfer your ISA out, you will need to contact your new ISA provider and instruct them to request a transfer from us. The interest you receive will be calculated on the total balance until, but not including, the day of the withdrawal.

Easy Access Account:  If your withdrawal request is received on a business day, the money will be sent back to your nominated account on the following business day. If it is received on a non-business day such as a Saturday, Sunday or a Bank holiday, the money will be sent back to your nominated account within 2 business days.

Notice Account: If your withdrawal request is received and your notice period is completed, the money will be sent back to your nominated account on the day your Notice periods ends.

Cash ISAs: Your withdrawal request is received on a business day, the money will be sent back to your nominated account on the following business day. If it is received on a non-business day such as a Saturday, Sunday or a Bank holiday, the money will be sent back to your nominated account within 2 business days.

There are no charges for any withdrawals or deposits relating to Easy Access and Notice Accounts.

There are penalties associated with withdrawals relating to Fixed Rate ISA accounts as per below:

  • 12 Months – 90 days of interest on the amount withdrawn
  • 24 Months – 180 days of interest on the amount withdrawn
  • 36 Months – 270 days of interest on the amount withdrawn

We’ll act as per the instructions received from you before the maturity date. If you do not indicate to us what you would like us to do with your funds by the maturity date, or if we are unable to follow your instructions to transfer the funds (for example, because your nominated account has been closed or because your instructions would cause us to contravene any regulatory requirements), your funds will be transferred automatically to an Easy Access account.

If you do not indicate to us what you would like us to do with your funds by the maturity date, or if we are unable to follow your instructions to transfer the funds (for example, because your nominated account has been closed or because your instructions would cause us to contravene any regulatory requirements), your funds will be transferred automatically to an Easy Access account.

If you do not indicate to us what you would like us to do with your funds by the maturity date, or if we are unable to follow your instructions to transfer the funds (for example, because your nominated account has been closed or because your instructions would cause us to contravene any regulatory requirements), your funds will be transferred automatically to an Easy Access account. Please contact us for more information.

You cannot close or make withdrawals from the Account at any time between the date your Fixed Term Savings Account is funded and the 14-day cooling-off period has passed, and the date when the account matures, unless there are exceptional circumstances.

If you are diagnosed with a terminal illness, you are made bankrupt or another exceptional circumstance arises, we may agree to close your Account before it reaches maturity. In such circumstances, you will need to contact us in writing and we will consider each case individually.

If we do agree to cancel the Agreement prior to the date of maturity, we will pay the principal and interest accrued up to the day of closure.

Yes, you can reinvest a partial amount from the matured funds.  One of the options that you will have at the time of maturity is to reinvest a portion of the principal in another available deposit product with us and have the remainder of the principal and interest paid in the nominated UK bank account you used to fund your Account.

Yes, you can submit your maturity instructions in Online Banking here or through our mobile app which you can download on both Google Play and Apple App Store.

We will let you know by email 30 days prior to your maturity date with your options at maturity. In addition, as an existing customer, OakNorth will ensure that if you choose to reinvest, you’ll receive the highest rate of interest available for each product in the 30 day period before your maturity date.

All deposits will be processed within 1 business day of when we receive your funds.

Any withdrawals or deposits will show on your balance as soon as the funds have been processed. This will then be shown as a transaction in Online Banking or in our mobile app at 2:00am on the day following the withdrawal or deposit.

Fixed Term Deposit Accounts: Interest is calculated daily from the business day your funds are received and applied to your Account on maturity. Interest will be calculated based on the end of day balance and compounded once a year. Even though interest is calculated on the end of day balance of your Account and compounded once a year, all interest is still only paid to you and applied to your Account on the maturity date and not before.

Easy Access, Notice Accounts and Cash ISAs: Interest is calculated on the minimum 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.

In order to update your address held with OakNorth, or make changes to your name, please contact us via email at businessdesk@oaknorth.co.uk

To view your balance, log in to your online banking here or via our mobile app. On the home page you can see the balance of all your accounts.

You can view and download a statement of your account from your online banking portal on our website at any time. This feature is not currently available in our mobile app.

To view the account numbers of your accounts, you can log in to your online banking on our website here. On the home page you will see the Account Number (or Deposit Number) listed against each of your accounts.

You can also access your account number in the mobile app by clicking on the account tile in your ‘My Savings’ page and selecting the three dots in the top right on your account page.

To view the interest rate of your accounts, you can log in to your online banking on our website here. On the home page you can see the interest rate listed against each of your accounts. You can also access the interest rate of your account in the mobile app by clicking on the account tile in your ‘My Savings’ page and selecting the three dots in the top right on your account page.

In case of a Sole account, if the account holder dies, the personal representative(s) of the deceased must notify us in writing and provide us with a Death Certificate, Grant of Probate, and other documents (which may need to be certified by a regulated entity) to close the Account. The Account will remain open and continue to accrue interest until it is closed. To view our deceased customer process in detail and understand the exact requirements please click here.

In case of Joint Account, if one of the joint account holders dies, once a death certificate is provided to us, the Account will transfer to the surviving account holder who may continue to operate the Account. The Account will be converted into a sole account and the maximum deposit for sole accounts, that is £500,000, will apply. Any funds above the maximum limit for a Sole account will be sent back to the nominated account. If there is no account holder who survives: a) we will freeze your Account and b) the money in your Account will normally be held by us until we receive the necessary documents from your estate.

If you wish to withdraw all funds and close your Easy Access Account, please submit your request via email to businessdesk@oaknorth.co.uk.  We will send both joint Account holders an account closure statement when you close your Easy Access Account.

No, we do not allow partial liquidations of Fixed Term Savings.

Fixed Term Deposit Account No early closures between the date your Account has been funded and the 14-day cooling-off period has passed, and the date when the product matures. However, we may at our discretion allow it in cases of hardship. There may be exceptional circumstances, due to events outside your control that you could not have reasonably foreseen when you opened the account, where we may allow your account to be closed early. Such events of hardship may include diagnosis of a terminal illness, bankruptcy, insolvency or sequestration. In such circumstances, you will need to contact us in writing and we will consider each case individually.

Easy Access Deposit Account There is no term for an Easy Access Deposit Account so you can cancel your application or close your account at any time.

Notice Deposit Account No. It is not possible to withdraw money from a Notice Deposit Account without waiting out the mandatory minimum notice period as per the type of account opened. However, we may at our discretion allow it in cases of hardship. There may be exceptional circumstances, due to events outside your control that you could not have reasonably foreseen when you opened the account, where we may allow your account to be closed early. Such events of hardship may include diagnosis of a terminal illness, bankruptcy, insolvency or sequestration. In such circumstances, you will need to contact us in writing and we will consider each case individually.

Fixed Rate Cash ISA Yes. Your money can be returned to your nominated account or transferred to another ISA provider. Please note, if you would like to transfer your ISA out, you will need to contact your new ISA provider and instruct them to request a transfer from us. Also, if you withdraw funds prior to the maturity date of your Fixed Rate Cash ISA: the money withdrawn will lose its tax-free wrapper; you will not be able to replace the money withdrawn and count it towards your ISA allowance for the current tax year; and you will be penalised with a loss of interest as shown below.

  • 12 Months – 90 days of interest on the amount withdrawn
  • 24 Months – 180 days of interest on the amount withdrawn
  • 36 Months – 270 days of interest on the amount withdrawn

Easy Access Cash ISA Yes. Your money can be returned to your nominated account or transferred to another ISA provider at any time. Please note, if you would like to transfer your ISA out, you will need to contact your new ISA provider and instruct them to request a transfer from us. The interest you receive will be calculated on the total balance until, but not including, the day of the withdrawal.

The Agreement has a fixed term depending on the product selected by you. You cannot close your Account at any time between the date your Account is funded and the 14-day cooling-off period has passed, and the date when the product matures, unless there are exceptional circumstances. Please refer to our Terms and Conditions for more details.

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.

Yes. To view your balance, you can log in to your online banking here on our website. On the home page you can see the balance of all your accounts. If you would like to view your account via our mobile app, please firstly ensure you download the OakNorth app from your relevant app store (Apple App Store or Google Play Store). Then, select “I already have an account” and enter your username and password to view your account information.

Yes, a tax certificate is sent out with your closing summary on account closure and/or product maturity. You can also download a tax certificate for your account by logging into online banking when the tax year has ended. This feature is not currently available in our mobile app.

Website: On the online banking log in page, click on “Forgot my Password” and enter your username and click on “Proceed”. You’ll receive the instruction to reset your password on your registered email address.

App: If you forget your username or password, click on either ‘Forgotten username’ or ‘Forgotten password’ and follow the instructions to reset. You’ll receive the instruction to reset your password to your registered email address.

  1. If you do not get the security code, kindly wait for a minute. Please do not click on “Resend Security Code”.
  2. If, after a minute, you’ve still not received the security code, please click on “Resend Security Code” only once. Please ensure that you use the latest code that you receive.

You only have three attempts and then your account will be locked. Please contact us if your account is locked.

Yes, you can submit your maturity instructions in Online Banking here or through our mobile app which you can download on both Google Play and Apple App Store.

We will let you know by email 30 days prior to your maturity date with your options at maturity. In addition, as an existing customer, OakNorth will ensure that if you choose to reinvest, you’ll receive the highest rate of interest available for each product in the 30 day period before your maturity date.

Yes. To view the interest rate of your accounts, log in to your online banking here. On the home page you can see the interest rate listed against each of your accounts.

ISA stands for Individual Savings Account. The main difference between an ISA and any other savings account is that it offers tax-free interest payments, so you could get more for your money. There is a limit to how much money you can put into an ISA in each tax year, which is called the ‘ISA allowance’.

There are four types of ISAs: Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs AND Lifetime ISAs. Currently we only offer Cash ISAs.

OakNorth offers only Cash ISAs.

A Cash ISA is effectively the same as a regular savings account, except returns aren’t subject to income tax. As such, it is risk-free, although your returns may not necessarily keep pace with inflation.

With a Stocks and Shares ISA, however, your money is invested in equities which are traded on the stock market, or collective investment plans which themselves invest in equities. The price of your investment can go up or down, so you may get back less than you paid in. OakNorth currently only provides Cash ISAs.

No, we currently do not offer Junior ISAs.

Everyone in the UK over 18 has an annual £20,000 ISA allowance (for the 2021/22 tax year ending 5 April 2022). You can choose to use all of this for a Cash ISA if you want, or you can split it between stocks & shares and any of the other types of ISA: Cash ISAs, Lifetime ISAs and Innovative Finance ISAs. OakNorth currently only provides Cash ISAs.

Yes.  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 according to HMRC guidelines. For the current 2021/22 tax year, the ISA allowance is £20,000.

For the 2021/22 tax year, the ISA allowance is £20,000.

Interest you earn on Cash ISAs is tax free, subject to the Account being operated in line with the ISA regulations. Any interest you earn doesn’t count towards your personal savings allowance.

You can have multiple ISAs, but you can open only one cash ISA in each tax year. So, if you have opened a cash ISA since April 6, 2021, you cannot open another one until after April 5, 2022. Note, however, that transfers from previous years’ ISA funds don’t count.

No

No, we currently only provide Cash ISAs (Fixed Rate Cash ISAs and Easy Access Cash ISAs)

No, the application received near the end of the tax year will only be regarded as opened in that tax year if we have accepted the application before the end of the tax year and your funds are deposited and the subscription is made before the end of the tax year.

No. For example, If you open a Cash ISA on 28th March 2022 and cancel the ISA account within the cooling off period of 14 days (i.e. after 5th April 2022 but before 12th April 2022) then you will not be eligible for the £20,000 allowance for the 2021/22 tax year.

Your existing ISA manager may make administration charges for the transfer, such as for supplying information. Unfortunately, we’re not able to refund any charges made by your existing provider or refund any interest and/or bonus you may lose by transferring.

You’ll need to check with your existing ISA provider. The same applies if you request a transfer out from an OakNorth Fixed Rate Cash ISA to another provider, where you will be charged a penalty if you transfer funds prior to the maturity date:

  • 12 Months- 90 days of interest on the amount withdrawn
  • 24 Months- 180 days of interest on the amount withdrawn
  • 36 Months- 270 days of interest on the amount withdrawn

Yes. You can transfer existing Cash ISAs that you hold with other providers into your OakNorth Cash ISA with a minimum transfer amount of £1,000.

We will contact your existing Cash ISA provider and arrange the transfer on your behalf. As per HMRC and industry guidelines: Transfers may take up to 15 business days If you hold a Cash ISA with another provider from the current tax year, you will have to transfer your entire balance including interest to your OakNorth Cash ISA as part of your application If you would like to transfer in your Cash ISAs from previous years, you can transfer all or part of your balance to your OakNorth Cash ISA.

These funds will not count towards your ISA allowance for the current tax year. To arrange a transfer in to your OakNorth Cash ISA account from your existing provider please submit an application for the OakNorth Cash ISA that you would like to open. You will be able to provide the details of the existing Cash ISA you would like to transfer to OakNorth within the application. Please note, ISA transfers can only be submitted through our website.

No, we can only accept funds transferred from a Cash ISA account.

To ensure that you do not lose the tax benefits of your ISA, you must not close or withdraw funds from your account. To transfer funds between ISAs, you must contact the provider that you want to transfer the funds to. Your new provider will then contact your us provider to have the funds transferred for you.

Yes, you can transfer in up to three ISAs.

It can take up to 15 business days from account approval or from the notice period or maturity date of your existing ISA.

If you have already funded your OakNorth ISA and registered for Online Banking, you can check your account balance online for any completed transfers from other ISA providers. However, if you are just transferring in, we will email you when we receive your funds.

Upon account approval of your Fixed Rate ISA, you will have 30 calendar days to fund your account via a new deposit and/or Cash ISA transfer before your account will expire and be closed. After this period, no further funding is permitted.

In the case of ISAs, the nominated account referred to during the application form is the account that withdrawals will be sent to. It is also the account that you will deposit new contributions to this tax year’s ISA allowance from (if you choose to). This account is separate to the ISA account you may transfer your accumulated ISA balance from.

Once your application is complete you will receive an email with the account number and sort code, and you can then deposit funds into your account. If you are just funding with an ISA transfer, we’ll email you to let you know if we require anything further. If you are topping up your ISA, you must send the payment from your nominated bank account which you will be asked to specify during your online application.

You will receive an email confirmation when your funds are received and your new OakNorth account is activated. The email will be sent in the evening on the day your new account is activated.

Thirty (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 Cash ISA. 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.
  • Transfer your ISA to another ISA provider

If we do not hear from you before the account maturity date, the total amount will be automatically transferred to an OakNorth Easy Access Cash ISA. See our Easy Access Cash ISA deposit account page for the current interest rate.

Only if you have Power of Attorney over their financial affairs.

Yes, for all our products you have the right to cancel the agreement, without penalty or notice, and close your account within 14 days from the date your account is first funded.

If the Cash ISA has been transferred in, the funds will be sent back to the previous provider. This cancellation will not count towards your Cash ISA subscription.

Yes. You can withdraw at any time from your OakNorth Cash ISA.

  • Easy Access Cash ISA: There are no penalties if you withdraw funds. 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.
  • Fixed Rate ISA: You will be charged a penalty as per below:
    • 12 Months- 90 days of interest on the amount withdrawn
    • 24 Months- 180 days of interest on the amount withdrawn
    • 36 Months- 270 days of interest on the amount withdrawn

If you withdraw funds prior to the maturity date of your Fixed Rate Cash ISA, the money the money withdrawn will lose its tax-free wrapper; you will not be able to replace the money withdrawn and count it towards your ISA allowance for the current tax year; and you will be penalised with a loss of interest as shown below.

  • 12 Months- 90 days of interest on the amount withdrawn
  • 24 Months- 180 days of interest on the amount withdrawn
  • 36 Months- 270 days of interest on the amount withdrawn

There is no penalty if you access your funds in your Easy Access Cash ISA account.

The OakNorth Cash ISA is not flexible, meaning that you cannot replace the money withdrawn, with the replacement counting towards your annual ISA subscription limit.

If you open an ISA in the UK and then move abroad, you cannot put money into it after the tax year that you move (unless you’re a Crown employee working overseas or their spouse or civil partner). You must tell your ISA provider as soon as you stop being a UK resident. However, you can keep your ISA open and you’ll still get UK tax relief on money and investments held in it. You can pay into your ISA again if you return and become a UK resident (subject to the annual ISA allowance).

No. For example, If you open a Cash ISA on 28th March 2022 and cancel the ISA account within the cooling off period of 14 days (i.e. after 5th April 2022 but before 12th April 2022) then you will not be eligible for the £20,000 allowance for the 2021-2022 tax year.

The Financial Services Compensation Scheme is a body, funded by the financial services industry, providing automatic protection if your bank, building society or credit union goes out of business.

The FSCS covers financial services firms that have been authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) to do business in the UK.

No, you do not need to pay for FSCS protection on your accounts.

The maximum deposit for a business deposit account application via the website is £1,000,000. If you would like to deposit more than £1,000,000,  please email us at businessdesk@oaknorth.co.uk for further details.

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.

You can find the following Business Savings Terms and Conditions:

  • Fixed Term Deposits here
  • Notice Accounts here
  • Easy Access Accounts here

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.

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. If you would like to open an account with a value higher than £1,000,000, please email us at businessdesk@oaknorth.co.uk for further details.

A Business Easy access account is a type of business savings product that allows you to make top-ups and withdrawals at any time. The rate of interest is variable for these accounts and the bank can change the interest rate at any time as long as the appropriate notice is provided as per our terms and conditions.

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.

A Business Notice account is a type of business savings product that allows you to gain access to the funds in your business savings account by providing the bank with prior notice. That means, you will need to inform the bank in advance that you want to withdraw funds. The rate of interest is variable for these accounts meaning the bank can change the interest rate at any time as long as appropriate notice is provided as per the terms and conditions.

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.

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.

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 14-day cooling-off period has passed, 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.

Yes, we have a Mobile App for personal savings. As an existing customer, you can access your account information and manage your account(s) with us via the app. You can also apply for another account: simply log in with your username and password. If you are a new customer and interested in opening an OakNorth personal savings account, you can also apply via our Mobile App available on Google Play and the App Store.

To apply for a Joint account, please apply via our website.

To access your account via our Mobile App, simply select ‘I already have an account’ in the Mobile App and enter your existing OakNorth username and password. You’ll be sent a security code. You will be sent a new security code each time you attempt to log in. This will be sent to the mobile number on your account. If you forget your username or password, click on either ‘Forgotten username’ or ‘Forgotten password’ and follow the instructions to reset. You’ll receive the instruction to reset your password on your registered email address.

Yes, the credentials are the same for both.

Simply download the Mobile App available on Google Play and the App Store. Once downloaded, select ‘Start Saving’. You’ll need to fill in your details, including email, phone number, address, and bank details, and select the product you wish to apply for.

If you are an existing customer, simply select ‘l already have an account’ in the Mobile App and enter your existing OakNorth username and password.

You can send us your maturity instructions via the mobile app up 30 days before maturity. When your account is due for renewal, you’ll see a notification in the account tile on your ‘My Savings’ page letting you know how long you have left to maturity. To submit your instructions, select the account tile and press ‘Choose a maturity option’.

You can view your balance, transaction history, contact details and preferences via our Mobile App. Simply select ‘I already have an account’ in the Mobile App and enter your existing OakNorth username and password.

It is a new way of checking account details to give customers and businesses greater assurance that they are sending payments to the intended recipient. If your bank is participating in the scheme, they will be able to tell you whether the payee name is the owner of the bank account number and sort code you’re sending funds to. They’ll usually tell you it’s a Match, Partial Match, No Match, or Unavailable.

As OakNorth is not a clearing bank (i.e. cannot exchange payments between customers of other banks), the type of account we have is not yet supported by the “Confirmation of Payee” scheme. It is therefore not possible to check the name of the account and you may see a message from your bank to this effect.

We are working closely with our partner clearing bank to include OakNorth in the “Confirmation of Payee” scheme for when you are funding your OakNorth account. You will see this as soon as it becomes available to us.

We recommend you double check the account number and sort code before agreeing to transfer the funds to your OakNorth accounts. If you wish, you can send a ₤1 payment to the Account as a test. Once you see the ₤1 in your account, you can then send the rest of the intended deposit amount to us.

A clearing bank is a bank which participates in the system to clear or finalize financial transactions. Essentially a clearing bank can exchange cheques and other payments between customers of other banks. OakNorth is not a clearing bank as we only allow funds to be transferred in and back to the customer’s nominated account.

Yes, if you have any difficulty with hearing or speech, we can accept calls from you when you use the Relay UK Service. Please visit Relay UK by clicking here to see all the ways you can use this service.

Once logged in, select the account you would like to withdraw funds from. Once selected, a ‘withdraw’ button will feature. Select this option and follow the instructions in the Mobile App. You will be asked to enter your password again to verify the withdrawal.

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.

View all

Business loans

We offer business loans ranging from £250,000 to tens of millions – so if you’re a business looking to fund your next stage of growth, find out useful information and how to get started below.

Yes, we offer a wide range of flexible business loans to a host of different industry sectors, from real estate to hospitality, starting at £250,000.

At the moment, the minimum loan size that we provide businesses is £250,000. 

We work with almost any industry sector, as long as they’re not involved in areas such as gambling, weapons or oil and gas. 

Depending on factors like your business’ risk profile and what you need the funding for, we can provide amortising loans, where you gradually pay off your debt with regular payments, as well as non-amortising loans, where you pay off the loan in a lump sum.

The cost of your loan is based on what kind of borrower you are, or your risk profile, which depends on factors like credit history, industry sector and more. We focus on speed, flexibility and competitive terms over price.

We differ from other lenders in that we can fund your business within days or weeks, rather than months like typical lenders. 

Fill out a few details about your business and the loan you’re looking for here and our expert team will be in touch with you to discuss your options. From there, they’ll help you with every step of the process from start to funding. 

Our speed and flexibility: we’ll work with you to design something truly bespoke – so you can acquire and refurbish a site all under one facility, for example. And we’ll do it far quicker than high street banks. 

Unlike many other high street banks, we won’t make you transfer your business banking over to us, so you can apply for a loan quickly and easily.

Along with taking the time to speak to you and understand your objectives, we also use forecasting tools to get a sense of where you’re going. We’re not restricted by historic financials, which means we can build something truly personalised, that takes into account your business’ growth trajectory. 

About us

OakNorth is a fully regulated and licensed UK digital bank. We’re here to help businesses and savers achieve their financial goals. Find out more about our story.

No. We do not have any branches, we are a digital-only bank, so manage all of customer accounts online or by telephone. Your account information is always available to you in Online Banking via our secure login page here or via the mobile app. If you have any queries you can call the Business Desk on 0330 380 1181 (Monday to Friday, 9am to 5pm) or email businessdesk@oaknorth.co.uk.

We are open Monday to Friday from 9am to 5pm. If you have any queries please email businessdesk@oaknorth.co.uk

Yes. We are a UK based bank with offices in London and Manchester.

No. We are not a member or subsidiary of any other organisation or banking group.

Yes. OakNorth is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. You can confirm the full status of OakNorth on the Financial Services Register.

Subscribe to OakNorth news

Keep up to date with OakNorth's business loan products and other news via email by filling out the below.