Term | Interest rate (%) | Gross interest rate (%) | AER (%) |
---|---|---|---|
6 months | 0.43 | 0.43 | 0.43 |
9 months | 0.45 | 0.45 | 0.45 |
12 months | 0.57 | 0.57 | 0.57 |
15 months | 0.60 | 0.60 | 0.60 |
18 months | 0.62 | 0.62 | 0.62 |
24 months | 0.65 | 0.65 | 0.65 |
30 months | 0.66 | 0.66 | 0.66 |
36 months | 0.67 | 0.67 | 0.67 |
48 months | 0.68 | 0.68 | 0.68 |
60 months | 0.69 | 0.69 | 0.69 |
*Please check our terms and conditions
*Please check our terms and conditions
Account name : Personal Fixed Term Savings Account
Term | Interest rate (%) | Gross interest rate (%) | AER (%) |
---|---|---|---|
6 months | 0.43 | 0.43 | 0.43 |
9 months | 0.45 | 0.45 | 0.45 |
12 months | 0.57 | 0.57 | 0.57 |
15 months | 0.60 | 0.60 | 0.60 |
18 months | 0.62 | 0.62 | 0.62 |
24 months | 0.65 | 0.65 | 0.65 |
30 months | 0.66 | 0.66 | 0.66 |
36 months | 0.67 | 0.67 | 0.67 |
48 months | 0.68 | 0.68 | 0.68 |
60 months | 0.69 | 0.69 | 0.69 |
Interest is calculated daily and paid gross in full on the maturity date of your account.
Term | Initial Deposit at account opening | Balance after maturity |
---|---|---|
6 Months | £1,000 | £1,002.16 |
9 Months | £1,000 | £1,003.38 |
12 Months | £1,000 | £1,005.70 |
15 Months | £1,000 | £1,007.48 |
18 Months | £1,000 | £1,009.32 |
24 Months | £1,000 | £1,013.04 |
30 Months | £1,000 | £1,016.54 |
36 Months | £1,000 | £1,020.23 |
48 Months | £1,000 | £1,027.48 |
60 Months | £1,000 | £1,034.98 |
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 upon maturity. These are only examples for illustrative purposes and do not take into account your individual circumstances.
Applications to open an account must be completed via the OakNorth mobile app or through our website here. (Please note, joint accounts can only be opened through our online application on the website and not through the mobile app)
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. Therefore, the maximum amount (excluding the interest) that you will be allowed to hold on deposit with us across multiple accounts is £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. Once the 14-calendar day period expires, you may not 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 app or 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.
If we do not hear from you 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.
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 terms and conditions which can be found on our website.
*Please check our terms and conditions
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.
Applications to open an account must be completed online or via our mobile app. You need to fill in your details and select the product. We only accept applications online, either through our website or via our mobile app. However, joint account and ISA transfers can only be submitted through our website.
To open a savings account, you will require the following information:
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.
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 or via the mobile app. 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.co.uk.
We are open Monday to Friday from 9am to 5pm. If you have any queries please email businessdesk@oaknorth.co.uk
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.
All deposits will be processed no later than one business day from when we receive your funds.
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
For Cash ISAs, withdrawals will be sent to your nominated account. Your nominated account 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).
If you apply via our website: Once your account is approved and we receive your funds, we will send you a welcome email. 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.
If you apply via our mobile app: You do not need to take any action to register for online banking as you will do this during the application on the app.
You can log in to your online banking via our website here. You can find this link on our website as “My Account” in the Menu. You can also log into your account via our mobile app which can be downloaded from the Apple App Store or Google Play Store
Website: If you log into online banking via the website, 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.
App: To access your account via our mobile app, please firstly ensure you download the OakNorth app from your relevant app store (Apple App Store or Google Play Store). You can then simply select ‘I already have an account’ in the app and enter your username and password. You’ll then be sent a security code. You will be sent a new security code each time you attempt to log in. This will be sent to the mobile number provided in your application. If you forget your username or password, click on either ‘Forgotten username’ or ‘Forgotten password’ and follow the instructions to reset. You’ll receive the instruction to reset your password on your registered email address.
Fixed term savings accounts are savings accounts which give a guaranteed rate for a set period. You cannot withdraw your funds for this set period.
No. Our Fixed Term Savings Accounts are simply savings accounts where you cannot withdraw funds until the maturity date. As such, you will not receive a certificate of ownership in the post, but rather you will receive account opening and closing details via email.
Yes, the interest rate is fixed, and it cannot be changed over the term of a Fixed Term Savings Account.
Yes, once your account is approved, you have 14 days to transfer the funds into the OakNorth account. You can do this in one lump sum or through multiple payments. The first deposit must be a minimum of £1 and all funds must come from your nominated bank account. We cannot accept additional deposits into the same account during the term of the deposit.
The interest is paid gross in full at the maturity date of your account.
We’ll get in touch a minimum of 30 calendar days before maturity (the end of your fixed rate account’s term) to let you know what your options are, and we’ll send you another reminder 14 calendar days before the maturity of the account.
Your account will mature at the end of the fixed term period. If this date falls on a day that is not a business day, then your account will mature on the following business day.
You can find the General Terms and Conditions and Specific Terms and Conditions for Fixed Term Savings Account here.
We’ll act as per the instructions received by you before the maturity date. If you do not indicate to us what you would like us to do with your funds by the maturity date, or if we are unable to follow your instructions to transfer the funds (for example, because your nominated account has been closed or because your instructions would cause us to contravene any regulatory requirements), your funds will be transferred automatically to an Easy Access account.
If you do not indicate to us what you would like us to do with your funds by the maturity date, or if we are unable to follow your instructions to transfer the funds (for example, because your nominated account has been closed or because your instructions would cause us to contravene any regulatory requirements), your funds will be transferred automatically to an Easy Access account.
If you do not indicate to us what you would like us to do with your funds by the maturity date, or if we are unable to follow your instructions to transfer the funds (for example, because your nominated account has been closed or because your instructions would cause us to contravene any regulatory requirements), your funds will be transferred automatically to an Easy Access account. Please contact us for more information.
You cannot close or make withdrawals from the Account at any time between the date your Fixed Term Savings Account is funded and the 14-day cooling-off period has passed, and the date when the account matures, unless there are exceptional circumstances.
If you are diagnosed with a terminal illness, you are made bankrupt or another exceptional circumstance arises, we may agree to close your Account before it reaches maturity. In such circumstances, you will need to contact us in writing and we will consider each case individually.
If we do agree to cancel the Agreement prior to the date of maturity, we will pay the principal and interest accrued up to the day of closure.
Yes, you can reinvest a partial amount from the matured funds. One of the options that you will have at the time of maturity is to reinvest a portion of the principal 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.
No, we do not allow partial liquidations of Fixed Term Savings.
The Agreement has a fixed term depending on the product selected by you. You cannot close your Account at any time between the date your Account is funded and the 14-day cooling-off period has passed, and the date when the product matures, unless there are exceptional circumstances. Please refer to our Terms and Conditions for more details.
Yes, we offer Fixed Term Business Savings accounts for UK Limited Companies and UK Limited Liability Partnerships through our website. Business deposit accounts are not available through our mobile app.
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.
All deposits will be processed within 1 business day of when we receive your funds.
Any withdrawals or deposits will show on your balance as soon as the funds have been processed. This will then be shown as a transaction in Online Banking or in our mobile app at 2:00am on the day following the withdrawal or deposit.
Applications to open an account must be completed online or via our mobile app. You need to fill in your details and select the product. We only accept applications online, either through our website or via our mobile app. However, joint account and ISA transfers can only be submitted through our website.
In order to close your account with OakNorth, please email your request to businessdesk@oaknorth.co.uk
We’ll act as per the instructions received from you before the maturity date. If you do not indicate to us what you would like us to do with your funds by the maturity date, or if we are unable to follow your instructions to transfer the funds (for example, because your nominated account has been closed or because your instructions would cause us to contravene any regulatory requirements), your funds will be transferred automatically to an Easy Access account.
If you do not indicate to us what you would like us to do with your funds by the maturity date, or if we are unable to follow your instructions to transfer the funds (for example, because your nominated account has been closed or because your instructions would cause us to contravene any regulatory requirements), your funds will be transferred automatically to an Easy Access account.
If you do not indicate to us what you would like us to do with your funds by the maturity date, or if we are unable to follow your instructions to transfer the funds (for example, because your nominated account has been closed or because your instructions would cause us to contravene any regulatory requirements), your funds will be transferred automatically to an Easy Access account. Please contact us for more information.
You cannot close or make withdrawals from the Account at any time between the date your Fixed Term Savings Account is funded and the 14-day cooling-off period has passed, and the date when the account matures, unless there are exceptional circumstances.
If you are diagnosed with a terminal illness, you are made bankrupt or another exceptional circumstance arises, we may agree to close your Account before it reaches maturity. In such circumstances, you will need to contact us in writing and we will consider each case individually.
If we do agree to cancel the Agreement prior to the date of maturity, we will pay the principal and interest accrued up to the day of closure.
Yes, you can reinvest a partial amount from the matured funds. One of the options that you will have at the time of maturity is to reinvest a portion of the principal 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.
No, we do not allow partial liquidations of Fixed Term Savings.
Yes, you can submit your maturity instructions in Online Banking here or through our mobile app which you can download on both Google Play and Apple App Store.
We will let you know by email 30 days prior to your maturity date with your options at maturity. In addition, as an existing customer, OakNorth will ensure that if you choose to reinvest, you’ll receive the highest rate of interest available for each product in the 30 day period before your maturity date.
In order to update your address held with OakNorth, or make changes to your name, please contact us via email at businessdesk@oaknorth.co.uk
To view your balance, log in to your online banking here or via our mobile app. On the home page you can see the balance of all your accounts.
You can obtain/download a statement of your account from your Online Banking on our website at any time. This feature is not currently available in our mobile app.
To view the account number of your accounts, you can do this via our website or via our mobile app. You can log in to your Online Banking on our website here. On the home page you will see athe Account Number (or Deposit Number) listed against each of your accounts.
To view the interest rate of your accounts, you can do this via our website or via our mobile app. You can log in to your online banking on our website here. On the home page you can see the interest rate listed against each of your accounts. You can also access this and other account information by logging into our mobile app.
You can make withdrawals to your nominated account or transfers to any other Personal Savings accounts you hold with us that allow deposits. You can withdraw funds through your online banking or via our mobile app.
Withdrawals received before 12:00am will be sent back to your nominated bank account on the following working day. Withdrawals received after 12:00am will be sent back to your nominated bank account within 2 business days. You can also trigger withdrawal requests via email. In case of Notice Accounts, you must give notice and wait the full notice period, as per the type of account opened, before the funds are sent back into your nominated bank account.
You can transfer in funds to your OakNorth account via your Nominated account at any time. There is no limitation on the number of deposits made into your account. The account can continue to receive deposits up to the maximum principal account balance.
We can accept the following types of payment to fund an OakNorth account:
We will email you detailed funding instructions if your account is approved. Please follow the specific instructions for your selected payment method to ensure we can accept your payment.
A nominated account is a UK bank account which you nominate when opening an account.
Once your application is approved, 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.
To open a savings account, you will require the following information:
No. We only accept applications online through our website or via our mobile app.
You can have up to 2 account holders per joint account. You both have equal share of the money in the account and you are both jointly liable for the account. We will usually act on a sole instruction from either of you unless you advise us of a dispute on the Account. To advise us of a dispute on the Account, please write to us at businessdesk@oaknorth.co.uk. In the event of any conflicting instructions from joint account holders, we may refuse to carry out and/or suspend transactions until both of you have clarified the instructions. For further details please refer to the product specific and General Terms and Conditions.
Yes. In order to open an account under Power of Attorney or a Deputyship Order, please email us at businessdesk@oaknorth.co.uk, and we will contact you to assist you with the opening of an account.
As with all UK savings accounts, we check your identity and address before you open an account, usually by checking a number of electronic databases. In some cases we may ask you to send identification by post.
There may be occasions where we’ll need you to supply us with additional documentation as part of your application. This is to ensure your identity/deposits protected and to help us avoid issues such as fraud, identity theft and money laundering. Details of which documents we accept can be found here.
We verify your personal details, including identity, address and bank account information through an online system immediately after you submit your application. In some cases, we may need additional documentation in order to proceed with your application like suitable proof of identification and/or address. Details of which documents we accept can be found here and how to get them certified can be found here.
Once you have submitted your application:
No. All our communication (funding details, confirmation of funds received, account opening and closing details, etc.) is via email, not by post. We do not issue any certificates.
Fixed Term Deposit Account Yes, you can fund your account with multiple deposit payments within 14 calendar days from the day your account is approved. The first deposit must be a minimum of £1 and all funds must come from your nominated bank account. We cannot accept additional deposits into the same account during the term of the deposit.
Easy Access Deposit Account Yes. There is no limitation on the number of deposits made into your account. The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn. We may withdraw a product at any time which means that the product will be closed to new deposit applications.
Notice Deposit Account Yes. There is no limitation on the number of deposits made into your account. The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn. We may withdraw a product at any time which means that the product will be closed to new deposit applications.
Fixed Rate Cash ISA Yes. You can make as many new deposits as you like, and up to three Cash ISA transfers within 30 days of your account approval, up to the current tax year ISA allowance as set by HMRC. There is no limit on transfers in for Cash ISAs from previous years.
Easy Access Cash ISA Yes. There is no limitation on the number of deposits made into your account. The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn. We may withdraw a product at any time which means that the product will be closed to new deposit applications.
Fixed Term Deposit Account Yes. You have the right to cancel the Agreement and close your Account within 14 days from the date your Account is first funded without penalty or notice.
Easy Access Deposit Account Yes. You have the right to cancel the agreement and close your account within 14 calendar days from the date of your Account funding. You can exercise your right to cancel within this period by writing to us at:
OakNorth Bank plc
6th Floor, Ship Canal House
98 King Street
Manchester
M2 4WU
If you exercise your right to cancel, we will return any money you have deposited to your nominated account, and you will not receive any interest.
Notice Deposit Account Yes. You have the right to cancel the agreement and close your account within 14 calendar days from the date of your Account funding. You can exercise your right to cancel within this period by writing to us at: OakNorth Bank plc, 6th Floor, Ship Canal House,98 King Street, Manchester, M2 4WU If you exercise your right to cancel, we will return any money you have deposited to your nominated account, and you will not receive any interest or incur any penalties.
Fixed Rate Cash ISA Yes. You have the right to cancel the agreement and close your account within 14 calendar days from the date of your Account funding. You can exercise your right to cancel within this period by writing to us at: OakNorth Bank plc, 6th Floor, Ship Canal House,98 King Street, Manchester, M2 4WU. If you exercise your right to cancel, we will return any money you have deposited to your nominated account, and you will not receive any interest or incur any penalties.
Easy Access Cash ISA Yes. You have the right to cancel the agreement and close your account within 14 calendar days from the date of your Account funding. You can exercise your right to cancel within this period by writing to us at: OakNorth Bank plc, 6th Floor, Ship Canal House,98 King Street, Manchester, M2 4WU. If you exercise your right to cancel, we will return any money you have deposited to your nominated account, and you will not receive any interest.
Yes. In order to update any of these details please contact us by email at businessdesk@oaknorth.co.uk with your request.
In case of a Sole account, if the account holder dies, the personal representative(s) of the deceased must notify us in writing and provide us with a Death Certificate, Grant of Probate, and other documents (which may need to be certified by a regulated entity) to close the Account. The Account will remain open and continue to accrue interest until it is closed. To view our deceased customer process in detail and understand the exact requirements please click here.
In case of Joint Account, if one of the joint account holders dies, once a death certificate is provided to us, the Account will transfer to the surviving account holder who may continue to operate the Account. The Account will be converted into a sole account and the maximum deposit for sole accounts, that is £500,000, will apply. Any funds above the maximum limit for a Sole account will be sent back to the nominated account. If there is no account holder who survives: a) we will freeze your Account and b) the money in your Account will normally be held by us until we receive the necessary documents from your estate.
Fixed Term Deposit Account Interest is calculated daily from the day of your first payment and paid gross in full on the maturity date of your account. The interest you are quoted is the AER (Annual Equivalent Rate) which illustrates what the interest rate would be if interest was paid and compounded once a year.
Easy Access Deposit Account Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. The interest you are quoted is the AER (Annual Equivalent Rate) which illustrates what the interest rate would be if interest was paid and compounded once a year.
Notice Deposit Account 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 until, but not including, the day of the withdrawal.
Fixed Rate Cash 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.
Easy Access Cash 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.
Fixed Term Deposit Account No early closures between the date your Account has been funded and the 14-day cooling-off period has passed, and the date when the product matures. However, we may at our discretion allow it in cases of hardship. There may be exceptional circumstances, due to events outside your control that you could not have reasonably foreseen when you opened the account, where we may allow your account to be closed early. Such events of hardship may include diagnosis of a terminal illness, bankruptcy, insolvency or sequestration. In such circumstances, you will need to contact us in writing and we will consider each case individually.
Easy Access Deposit Account There is no term for an Easy Access Deposit Account so you can cancel your application or close your account at any time.
Notice Deposit Account No. It is not possible to withdraw money from a Notice Deposit Account without waiting out the mandatory minimum notice period as per the type of account opened. However, we may at our discretion allow it in cases of hardship. There may be exceptional circumstances, due to events outside your control that you could not have reasonably foreseen when you opened the account, where we may allow your account to be closed early. Such events of hardship may include diagnosis of a terminal illness, bankruptcy, insolvency or sequestration. In such circumstances, you will need to contact us in writing and we will consider each case individually.
Fixed Rate Cash ISA Yes. 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. 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.
Easy Access Cash ISA Yes. Your money can be returned to your nominated account or transferred to another ISA provider at any time. 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. The interest you receive will be calculated on the total balance until, but not including, the day of the withdrawal.
Fixed Term Deposit Account No. This is a Fixed Term Deposit Account for a set period of time and our Fixed Term Deposit Accounts do not allow for funds to be withdrawn during the term of the deposit. We will contact you before the account matures to inform you of the options available for your maturing funds.
Easy Access Deposit Account Yes. There is no term for an Easy Access Deposit Account and no limitation on the number of withdrawals, although there is a minimum withdrawal amount of £1. No notice of withdrawal is required and withdrawal requests can be made at any time. The funds will be credited back into your nominated account the next business day.
Notice Deposit Account Yes, but subject to giving us notice. There are no limitations on the number of withdrawals. There is a minimum withdrawal amount of £1. You must give notice and wait during the notice period, as per the type of account opened, before the funds are sent back into your nominated bank account.
Fixed Rate Cash ISA Yes. 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. 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.
Easy Access Cash ISA Yes. Your money can be returned to your nominated account or transferred to another ISA provider at any time. 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. The interest you receive will be calculated on the total balance until, but not including, the day of the withdrawal.
Easy Access 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 a Saturday, Sunday or a Bank holiday, the money will be sent back to your nominated account within 2 business days.
Notice Account: If your withdrawal request is received and your notice period is completed, the money will be sent back to your nominated account on the day your Notice periods ends.
Cash ISAs: 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 a Saturday, Sunday or a Bank holiday, the money will be sent back to your nominated account within 2 business days.
If your application to open an Account is approved, there will be a maximum period of 14 calendar days (30 calendar days in case of Cash ISAs) to fund your Account from the date of approval. If the Account is not funded within 14 days, it will be closed.
You can 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.
All deposits will be processed no later than one business day from when we receive your funds.
For Easy Access and Notice Account, interest will begin accruing on the minimum daily balance no later than one business day from when we receive your funds. For Fixed Term Deposit Accounts, Interest will be calculated daily from the day of your first payment and Interest will be calculated based on the end of day balance of your account.
If you are funding your OakNorth account for the first time, we will need to process your payment. We will email you a link to register for Online Banking after we have received your payment. When you register, you will be able to see the funds in your account.
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.
All deposits will be processed no later than one business day from when we receive your funds.
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
For Cash ISAs, withdrawals will be sent to your nominated account. Your nominated account 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).
You will receive an automatic email confirmation when your first payment is received. Any additional deposits can be viewed online.
If you open more than one account with OakNorth, every consecutive account will also have a secondary 10-digit account reference that will be quoted in all communications.
There are no charges for any withdrawals or deposits relating to Easy Access and Notice Accounts.
There are penalties associated with withdrawals relating to Fixed Rate ISA accounts as per below:
The Agreement has a fixed term depending on the product selected by you. You cannot close your Account at any time between the date your Account is funded and the 14-day cooling-off period has passed, and the date when the product matures, unless there are exceptional circumstances. Please refer to our Terms and Conditions for more details.
To view our deceased customer process in detail and understand the exact requirements please click here.
To apply for a new product as an existing customer, you can do so via our website and our mobile app.
Website: Please visit our website and click on “Apply Now” on the product you wish to apply for. On the application for the new account make sure to mark “Y” when asked if you are an existing customer of OakNorth.
App: To open a new account via the app,you will need to log into the app. You can then apply for a new account by selecting “Create a new account”.
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 regard 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.