Specific (Additional) Terms and Conditions which apply to Personal Fixed Term Deposit Products
These additional terms and conditions apply in addition to the General Terms and Conditions unless stated otherwise. “Account” in these additional terms and conditions means a Fixed Term Deposit account only.
These additional terms and conditions apply in addition to the General Terms and conditions unless stated otherwise. “Account” in these additional terms and conditions means a fixed term deposit account only.
1. Your Account
1.1. We can accept multiple deposit payments from you in relation to a single Account which must be made within 14 calendar days from the day your Account is approved. We cannot accept any further deposits into the Account after 14 calendar days. The first deposit must be a minimum of £1 and all funds must come from your nominated bank account. You may be able to open more than one Account at a time (subject to section 1.7 of the General Terms and Conditions, relating to the maximum aggregate balance that you may deposit with us).
1.2. The Account is for a fixed period, as selected by you on the application form on our website or via our mobile app (please note joint Accounts can only be opened through our online application on the website and not through our mobile app), commencing on the day the Account is funded. We will confirm this date of maturity of the Account by sending an email to the email address nominated by you notifying you that the Account has received funds. The notification email will include the Account number, amount invested, interest rate applied and the maturity date for the Account.
1.3. You cannot close or make withdrawals from the Account during the term of your Account unless it falls within the specified criteria set out in the Specific Terms and Conditions for Fixed Term Deposit Products, section 5.
1.4. Fixed Term Deposit Accounts funded by online bank transfer will be credited to your Account, and interest will begin accruing no later than one business day from when we receive your funds.
1.5. Fixed Term Deposit Accounts funded by personal cheque or banker’s draft will be credited to your Account, and interest will normally be credited to your Account no more than 2 business days after the business day we receive the cheque or bankers draft (unless the cheque or banker’s draft is not made out correctly, in which case it may take longer, or a new cheque or banker’s draft may be requested).
1.6. If you fund your Account using a personal cheque or banker’s draft, and the personal cheque or banker’s draft does not clear, your Account will be deactivated with immediate effect, and we may ask you for an alternate means of payment.
2.1. 30 days and 14 days before your Account reaches maturity, we will send you an email to confirm the date when your Account will mature, and to tell you about the options available to you at that time. You will need to submit your maturity instructions by logging into your Account online or via our mobile app. You may ask us to:
2.1.1 Transfer the whole of the Account balance (principal and interest) to the nominated UK bank account you used to fund your Account,
2.1.2. Reinvest the principal in another available deposit product with us, and transfer the interest accrued to the nominated UK bank account you used to fund your Account,
2.1.3. Reinvest the Account balance (principal and interest) in another available deposit product with us adhering to the maximum limit permitted in OakNorth Accounts (as per clause 1.7 of the General Terms and Conditions), or
2.1.4. Reinvest a portion of the principal to be specified by you 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.
2.2. If we do not receive your instructions before your Account maturity date, the total amount including interest will be automatically transferred to a variable rate Easy Access deposit Account with us and we will e-mail you the Account details on the day of the Account opening.
2.3. Your Account will mature on a business day. If the maturity date falls on a non-business day (weekends and bank holidays) the date of maturity will be the next business day and any interest will continue to accrue for the additional day or days.
3. Interest rates
3.1. The interest rate for your Account will be fixed by us when your Account is funded. (Unless the Regulatory System and law requires us to do something else), we will pay you credit interest without deduction of tax. You are responsible for paying any tax which may be due.
3.2. Interest will be calculated daily from the business day that your funds are received and applied to your OakNorth Bank Account balance on maturity. Interest will be calculated based on the end of day balance of your Account 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 OakNorth Bank Account on the maturity date and not before.
3.3. Fixed Term Deposit customers will get a statement/certificate of interest on maturity via email.
4. Right to cancel
4.1. You have the right to cancel the Agreement via email or phone (our contact details are available here) and close your Account, without penalty or notice, within 14 calendar days from the date of your initial Account funding, or within 14 days of first receiving the Specific Terms and Conditions (if later).
4.2. To cancel a joint Account, we will accept instructions to cancel the Agreement from either joint Account holder. Where we receive separate instructions, a joint decision will be required, and no action will be taken until both parties have confirmed that they wish to cancel the Account. This must be confirmed by both Account holders within 14 calendar days from the date of your initial Account funding, or within 14 days of first receiving the Terms and Conditions (if later).
4.3. If you exercise your right to cancel, we will return any money you have deposited with us back to your nominated bank account. In the event of such a cancellation, you will not receive any interest. If we receive your request to cancel the Agreement and close your Account on a business day, the money will be sent back to your nominated bank account on the following business day. If we receive the request on a non-business day such as a Saturday, Sunday or a Bank holiday, the money will be sent back to your nominated bank account within 2 business days. If you do not cancel within this period, you will be treated as being bound by the Agreement.
5. Closing your Account
5.1. The Agreement has a fixed term depending on the product selected by you. You cannot close your Account at any time after the 14-day cooling off period has passed (refer to clause 4) and until your Account has matured. 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. In case your Account is held jointly with another person (joint Accounts can only be opened through our online application on the website and not through our mobile app) we may allow your Account to be closed in case of any hardship faced by any one Account holder. Such events of ‘hardship’ include the diagnosis of a terminal illness, bankruptcy, insolvency, or sequestration. In such circumstances, you will need to contact us in writing, provide suitable documentary evidence of hardship, and we will consider each case at our sole discretion. If you do not provide suitable documentary evidence of hardship, or the documentation you provide does not evidence hardship, or if the events that took place were within your control, or the events could have reasonably been foreseen when you opened your Account, or the events took place before you opened your Account, you will not be able to close the Account until your Account has matured. Please note that a house purchase is not classified as a case of hardship.
5.2. 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. If you close your Account on a business day, the money will be sent back to your nominated bank account on the following business day. If you close it on a non-business day such as a Saturday, Sunday or a Bank holiday, the money will be sent back to your nominated bank account within 2 business days.
6. How to contact us:
You can contact us using the details provided on our website here.
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