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Start saving for your short-term goals with a Notice Savings Account
Enjoy competitive interest rates up to 2.25% and add up to £500,000 to your account at any time.
With a Notice Savings Account you can earn high interest rates without locking up your money for a set time period. Unlike Fixed Term Savings Accounts, you just need to let us know in advance when you need access to your funds. The notice you need to give will depend on the account you have. We’ve got 35, 90 and 120 days accounts to choose from. You can deposit funds whenever you choose, up to a maximum of £500,000 across all of your accounts.
What do you get with an OakNorth Notice Account?
You’re not restricted to a set amount of withdrawals. As long as you give us the right notice, we’ll give you full access to your funds.
You’ll earn money from us, and we won’t take any fees from you. It’s as simple as that.
You can open an OakNorth Notice Savings Account with just £1.
How long can you wait to withdraw your savings?
35 days
Ideal if you:
90 days
120 days
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 Notice Accounts are right for you. You should read this document carefully, together with the General Terms & Conditions and Specific Terms & Conditions for our Personal Notice Accounts, so 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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The rates above are available on the 35 day Notice Account – Issue 13, the 90 day Notice Account – Issue 20, the 120 day Notice Account – Issue 19. To view the current interest rates for all the Issues of our Notice Accounts, please visit the Personal Variable 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. Deposits into your account will begin to accrue interest from the business day that they are received and applied to your OakNorth Bank account.
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 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 The change will take effect on the 1st day of the next calendar month (in certain cases, with immediate effect). 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
*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
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 limit on the number of deposits made into your account. The minimum deposit is £1. The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn. We may withdraw a Notice Account issue 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.
Interest will be calculated on the total amount until, but not including the day of the withdrawal.
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.
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 Notice Accounts. 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 Notice Savings Account you could earn up to 2.25% interest on top of your savings pot.
Opening a Notice Savings Account with us is easy. Apply in minutes and say goodbye to long forms.
Keep track of your money and watch your earnings increase from our app or your online account.
Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme, so your savings are secure.
Open new accounts, check how much you’ve earned on existing ones and manage your transactions easily, all on the OakNorth app.
How do I open a Notice Savings Account?
Before you get saving with your new OakNorth Notice Savings Account, choose an account that gives you the flexibility you need. Don’t forget, a Notice Savings Account means that you can’t access your funds until you’ve completed your notice period: 35, 90 or 120 days.
But the great news is you’re never restricted on how many times you can withdraw or top up your funds. You can deposit savings at any time, up to £500,000. Once you’ve decided on the right Notice Savings Account for you, simply fill out our online application or download the OakNorth app and apply directly there.
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).
Not the right account for you?
If you need quick access to your savings without notice, our Easy Access Savings Accounts could be a better match for you. Or, if you’re happy to lock your funds away without any immediate access, why not earn more interest with a Fixed Term Account?
FAQs
Am I eligible for a notice account?
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 notice account. You’ll also need to have a personal UK bank or building society to transfer funds into your account.
How do I give notice to OakNorth to access my savings?
You can request to withdraw your savings through online banking or your mobile app. You can also get in touch about this or any other OakNorth Bank account by emailing us at OakNorth Savings or calling on 0330 3801 181.
Can I access my funds outside of my set notice period?
You’re unable to access your funds without waiting the minimum notice period set out in the terms of your account.
Can my interest rates change with a notice account?
Yes, the interest rates on your notice account are variable. They can be increased or decreased at any time. We’ll communicate any changes to our interest rates to you via email. Increases to your rate will come into effect on the first day of the next calendar month. 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.
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