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TermBalance Gross interest rate (%) AER (%)
12 months£1 - £500,0001.391.39
24 months£1 - £500,0001.461.46
36 months£1 - £500,0001.481.48

*Please check our terms and conditions

  • Tax-free savings: Get a fixed rate for 12 to 36 months and make the most of your tax-free savings allowance at competitive rates. Your money is FSCS-protected. Guaranteed the same level of protection on your money as any other UK bank.
  • Transfers: Ability to transfer existing ISAs from other providers to OakNorth. Ability to transfer ISAs out.
  • Unlimited withdrawals: Subject to a penalty equivalent to an interest deduction of 90 days (12m Fixed Rate ISA), 180 days (24m Fixed Rate ISA), and 270 days (36m Fixed Rate ISA)
  • Interest: Interest rates are fixed and interest is applied to account at maturity. 
  • Hassle-free online account: Fast and easy application that takes less than 10 minutes
  • Transparent: No hidden charges, what you see is what you get
  • Low opening balance: £1 is all you need to open an account. 
  • Maximum deposit: The Cash ISA allowance for the 2019/20 tax year is £20,000 (maximum for new ISAs and current year ISA transfers). For previous tax years, the maximum deposit is £500,000 which applies across all OakNorth savings accounts.

*Please check our terms and conditions

Account name: Personal Fixed Rate Cash ISA

What is the interest rate?

TermBalance Gross interest rate (%) AER (%)
12 months£1 - £500,0001.391.39
24 months£1 - £500,0001.461.46
36 months£1 - £500,0001.481.48

Minimum deposit to open an Account: £1

Maximum deposit: £500,000 across all OakNorth accounts

The Cash ISA allowance for 2019/2020 tax year is £20,000. Funds can also be transferred from existing ISAs as long as the total balance (excluding interest) of your OakNorth 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 change the interest rate?

No. The interest rate is fixed during the term.

What would be the estimated balance be after 12 months based on a £1,000 deposit?

TermInitial Deposit at account openingBalance after 12 months
12 Months£1,000 £1,013.90
24 Months£1,000 £1,014.60
36 Months£1,000 £1,014.80

This is only an example for illustrative purposes and does not take into account your individual circumstances. This example assumes that the account remains open during the selected term, and that any interest earned stays in the account.

The term of the account and thus interest accrual will start on the business day that we receive 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 ordinarily resident in the UK (i.e. England, Wales, Northern Ireland and Scotland) and have a UK residential address. 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 online.

The maximum deposit for this account is the current tax year allowance for ISAs. 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 may make additional deposits up to the current ISA tax year allowance. 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 new deposit and/or Cash ISA transfer before your account will expire and be closed. You have the right to cancel the account within 14 days from account approval.  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, 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 via the ‘My Account’ section of our website. If for any reason you need to contact us, this can be done 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 from your Fixed Rate Cash ISA via online banking by going to the ‘My Account’ section of our website.

Alternatively, you may email us at businessdesk@oaknorth.com or call us at 0330 380 1181 to withdraw funds. 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 depending on the term taken, as shown below:

  • 12 Months Fixed Rate ISA – 90 days of interest on the amount withdrawn
  • 24 Months Fixed Rate ISA – 180 days of interest on the amount withdrawn
  • 36 Months Fixed Rate ISA – 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 where the balance goes to £0, and remains £0 for a period of 6 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.

We retain the right to pay a reduced rate of interest during any period when the account balance is below the minimum amount permitted for the product.

This is not a flexible Cash ISA, so any money withdrawn cannot be replaced. 30 days before your account matures, we will send you an email asking if you want to:

  • 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.

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.

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.

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.

*Please check our terms and conditions

FAQs

Am I eligible for a personal savings account?

Our accounts are available to individuals, aged 18 or over, who are ordinarily resident in the UK (i.e. England, Wales, Northern Ireland and Scotland) for tax purposes and have a permanent UK address. Also, you must have a personal UK bank or building society account that allows transfers to be made to and from it.

Do you offer joint accounts?

Yes, we currently only offer joint accounts for Personal Savings accounts, excluding ISAs. We do not offer Joint Accounts for ISAs. Excluding ISAs, up to two people may apply for a joint account.

How do I apply for an account?

Applications to open an account must be completed online. You need to fill in your details and select the product.

What do I need to open a Personal Savings Account?

To open a savings account, you will require the following information:

  • A valid email address and telephone number.
  • Details of your main bank account from which you will make your deposit.
  • Your address details.
  • For Cash ISA customers, your National Insurance number and if transferring funds from another ISA provider(s), the details of the existing ISA account(s).
Is my money protected?

Deposits with OakNorth are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS) for each eligible depositor. The FSCS is the United Kingdom’s statutory deposit guarantee scheme and is designed to ensure your deposits are protected should a bank become insolvent. For further information about the FSCS please click here.

Do you have any branches?

No. We do not have any branches, we are a digital-only bank, so manage all of customer accounts online or by telephone. Your account information is always available to you in Online Banking via our secure login page here. If you have any queries you can call the Business Desk on 0330 380 1181 (Monday to Friday, 9am to 5pm) or email businessdesk@oaknorth.com.

What are your opening hours?

We are open Monday to Friday from 9am to 5pm. If you have any queries please email businessdesk@oaknorth.com

How can I transfer money to my new account and start saving?

Once your application is complete you will receive an email with the account number and sort code you need to deposit funds into your account. You must send the payment from your nominated bank account which you will be asked to specify during your online application.

Any deposits made before 12:30pm (Monday to Friday) will be processed that day. Deposits made after 12:30pm will be processed on the next business day.

You may also fund your new account by cheque as long as it is drawn on the nominated bank account specified in your online application. Any cheques should be made payable to OakNorth Bank plc, and should include your full name and OakNorth account number on the reverse. Cheques must be sent to:

OakNorth Bank plc, 6th Floor, Ship Canal House, 98 King Street, Manchester, M2 4WU

In the case of Cash ISAs, the nominated account referred to on stage 3 of the registration process is the account that withdrawals will be sent to. It is also the account that you will deposit new contributions for the current  tax years ISA allowance.. This account is separate to the ISA account you may transfer your accumulated ISA balance from (referred to at the bottom of stage 3).

How can I register for online banking?

Once your account is approved and we receive your funds, we will send you a welcome email after 8:00pm on the day you successfully fund your OakNorth account. You must click on the link “Activate Online Banking” in the email. It will take you to your internet browser, where you’ll be asked to create a username and password to complete your registration of Online Banking.

How do I log into online banking? What if I forget my password?

You can log in to your online banking here. You can find this link on our website as “My Account” in the Menu. On this page, you will be asked to enter your username and password and then click on “Log In”.  Please note, you don’t need to click on “Activate Online Banking” if you have already registered a username and password.

When you click on Log In you’ll be sent a security code. You will be sent a new security code each time you attempt to log in. If you provided a mobile number in your application, your security code will be sent to your mobile. If you did not provide a mobile number, then the security code will be sent to your email address. You will receive an email to your registered email address containing the security code which you need to enter in the next step.

After entering the security code you can access online banking.

If you forget your password, go the online banking log in page, click on “Forgot my Password” and enter your username and click on “Proceed”. You’ll receive the instruction to reset your password on your registered email address.

What is an ISA?

ISA stands for Individual Savings Account. The main difference between an ISA and any other savings account is that it offers tax-free interest payments, so you could get more for your money. There is a limit to how much money you can put into an ISA in each tax year, which is called the ‘ISA allowance’.

What are the different types of ISAs?

There are four types of ISAs: Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs AND Lifetime ISAs. We offer a range of Fixed Rate Cash ISAs for the 2019/20 tax year 2019/20.

What ISAs does OakNorth offer?

We currently offer 12, 24 and 36 Month Fixed Rate Cash ISAs.

What’s the difference between a Cash ISA and a Stocks and Shares ISA?

A Cash ISA is effectively the same as a regular savings account, except returns aren’t subject to income tax. As such, it is risk-free, although your returns may not necessarily keep pace with inflation.

With a Stocks and Shares ISA, however, your money is invested in equities which are traded on the stock market, or collective investment plans which themselves invest in equities. The price of your investment can go up or down, so you may get back less than you paid in. OakNorth currently only provides Cash ISAs.

What is the minimum age to open a Cash ISA account with OakNorth?

18 years. We offer a range of Fixed Rate Cash ISAs for the 2019/20 tax year.

Do you offer Junior ISAs?

No, we currently do not offer Junior ISAs.

Do you offer joint ISAs?

No, you cannot open an ISA in a joint name. Every UK resident has their own ISA allowance – an amount that can be saved tax-free in cash accounts or invested shares or other assets.

Is the allowance for Stocks and Shares ISAs (or other types of ISAs) the same allowance as for Cash ISAs?

Everyone in the UK over 18 has an annual £20,000 ISA allowance (for the 2019/20 tax year ending 5 April 2020). You can choose to use all of this for a Cash ISA if you want, or you can split it between stocks & shares and any of the other types of ISA: Cash ISAs, Lifetime ISAs and Innovative Finance ISAs. OakNorth currently only provides Cash ISAs.

If I have an existing Stocks and Shares ISA, can I open a Cash ISA with you?

Yes. The maximum amount that you will be allowed to invest across all types of ISAs, with us or any other provider, is the current tax year’s ISA allowance according to HMRC guidelines. For the current 2019/20 tax year, the ISA allowance is £20,000.

What is this year’s allowance for Cash ISA?

For the year 2019/20, the ISA allowance is £20,000.

What is the deadline for ISA for 2019-20 subscription?

Customers can save against their 2019/20 ISA allowance from 6th April 2019 till 5th April 2020. The deadline for 2019/20 ISA subscription is 5th April 2020. Your OakNorth ISA will be eligible for that tax year if you sent us your funds by 15:00 on 5th April 2020 (Cheques – received by 4th April).

What are the main tax benefits of ISAs?

The interest you earn through ISAs is NEVER taxed. And any interest you earn doesn’t count towards your personal savings allowance, so if you’ll earn a lot of interest, you can protect more of it in an ISA.

Can I open more than one ISA account in a tax year?

You can have multiple ISAs, but you can open only one cash ISA in each tax year. So, if you have opened a cash ISA since April 6, 2019, you cannot open another one until April 5, 2020. Note, however, that transfers from previous years’ ISA funds don’t count.

Can I deposit into this tax year and next tax year at the same time?

No

Do you offer other types of ISAs i.e. Stocks and Shares/Lifetime ISAs?

No, we currently only provide Cash ISAs (Fixed Rate Cash ISAs)

Would I be eligible for the ISA allowance for the current tax year if I cancel my Cash ISA after the ISA deadline (i.e. in the next tax year) but within OakNorth’s cooling off period?

No. For example, If you open a Cash ISA on 28th March 2020 and cancel the ISA account within the cooling off period of 14 days (i.e. after 5th April 2020 but before 12th April 2020) then you will not be eligible for the £20,000 allowance for the year 2019-2020 tax year.

Would I be eligible for the 2019/20 ISA allowance if I apply for a Cash ISA at the end of the tax year and fund the intended amount after the 5th April?

No, the application received near the end of the tax year will only be regarded as opened in that tax year if we have accepted the application before the end of the tax year and your funds are deposited and the subscription is made before the end of the tax year.

If I have an existing Stocks and Shares ISA, can I open a Cash ISA account with you?

Yes. The maximum amount that you will be allowed to invest across all types of ISAs, with us or any other provider, is the current tax year’s ISA allowance according to HMRC guidelines. For the current 2019/20 tax year, the ISA allowance is £20,000.

Will my other ISA provider charge me a fee to transfer my ISA?

Your existing ISA manager may make administration charges for the transfer, such as for supplying information. Unfortunately, we’re not able to refund any charges made by your existing provider or refund any interest and/or bonus you may lose by transferring.

You’ll need to check with your existing ISA provider. The same applies if you request a transfer out from an OakNorth Fixed Rate Cash ISA to another provider, where you will be charged a penalty if you transfer funds prior to the maturity date:

  • 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
Do you accept transfers in/out for Cash ISAs?

Yes. You can transfer existing Cash ISAs that you hold with other providers into your OakNorth Cash ISA with a minimum transfer amount of £1,000.

We will contact your existing Cash ISA provider and arrange the transfer on your behalf. As per HMRC and industry guidelines: Transfers may take up to 15 business days If you hold a Cash ISA with another provider from the current tax year, you will have to transfer your entire balance including interest to your OakNorth Cash ISA as part of your application If you would like to transfer in your Cash ISAs from previous years, you can transfer all or part of your balance to your OakNorth Cash ISA.

These funds will not count towards your ISA allowance for the current tax year. To arrange a transfer in to your OakNorth Cash ISA account from your existing provider please submit an application for the OakNorth Cash ISA that you would like to open. You will be able to provide the details of the existing Cash ISA you would like to transfer to OakNorth within the application

Can I transfer my stocks and shares ISA to my Cash ISA?

No, we can only accept funds transferred from a Cash ISA account.

How do I transfer my Cash ISA to another provider?

To ensure that you do not lose the tax benefits of your ISA, you must not close or withdraw funds from your account. To transfer funds between ISAs, you must contact the provider that you want to transfer the funds to. Your new provider will then contact your us provider to have the funds transferred for you.

Can I transfer my ISA to OakNorth from multiple different ISA providers?

Yes, you can transfer in up to three ISAs.

Can I deposit into an ISA and also transfer an ISA from another provider in the same tax year?

Yes

Can I transfer current and previous tax year subscriptions?

Yes

Can I transfer more than one ISA from other providers to OakNorth?

Yes, for Fixed Rate ISAs, this must be done within the 30-day funding period.

How long does an ISA transfer take?

It can take up to 15 business days from account approval or from the notice period or maturity date of your existing ISA.

How can I check on the progress on my ISA transfer?

If you have already funded your OakNorth ISA and registered for Online Banking, you can check your account balance online for any completed transfers from other ISA providers. However, if you are just transferring in, we will email you when we receive your funds.

What do you need to apply for an OakNorth ISA?

Our ISA accounts are available to individuals, aged 18 or over, who are ordinarily resident in the UK (i.e. England, Wales, Northern Ireland and Scotland) and have a UK residential address. Also, you must have a personal UK bank or building society account that allows transfers to be made to and from it. This is so you can top up your ISA (if you choose) or have funds returned to you if needed (restrictions apply).

How long do I have to fund the account in total?

Upon account approval of your Fixed Rate ISA, you will have 30 calendar days to fund your account via a new deposit and/or Cash ISA transfer before your account will expire and be closed.

Is my nominated bank account my ISA account? Why have I been asked to provide a nominated bank account if I am only funding by transfer from another provider?

In the case of ISAs, the nominated account referred to during the application form is the account that withdrawals will be sent to. It is also the account that you will deposit new contributions to this tax year’s ISA allowance from (if you choose to). This account is separate to the ISA account you may transfer your accumulated ISA balance from.

When do I get a confirmation of the status of my ISA account?

Once your application is complete you will receive an email with the account number and sort code, and you can then deposit funds into your account. If you are just funding with an ISA transfer, we’ll email you to let you know if we require anything further. If you are topping up your ISA, you must send the payment from your nominated bank account which you will be asked to specify during your online application.

You will receive an email confirmation when your funds are received and your new OakNorth account is activated. The email will be sent in the evening on the day your new account is activated.

What happens at the end of the fixed term of my ISA?

Thirty (30) days before your account matures, we will send you an email asking if you want to:

  • 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 ISA to another ISA provider

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.

How do you calculate and when do you pay interest?

Fixed Rate ISA – The term of the account and this interest accrual will start on the business day that we receive your first funding. Any subsequent funding will add to the total balance while any withdrawal will subtract from the total balance. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Please note if you withdraw funds prior to the maturity date of your Fixed Rate Cash ISA: the money withdrawn will lose its tax-free wrapper; you will not be able to replace the money withdrawn and count it towards your ISA allowance for the current tax year; and you will be penalised with a loss of interest as shown below.

  • 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

Easy Access ISA – The term of the account and this interest accrual will start on the business day that we receive your first funding. Any subsequent funding will add to the total balance while any withdrawal will subtract from the total balance. Interest will be calculated daily on the minimum daily balance, and applied to the account on monthly. 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 held until, but not including, the day of the withdrawal.

Can I open a Cash ISA account on behalf of someone else?

Only if you have Power of Attorney over their financial affairs.

If I open a Cash ISA account with OakNorth and then later change my mind can I cancel it?

You have the right to cancel the Agreement and close your Account within 14 calendar days from the date of your account funding.

What if I transferred the ISA from a different provider? Can I still cancel it (within the 14 day cancellation period)?

If the Cash ISA has been transferred in, the funds will be sent back to the previous provider. This cancellation will not count towards your Cash ISA subscription.

Can I withdraw funds from my OakNorth ISA at any time?

Yes. You can withdraw at any time from your OakNorth Cash ISA. There are no penalties if you withdraw from your Easy Access Cash ISA. However, you will be charged a penalty as per below for a Fixed Rate Cash ISA:

  • 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
How do I trigger a withdrawal request from my OakNorth ISA?

Fixed Rate ISA – The quickest and easiest way to withdraw funds is through your online account. If your withdrawal request is received on a business day, the money will be sent back to your nominated account on the following business day. If it is received on a non-business day such as Saturday, Sunday or a Bank holiday, the money will be sent back to your nominated account within 2 business days.

You can also trigger withdrawal requests over the phone. 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.  Also, if you withdraw funds prior to the maturity date of your Fixed Rate Cash ISA: the money withdrawn will lose its tax-free wrapper; you will not be able to replace the money withdrawn and count it towards your ISA allowance for the current tax year; and you will be penalised with a loss of interest as shown below.

  • 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

Easy Access ISA – The quickest and easiest way to withdraw funds is through your online account. If your withdrawal request is received on a business day, the money will be sent back to your nominated account on the following business day. If it is received on a non-business day such as Saturday, Sunday or a Bank holiday, the money will be sent back to your nominated account within 2 business days. You can also trigger withdrawal requests over the phone. 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.

Are there any fees or penalties if I need access to the funds in my Cash ISA?

If you withdraw funds prior to the maturity date of your Fixed Rate Cash ISA, the money the money withdrawn will lose its tax-free wrapper; you will not be able to replace the money withdrawn and count it towards your ISA allowance for the current tax year; and you will be penalised with a loss of interest as shown below.

  • 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

There is no penalty if you access your funds in your Easy Access Cash ISA account.

If I withdraw funds from my ISA and I change my mind and transfer it back to the account, will this affect my allowance?

The OakNorth Cash ISA is not flexible, meaning that you cannot replace the money withdrawn, with the replacement counting towards your annual ISA subscription limit.

What if I move abroad?

If you open an ISA in the UK and then move abroad, you cannot put money into it after the tax year that you move (unless you’re a Crown employee working overseas or their spouse or civil partner). You must tell your ISA provider as soon as you stop being a UK resident. However, you can keep your ISA open and you’ll still get UK tax relief on money and investments held in it. You can pay into your ISA again if you return and become a UK resident (subject to the annual ISA allowance).

What if I cancel my Cash ISA after the ISA deadline (i.e. in the next tax year) but within OakNorth’s cooling off period, would I be eligible for the ISA allowance for the current tax year?

No. For example, If you open a Cash ISA on 28th March 2020 and cancel the ISA account within the cooling off period of 14 days (i.e. after 5th April 2020 but before 12th April 2020) then you will not be eligible for the £20,000 allowance for the year 2019-2020 tax year.

What if I apply for a Cash ISA at the end of the tax year and fund the intended amount after 15:00 on the 5th April 2020, would I be eligible for the 2019/20 ISA allowance?

No, the application received near the end of the tax year will only be regarded as opened in that tax year if we have accepted the application before the end of the tax year and your funds are deposited and the subscription is made before the end of the tax year. This must be before 15:00 on 5th April 2020 if funding by bank transfer and before the 4th of April 2020 if funding by cheque.

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 below.

For further information on fscs protection visit fscs.org.uk or view the leaflet below.

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