Earn tax-free interest with a Fixed Rate Cash ISA
Earn competitive interest rates when you save with an OakNorth Fixed Rate Cash ISA. Depending on how long you lock your savings away, you could earn up to 2.31%.
A Fixed Rate Cash ISA is a tax-free individual savings account, which means you won’t pay any tax on the interest that you earn.
You can save up to £20,000 into one cash ISA in any one tax year. With an OakNorth Fixed Rate Cash ISA, you’ll earn a set interest rate throughout, so you’ll know what your returns are upfront – and they won’t change. So, if you’re looking to make your money go further, see our range of ISAs with terms from 12 to 36 months.
What do you get with an OakNorth Fixed Rate Cash ISA?
Enjoy tax-free earnings on your interest. You can save up to £20,000 in any one tax year.
The interest rate you start with won’t change for the duration of your term. You can also track your earnings on the app or online.
We won’t make you deposit a large amount just to create an account. You can open an OakNorth Fixed Rate Cash ISA with just £1.
How long can you lock your savings away?
Ideal if you:
Ideal if you:
Rates for reinvesting Fixed Rate Cash ISA Customers can be found here.
The Financial Conduct Authority (FCA) is a financial services regulator in the UK. It requires OakNorth Bank to give you this important information to help you decide whether our Fixed Rate Cash ISAs are right for you. You should read this document carefully, together with the General Terms & Conditions and Specific Terms & Conditions for our Cash ISAs, so that you understand what you are buying, and keep it safe for future reference.
You should scroll down and read all information below carefully before you apply.
Interest will be calculated on the minimum daily balance and applied monthly to your OakNorth Cash ISA.
No. The interest rate is fixed during the term.
*These are only examples for illustrative purposes and do not take into account your individual circumstances.
These estimates assume 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.
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, 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. We’re only able to accept electronic Cash ISA transfers from the ISA providers listed in our online application. 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.
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.
Yes. You can withdraw funds (partial or full) from your Fixed Rate Cash ISA by logging into the OakNorth mobile banking app or through the ‘My Account’ section of our website.
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.
90 days of interest on the amount withdrawn
180 days of interest on the amount withdrawn
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.
We will contact you 30 days and 14 days by email before your account matures to inform you of the options available as follows:
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. Please see our Easy Access Cash ISA deposit account page on website for the current interest rate.
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 www.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.
Why save with OakNorth?
With an OakNorth Fixed Rate ISA, you could earn up to 2.31% interest to help your savings grow.
Sign up for your account in a few minutes either online or via our app.
Open new accounts, manage existing ones and watch your money grow from your online account or our app.
Eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme.
Whether it’s moving money or opening new accounts, everything you need to keep track of your savings is on the OakNorth app.
How do I open a Fixed Rate Cash ISA?
Like a Fixed Rate Savings Account, a Fixed Rate Cash ISA requires you to lock your savings away for an agreed time. Except with a Fixed Rate Cash ISA you can withdraw money at any point if you really need to.
If you choose to withdraw your money before your term has ended, you’ll be charged a penalty fee on the amount withdrawn – equivalent to an interest deduction of 90 days for a 12-month term, 180 days for a 24-month term and 270 days for a 36-month term.
You should keep this in mind when choosing this option, as you’ll want to make sure you have a savings account that gives you the flexibility you need. Once you’ve chosen the right Fixed Rate ISA for you, either apply online or download the OakNorth app to open your new account.
As a fully-licensed bank, we offer the same level of protection as the traditional high street banks. When you save with us your money is protected up to £85,000 by the Financial Services Compensation Scheme (FSCS).
What are customers are saying
Not the right account for you?
A Fixed Rate Cash ISA means putting away your savings to earn competitive interest rates and avoid penalty fees. Although we allow you to withdraw your money at any time, this comes with a penalty – equivalent to an interest reduction. So, if you think you’ll need regular access to your savings an Easy Access Savings Account may be a better fit for you.
Am I eligible for a fixed rate ISA?
If you’re over 18 years old and you’re a resident of the UK – i.e. you have a permanent UK address that you’ve had for over three years – then you’re eligible for an OakNorth fixed rate cash ISA. You’ll also need to have a personal UK bank or building society account to transfer funds into your account.
Do you offer joint accounts for ISAs?
ISAs are individual savings, so we don’t offer joint ISA products.
Can OakNorth change my interest rates?
No, your interest rate will remain the same throughout the duration of your fixed term ISA.
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