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. Please note, currently our Cash ISAs are not available to new customers.

Please note, currently our Cash ISAs are not available to new customers.

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.

18 years.

No, we currently do not offer Junior ISAs.

No, you cannot open an ISA in a joint name. Every UK resident has their own ISA allowance – an amount that can be saved tax-free in cash accounts or invested shares or other assets.

Everyone in the UK over 18 has an annual £20,000 ISA allowance (for the 2020/21 tax year ending 5 April 2021). 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. Currently we do not offer Cash ISAs to new customers for 2020/21 tax year.

Currently our Cash ISAs are not available to new customers.

For the year 2020/21 , the ISA allowance is £20,000.

Customers can save against their 2020/21 ISA allowance from 6th April 2020 till 5th April 2021 . The deadline for 2020/21 ISA subscription is 1st April 2021 . Your OakNorth ISA will be eligible for that tax year if we receive your funds by 15:00 on 1st April 2021  (Cheques – received by 31st March).”

The interest you earn through ISAs is NEVER taxed. And any interest you earn doesn’t count towards your personal savings allowance, so if you’ll earn a lot of interest, you can protect more of it in an ISA.

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, 2019, you cannot open another one until April 5, 2020. Note, however, that transfers from previous years’ ISA funds don’t count.

No

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

No. For example, If you open a Cash ISA on 28th March 2021 and cancel the ISA account within the cooling off period of 14 days (i.e. after 5th April 2021  but before 12th April 2021) then you will not be eligible for the £20,000 allowance for the year 2020/21 tax year.

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.

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.

Yes

Yes

Yes, for Fixed Rate ISAs, this must be done within the 30-day funding period.

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.

Fixed Rate ISA – The term of the account and this interest accrual will start no later than one day from when we receive your first funding. Any subsequent funding will add to the total balance while any withdrawal will subtract from the total balance. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Please note if you withdraw funds before 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 term of the account and this interest accrual will start no later than one business day from when we receive your first funding. Any subsequent funding will add to the total balance while any withdrawal will subtract from the total balance. 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 held until, but not including, the day of the withdrawal.

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

You have the right to cancel the Agreement and close your Account within 14 calendar days from the date of your account funding.

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

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.

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 2020 and cancel the ISA account within the cooling off period of 14 days (i.e. after 5th April 2020 but before 12th April 2020) then you will not be eligible for the £20,000 allowance for the year 2019-2020 tax year.

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. This must be before 15:00 on 3rd April 2020 if funding by bank transfer and before the 2nd of April 2020 if funding by cheque.