Personal Savings

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.

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 your interest rate, we will notify you within 30 calendar days of the increase and apply the change immediately. If we decrease your interest rate, we will notify you at least 30 calendar days in addition to the notice period as per the type of account opened, prior to the decrease.

These are only examples for illustrative purposes and do not take into account your individual circumstances. These examples assume 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.

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.

Applications to open an account must be completed via the OakNorth mobile app or through our website here. (Please note, joint accounts can only be opened through our online application on the website and not through the mobile app)

The minimum deposit required to open your account is £1.  The maximum deposit you may pay into any one Account is £500,000. Therefore, the maximum amount (excluding the interest) that you will be allowed to hold on deposit with us across multiple accounts is £500,000. For a joint Account (joint accounts can only be opened through our online application on the website and not through the mobile app) this means that the maximum amount allowed to be held would be £1,000,000 i.e. £500,000 per Account holder.

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 The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn.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 by logging into the OakNorth mobile app or the ‘My Account’ section of our website.

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.

Yes, but subject to giving us notice as per the type of account opened. There are no limitations on the number of withdrawals. There is a minimum withdrawal amount of £1.

If after withdrawing funds where 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.

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 Saving Personal Notice Accounts. It should not be used as a substitute for our terms and conditions which can be found on our website.

Minimum deposit to open an Account: £1

Maximum deposit: £500,000 across all OakNorth accounts

The Cash ISA allowance for 2019/2020 tax year is £20,000. Funds can also be transferred from existing ISAs as long as the total balance (excluding interest) of your OakNorth savings accounts does not exceed the £500,000 limit.

Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month.

No. The interest rate is fixed during the term.

This is only an example for illustrative purposes and does not take into account your individual circumstances. This example assumes that the account remains open during the selected term, and that any interest earned stays in the account.

The term of the account and interest accrual will start no later than one business day from when we received your first funding. Any subsequent funding (within the first 30 days from account approval) will add to the total balance, and interest will be calculated on the minimum daily balance and applied to the account on the first day of every subsequent month.

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) and have a UK residential address. Also, you must have a personal UK bank or building society account that allows transfers to be made to and from it. Applications to open an account must be completed online. Please note, ISA accounts can only be opened through our website currently and not through our mobile app.

The maximum deposit for this account is the current tax year allowance for ISAs. In addition or alternatively, you may transfer existing Cash ISAs from other providers into this account. These limits are subject to HM Revenue & Customs rules. You may make additional deposits up to the current ISA tax year allowance. You can transfer Cash ISA balances from the current tax year as well as previous tax years.

Yes. You can withdraw funds from your Fixed Rate Cash ISA via online banking by going to the ‘My Account’ section of our website.

Alternatively, you may email us at businessdesk@oaknorth.com or call us at 0330 380 1181 to withdraw funds. 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.

There is a minimum withdrawal amount of £1.

There will be a withdrawal charge depending on the term taken, as shown below :

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

We will deduct the charge from the balance in your account when the withdrawal is made, and you therefore may get back less than you originally deposited. If after withdrawing funds where the balance goes to £0, and remains £0 for a period of 6 months, the account will be closed. You can close or transfer your balance to another ISA provider at the end of the fixed term with no penalty.

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.

This is not a flexible Cash ISA, so any money withdrawn cannot be replaced. 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.

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.

Interest is tax-free, and doesn’t count towards your Personal Savings Allowance.

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 Fixed Rate Cash ISAs. It should not be used as a substitute for our terms and conditions which can be found on our website.