Secure, simple application, competitive rates
Fixed Term Savings
- Rate: 0.75%-1.34% AER/gross
- Term: Between 6 to 60 months
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Account Name: Fixed Term Savings
What is the interest rate?
| Term | Interest rate (%) | Gross interest rate (%) | AER (%) |
|---|---|---|---|
| 6 months | 0.75 | 0.75 | 0.75 |
| 9 months | 0.80 | 0.80 | 0.80 |
| 12 months | 1.23 | 1.23 | 1.23 |
| 15 months | 1.25 | 1.25 | 1.25 |
| 18 months | 1.27 | 1.27 | 1.27 |
| 24 months | 1.30 | 1.30 | 1.30 |
| 30 months | 1.31 | 1.31 | 1.31 |
| 36 months | 1.32 | 1.32 | 1.32 |
| 48 months | 1.33 | 1.33 | 1.33 |
| 60 months | 1.34 | 1.34 | 1.34 |
Minimum Deposit: £1 Maximum Deposit: £500,000
Interest is calculated daily and paid gross in full on the maturity date of your account.
Can OakNorth Bank change the interest rate?
No. The interest rate is fixed during the term
What would the estimated balance be after 6, 9, 12, 15, 18, 24, 30, 36, 48 and 60 months* based on a £1,000 deposit?
*The estimated balance refers to the balance after maturity of the selected fixed term deposit
| Term | Initial Deposit at account opening | Balance after maturity |
|---|---|---|
| 6 Months | £1,000 | £1,003.76 |
| 9 Months | £1,000 | £1,006.01 |
| 12 Months | £1,000 | £1,012.30 |
| 15 Months | £1,000 | £1,015.61 |
| 18 Months | £1,000 | £1,019.13 |
| 24 Months | £1,000 | £1,026.17 |
| 30 Months | £1,000 | £1,032.98 |
| 36 Months | £1,000 | £1,040.13 |
| 48 Months | £1,000 | £1,054.27 |
| 60 Months | £1,000 | £1,068.82 |
These estimates assume that the account remains open for the duration of the stated term, deposits are made in a single payment, and interest is accrued daily and applied to the account upon maturity.
*These are only examples for illustrative purposes and do not take into account your individual circumstances.
How do I open and manage my account?
Our accounts are available to individuals, aged 18 or over, who are UK residents (i.e. England, Wales, Northern Ireland and Scotland). 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 through our website here or via the OakNorth mobile banking app. Please note, joint accounts can only be opened through our online application on the website and not through the mobile app; the maximum number of account holders in a joint account is two.
The minimum deposit required to open your account is £1. The maximum deposit you may pay into any one account with us is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with us across multiple accounts is also £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.
You can fund your account with multiple deposit payments within 14 calendar days from the day your account is approved. Once the 14calendar day period expires, you will not be able to make any further deposits into the account. In the event you do not fund your account within the 14-day period, your account will automatically be closed.
Once you activate online banking, your account can be managed by logging into the OakNorth mobile banking app or through the ‘My Account’ section of our website. Alternatively, you can contact us by email, by phone, or by writing to us. Please refer to our website for our contact details.
Can I withdraw money?
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.
30 days and 14 days before your account matures, we will send you an email providing you a choice of options as follows:
- Transfer the whole of the account balance (principal and interest) to the nominated UK bank account you used to fund your account;
- 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;
- Reinvest the account balance (principal and interest) in another available deposit product with us adhering to the maximum limit permitted in OakNorth Bank savings accounts;
- 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.
If we do not hear from you before the account maturity date, the total amount including interest will be automatically transferred to a variable rate Easy Access Deposit account with us. See our Easy Access Deposit account page on our website for the current interest rate.
Additional Information
Interest will be accrued daily but only applied to your account upon maturity. 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 Fixed Term Deposit accounts. It should not be used as a substitute for terms and conditions which can be found on our website.
Click here for terms and conditions.
Notice Accounts
-
- Rate: 0.55%-1.06% AER/gross (variable)
- Term: 35, 90 and 120 days
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Account Name: Personal Notice Accounts
What is the interest rate?
| Product | Balance | Gross interest rate (%) | AER (%) |
|---|---|---|---|
| 35 Days Notice Deposit Account | £1 - £500,000 | 0.55 | 0.55 |
| 90 Days Notice Deposit Account | £1 - £500,000 | 1.01 | 1.01 |
| 120 Days Notice Deposit Account | £1 - £500,000 | 1.06 | 1.06 |
The rates above are available on 35 day Notice Account - Issue 12, 90 day Notice Account - Issue 11, 120 day Notice Account - Issue 10. To view the current interest rates for all the Issues of Notice Accounts, please visit the Notice Account Rate Table on our website.
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.
Can OakNorth Bank change the interest rate?
Yes. Interest rates are variable and can be increased or decreased at any time at our sole discretion as outlined in clause 1 of our Specific Terms and Conditions – Notice Accounts.
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 14 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 deposit based on a £1,000 deposit?
| Product | Initial Deposit at account opening | Balance after 12 months |
|---|---|---|
| 35 Days Notice | £1,000 | £1,005.50 |
| 90 Days Notice | £1,000 | £1,010.10 |
| 120 Days Notice | £1,000 | £1,010.60 |
*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 the interest is accrued daily and applied to the account monthly, 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 accounts are available to individuals, aged 18 or over, who are UK residents (i.e. England, Wales, Northern Ireland and Scotland). 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 through our website here or via the OakNorth mobile banking app. Please note, joint accounts can only be opened through our online application on the website and not through the mobile app; the maximum number of account holders in a joint account is two.
The minimum deposit required to open your account is £1. The maximum deposit you may pay into any one Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with us across multiple accounts is also £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 banking app or the ‘My Account’ section of our website. Alternatively, you can contact us by email, by phone, or by writing to us. Please refer to our website for our contact details.
Can I withdraw money?
Yes. Although, it is 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. The funds will be credited back into your nominated account the next business day after the notice period has passed.
If after withdrawing funds where the balance goes to £0, and remains £0 for a period of six months, the account will be closed. The closed account cannot be reopened and you will have to create a new account next time.
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 Notice Deposit accounts. It should not be used as a substitute for our Terms and Conditions which can be found on our website.
Click here for terms and conditions.
Easy Access Accounts
- Rate: 0.20% AER/gross (variable)
- Term: Next-day access
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Account Name: Easy Access Accounts
What is the interest rate?
| Product | Balance | Gross interest rate (%) | AER (%) |
|---|---|---|---|
| Easy Access Deposit Account | £1 - £500,000 | 0.20 | 0.20 |
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.
Can OakNorth Bank change the interest rate?
Yes. Interest rates are variable and can be increased or decreased at any time at our sole discretion as outlined in clause 1 of our Specific Terms and Conditions - Easy Access Accounts.
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 14 calendar days prior to the decrease.
What would the estimated balance be after 12 months deposit based on a £1,000 deposit?
| Initial Deposit at account opening | Balance after 12 months |
|---|---|
| £1,000 | £1,002.00 |
*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 the interest is accrued daily and applied to the account monthly, 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 accounts are available to individuals, aged 18 or over, who are UK residents (i.e. England, Wales, Northern Ireland and Scotland). 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 through our website here or via the OakNorth mobile banking app. Please note, joint accounts can only be opened through our online application on the website and not through the mobile app; the maximum number of account holders in a joint account is two.
The minimum deposit required to open your account is £1. The maximum deposit you may pay into any one account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with us across multiple accounts is also £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 banking app or through the ‘My Account’ section of our website. Alternatively, you can contact us by email, by phone, or by writing to us. Please refer to our website for our contact details.
Can I withdraw money?
Yes. There is no term for a Personal Easy Access account and no limitation on the number of withdrawals.
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.
If after withdrawing funds where the balance goes to £0, and remains £0 for a period of six months, the account will be closed. The closed account cannot be reopened and you will have to create a new account next time.
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 Personal Easy Access accounts. It should not be used as a substitute for our Terms and Conditions which can be found on our website.
Click here for terms and conditions.
Fixed Rate Cash ISAs
- Rate: 0.86%-1.10% AER/gross
- Term: 12 to 36 months
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Account Name: Fixed Rate Cash ISAs
What is the interest rate?
| Term | Balance | Gross interest rate (%) | AER (%) |
|---|---|---|---|
| 12 months | £1 - £500,000 | 0.86 | 0.86 |
| 24 months | £1 - £500,000 | 1.02 | 1.02 |
| 36 months | £1 - £500,000 | 1.10 | 1.10 |
Minimum deposit to open an account: £1
Maximum deposit: £500,000 across all OakNorth accounts
The Cash ISA allowance for 2021/2022 tax year is £20,000. Funds can also be transferred from existing ISAs as long as the total balance (excluding interest) of your OakNorth Bank 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.
Can OakNorth Bank change the interest rate?
No. The interest rate is fixed during the term.
What would the estimated balance be after 12 months deposit based on a £1,000 deposit?
| Term | Initial Deposit at account opening | Balance after 12 months |
|---|---|---|
| 12 Months | £1,000 | £1,008.60 |
| 24 Months | £1,000 | £1,010.20 |
| 36 Months | £1,000 | £1,011.00 |
*This is only an example for illustrative purposes and does not take into account your individual circumstances.
This example assumes that no further withdrawals are made, the account remains open during the selected term, that the interest is accrued daily and applied to the account monthly 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.
How do I open and manage my account?
Our accounts are available to individuals, aged 18 or over, who are UK residents (i.e. England, Wales, Northern Ireland and Scotland). 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 through our website here or via our mobile banking app. Please note, in case of transfers from another ISA provider, the applications must be completed through our website.
The minimum deposit required to open your account is £1. You can make as many new deposits as you like within 30 days of your account approval, up to the current tax year allowance for ISAs set by HMRC. 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 can transfer Cash ISA balances from the current tax year as well as previous tax years. Please note, if you have already contributed to your Cash ISA in the current tax year and would like to transfer from the current tax year's allowance, you must transfer the full amount. The maximum amount (excluding interest) that you may hold on deposit with us across all types of accounts is £500,000.
Upon account approval, you will have 30 calendar days to fund your account via a new deposit and/or Cash ISA transfer, otherwise your account will expire and be closed. You have the right to cancel the account within 14 days from the day you fund your account. If you are transferring in a Cash ISA from an external provider and choose to exercise your right to cancel before the transfer is completed, the funds will stay with the original ISA provider; if you choose to exercise your right to cancel after the transfer, your account will be closed, no interest will be paid on your funds and we will await your instructions on where to remit the funds.
Once you activate online banking, your account can be managed by logging into the OakNorth mobile banking app or the ‘My Account’ section of our website. Alternatively, you can contact us by email, by phone, or by writing to us. Please refer to our website for our contact details.
Can I withdraw money?
Yes. You can withdraw funds (partial or full) from your Fixed Rate Cash ISA via online banking by logging into the OakNorth mobile banking app or through the ‘My Account’ section of our website. Alternatively, you can contact us by email, by phone, or by writing to us. Please refer to our website for our contact details.
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 (if the withdrawal is made after the cooling off period of 14 days) depending on the term taken, as shown below.
| ISA Deposit Term | Early Withdrawal Charge |
| 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 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, the balance goes to £0, and remains at £0 for a period of six 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.
This is not a flexible Cash ISA, so any money withdrawn cannot be replaced.
30 days and 14 days before your account matures, we will send you an email providing you a choice of options as follows:
- 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 full or partial balance to another ISA provider (in this case, you will need to give transfer instructions to the new ISA provider, who will forward the request to us on your behalf)
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.
Additional Information
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.
The treatment of your account for tax purposes will depend on your individual circumstances. All tax information is based on our understanding of current law and HM Revenue & Customs practice, both of which may change. For more information visit hmrc.gov.uk.
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.
Click here for terms and conditions.
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Apply for our Fixed Term, Notice or Easy Access personal savings accounts in minutes and benefit from our competitive rates.
See your balance and transaction history from your phone.
Your eligible deposits with OakNorth are protected up to £85,000 guaranteed by the Financial Services Compensation Scheme.
How much interest could you earn?
OakNorth interest rate (AER):
%
Total Interest Earnt:
£
Please note: your annual ISA allowance is £20,000 but you can transfer from previous tax years, as long as your maximum deposit across all your OakNorth savings accounts is £500,000
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Apply for an
account in minutes
1. Application
You can complete our online application within minutes. All you need to do is provide your personal information and nominated bank account details.
2. Approval
We will verify your identity to approve your account* *There is a chance we may require Proof of ID and/or Proof of Address documents.
3. Funding
Upon account approval, you will receive an email with details on how you can fund your OakNorth savings 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 regard 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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