Grow your savings with a Fixed Term Savings Account

With interest rates up to 2.73% and terms ranging from 6-60 months, save for your future with a Fixed Term Savings Account that works for you.

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The perfect way to plan for your future

Whether you’re already a long-time saver or at the start of your savings journey, a Fixed Term Savings Account can help your money grow, so you can reach your long-term goals.

A Fixed Term Savings Account, sometimes referred to as a Fixed-Term Deposits Account or a Fixed Bond Account, allows you to lock away a sum of money for an agreed time period.

This could be six months, nine months, 12 months or up to five years – the longer you lock it up, the more interest you earn. It’s important to know that once you’ve put your savings away, you won’t be able to access them until the end of the agreed time period. So, make sure you choose the right account that works for you.

What do you get with an OakNorth Fixed Term Savings Account?

Transparent returns

You’ll know what you’ll get back – and that won’t change. We’ll let you know how much interest you’ve earned throughout.

No hidden fees

You’ll earn money on your savings, and we won’t take any fees from you. It’s as simple as that.

Low minimum deposits

We won’t make you deposit a large amount just to create an account. You can open an OakNorth Fixed Term Savings Account with just £1.

How long can you lock your savings away?

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6 months

Ideal for short-term savers

Rate 0.40%
AER 0.40%

Ideal if you:

  • Have a short-term savings goal
  • Need access to your money after six months
  • Are starting out as a saver
Apply now
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9 months

Ideal for short-term savers

Rate 0.45%
AER 0.45%

Ideal if you:

  • Have a short to mid-term savings goal
  • Aren’t ready to commit to a full year yet
  • Can’t lock your money away for too long
Apply now
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12 months

Our most popular account

Rate 2.50%
AER 2.50%

Ideal if you:

  • Are saving for something big, like a holiday
  • Have savings you can put away for a year
  • Can’t wait too long, but want a higher return
Apply now
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15 months

For short to mid-term savers

Rate 2.52%
AER 2.52%

Ideal if you:

  • Are saving for a new project or life event
  • Have savings you don’t need to access any time soon
  • Can lock your money away for longer than a year to get higher returns
Apply now
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18 months

Ideal for mid-term savers

Rate 2.55%
AER 2.55%

Ideal if you:

  • Are saving for a longer-term goal like a new car
  • Have a date in mind that you’d like to access your money
  • Want a higher interest rate to see your money grow
Apply now
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24 months

Ideal for long-term savers

Rate 2.61%
AER 2.61%

Ideal if you:

  • Are saving for something big and long-term, like a mortgage or home renovation
  • Don’t need access to your savings in the immediate future
  • Want the best interest rates to earn more on your savings
Apply now
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30 months

Rate 2.62%
AER 2.62%

Ideal if you:

  • Are saving for something big and long-term, like a mortgage or home renovation
  • Don’t need access to your savings for over two years
  • Want to make the most of more competitive rates
Apply now
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36 months

Rate 2.71%
AER 2.71%

Ideal if you:

  • Are saving for something like a mortgage, retirement fund or child’s higher education
  • Don’t need access to your savings for three years
  • Want to earn more through very competitive rates
Apply now
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48 months

Rate 2.72%
AER 2.72%

Ideal if you:

  • Are saving for something like a mortgage, retirement fund or child’s higher education
  • Don’t need access to your savings for four years
  • Want to maximise returns through the highest interest rates
Apply now
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60 months

Rate 2.73%
AER 2.73%

Ideal if you:

  • Are saving for something like a mortgage, retirement fund or child’s higher education
  • Don’t need access to your savings for five years
  • Want to maximise returns through the highest interest rates
Apply now

 

Rates for reinvesting Fixed Term Savings customers can be found here.

PersonalFixed Term Savings Accounts

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 Personal Fixed Term Accounts are right for you. You should read this document carefully, together with the General Terms & Conditions and Specific Terms & Conditions for our Fixed Term Accounts, 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.

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What is the interest rate?

Term/Product Gross interest rate (%) AER (%)
6 months 0.40 0.40
9 months 0.45 0.45
12 months 2.50 2.50
15 months 2.52 2.52
18 months 2.55 2.55
24 months 2.61 2.61
30 months 2.62 2.62
36 months 2.71 2.71
48 months 2.72 2.72
60 months 2.73 2.73

Interest is calculated daily from the business day your funds are received and applied to your OakNorth Bank Account balance 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?

Term/Product Initial Deposit at account opening Balance after maturity
6 months £1,000 £1,002.01
9 months £1,000 £1,003.38
12 months £1,000 £1,025.00
15 months £1,000 £1,031.51
18 months £1,000 £1,038.53
24 months £1,000 £1,052.88
30 months £1,000 £1,066.60
36 months £1,000 £1,083.52
48 months £1,000 £1,113.32
60 months £1,000 £1,144.16

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

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 on the maturity date of your account.

 

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. The minimum deposit is £1. Once the 14 calendar 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, our Fixed Term Deposit Accounts do not allow for funds to be withdrawn during the term of the deposit. We may at our discretion allow it in cases of hardship at our sole discretion, which would require suitable documentary evidence. Interest will be calculated on the total amount until, but not including the day of the withdrawal

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, or
  • 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 receive your instructions 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 paid gross.

We do not deduct tax from the interest we pay to you. This information is based on our understanding of current taxation which may change in the future.

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 our Terms and Conditions which can be found on our website.

See how our interest rates compare to other banks

Banks include (where applicable): Nationwide, Barclays, HSBC, Santander. Updated on 01st July 2022.

Why save with OakNorth?

Earn more with competitive rates

With an OakNorth Fixed Term Savings Account you could earn up to 2.73% interest to help your savings grow.

Set up your account in minutes

Opening a Fixed Term Savings Account with us is easy. You can apply in minutes and won’t need to fill out long forms.

Manage your money easily

You can keep track of your money and watch your earnings increase from our app or your online account.

Save securely with FSCS protection

Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme, so your savings are secure.

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It's all on the app

Whether you want to watch your savings grow, personalise account names, manage existing accounts or open new ones, it’s easy on the app.

Welcome to straightforward saving with style.

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How do I open a Fixed Term Savings Account?

When you lock up your savings, you won’t be able to access them until your maturity date, when you can redeem the interest you’ve earned. This means it’s important that before you apply you choose the right account for you.

We have Fixed Term Savings Accounts that start from six months and go up to 60 months, so you can save for as long as you’re comfortable. If you’ve chosen your account, apply online or through the OakNorth app. You’ll be asked to select the account you want to open and fill out a few details. From there you can deposit into your account, then you’re all set to save.

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protection
Protection for peace of mind

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).

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What are customers are saying

Not the right account for you?

Fixed Term Savings Accounts aren’t for everybody. If you’d prefer quicker access to your money, view our other savings products, including our Easy Access or Notice Accounts.

View all savings products

FAQs

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 term savings account. You’ll also need to have a personal UK bank or building society account to transfer funds into your account

Yes. You can open a joint savings account online from our website. We currently don’t offer joint account applications via the app. Joint accounts exclude ISA products.

To apply you will need:

● A valid email address and phone number
● Your UK address details
● Details of the bank account you will be transferring your funds from

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