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What is the “Confirmation of Payee Scheme“?

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.

Why is the OakNorth account “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.

When will OakNorth accounts be supported by the “Confirmation of Payee” scheme?

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

What could I do to reassure myself I am sending the funds to my OakNorth account?

We recommend you double check the account number and sort code before agreeing to transfer the funds to your OakNorth accounts. If you wish, and as we allow for multiple payments, you can send a £1 payment to the account as a test. Once you see the £1 in your account (by the end of that day), you can then send the rest of the intended deposit amount to us the next day.

What is a clearing bank?

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.

Still want to know more?

For more FAQs related to Personal Savings, click here.


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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 regards to eligible deposits, please view our Exclusions and Information sheet here. For further information on fscs protection visit *for eligible accounts