Help Platform Site My Account

TermInterest rate (%) Gross interest rate (%) AER (%)
6 months1.251.251.25
9 months1.301.301.30
12 months1.561.561.56
15 months1.581.581.58
18 months1.601.601.60
24 months1.621.621.62
30 months1.641.641.64
36 months1.661.661.66
48 months1.681.681.68
60 months1.701.701.70

*Please check our terms and conditions

  • Fixed. Secure. Certain: Put your money away for a set period ranging from 6 to 60 months, and benefit from competitive rates. Your money is FSCS-protected. Guaranteed the same level of protection on your money as any other UK bank
  • Additional deposits: permitted within 14 calendar days from the day your account is approved
  • No withdrawals permitted: No access to funds during the term
  • Interest: Interest rates are fixed and interest is paid 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 of £500,000 across all OakNorth savings accounts
  • Account access: Access your account information via Online 

*Please check our terms and conditions

Account name : Personal Fixed Term Savings Account

What is the interest rate?

TermInterest rate (%) Gross interest rate (%) AER (%)
6 months1.251.251.25
9 months1.301.301.30
12 months1.561.561.56
15 months1.581.581.58
18 months1.601.601.60
24 months1.621.621.62
30 months1.641.641.64
36 months1.661.661.66
48 months1.681.681.68
60 months1.701.701.70

Interest is calculated daily and paid gross in full on the maturity date of your account.

Can OakNorth 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?

*The estimated balance refers to the balance after maturity of the selected fixed term deposit

TermInitial Deposit at account openingBalance after maturity
6 Months£1,000 £1,006.27
9 Months£1,000 £1,009.76
12 Months£1,000 £1,015.60
15 Months£1,000 £1,019.73
18 Months£1,000 £1,024.12
24 Months£1,000 £1,032.66
30 Months£1,000 £1,041.39
36 Months£1,000 £1,050.63
48 Months£1,000 £1,068.91
60 Months£1,000 £1,087.94

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.

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) 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.

The minimum deposit required to open your account is £1. The maximum deposit you may pay into any one Account 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 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 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?

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. 30 days before your account matures, you are sent an email asking if you want to:

  • Reinvest your full original principal investment and the interest earned into a new OakNorth Fixed Term Deposit account.
  • Return your full original principal investment and interest earned back to their nominated account.
  • Reinvest a partial amount into a new OakNorth Fixed Term Deposit account and return the remainder back to the nominated account.

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 for the current interest rate.

Additional information

Interest will be accrued daily but only applied to your account upon maturity. Gross rate interest is the interest payable without taking account of any tax payable. 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 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 a fixed term savings account?

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.

Are your Fixed Term Savings Accounts the same as purchasing a bond?

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.

Is my interest rate fixed during the term of the account?

Yes, the interest rate is fixed, and it cannot be changed over the term of a Fixed Term Savings Account.

Do you allow multiple payments? Can I fund my account with numerous transactions?

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.

When will I get the interest amount?

The interest is paid gross in full at the maturity date of your account.

Will I be notified when my Fixed Term Savings Account matures?

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.

What if my deposit matures on a weekday or public holiday?

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.

Where can I find the Terms and Conditions for this account?

You can find the General Terms and Conditions and Specific Terms and Conditions for Fixed Term Savings Account here.

What happens at the time of maturity of my Fixed Term Savings Account?

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.

What happens to my funds if I miss the maturity date and haven’t given any instructions?

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.

Why haven’t you sent my funds back after maturity?

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.

Can I withdraw my funds before maturity from my Fixed Term Savings account due to some urgent circumstances?

You cannot close or make withdrawals from the Account at any time between the date your Fixed Term Savings Account is funded 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.

Can I reinvest a partial amount from matured funds or do I need reinvest the full amount and interest?

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.

Do you offer partial liquidation of a Fixed Term Savings Account that was created as an emergency fund?

No, we do not allow partial liquidations of Fixed Term Savings.

How can I close my Fixed Term Deposit Account?

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 date when the product matures, unless there are exceptional circumstances. Please refer to our Terms and Conditions for more details.

Do you offer accounts for businesses, corporates, charities, or other types of organisation?

Yes, we offer Fixed Term Business Savings accounts for UK Limited Companies and UK Limited Liability Partnerships.

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.

When will my balance on the online portal reflect my recent transaction?

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.

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 at 2:00am on the day following the withdrawal or deposit.

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.

How can I close my Easy Access or Notice Account?

In order to close your account with OakNorth, please email your request to businessdesk@oaknorth.com

What happens once my Fixed Term Savings Account matures?

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.

What happens to my funds if I miss the maturity date and haven’t given any instructions?

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.

Why haven’t you sent my funds back after maturity?

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.

Can I withdraw my funds before maturity from my Fixed Term Savings account due to some urgent circumstances?

You cannot close or make withdrawals from the Account at any time between the date your Fixed Term Savings Account is funded 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.

Can I reinvest a partial amount from matured funds or do I need reinvest the full amount and interest?

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.

Do you offer partial liquidation of a Fixed Term Savings Account that was created as an emergency fund?

No, we do not allow partial liquidations of Fixed Term Savings.

Can I reinvest my maturing product through the online portal?

Yes. We will contact you via email 30 days prior to the maturity of your account. This email will also detail how to provide your maturity instructions. You can select your maturity instructions by selecting your maturing account in Online Banking and clicking the ‘Maturity Options’ button. There you can select how much of your funds you would like to reinvest and into which new account.

How do you calculate and when do you pay interest?
  • 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.
    • 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 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.
How do I inform you of changes to my name or address?

In order to update your address held with OakNorth, or make changes to your name, please contact us via email at businessdesk@oaknorth.com

How do I view my balance?

To view your balance, log in to your online banking here. On the home page you can see the balance of all your accounts.

How can I obtain a tax statement?

You can obtain a statement of your account from your Online Banking at any time.

Where can I find my account number?

To view the account number of your accounts, log in to your online banking here. On the home page you can see an Account Number (or Deposit Number) listed against each of your accounts.

How can I see my interest rate?

To view the interest rate of your accounts, log in to your online banking here. On the home page you can see the interest rate listed against each of your accounts.

How can I transfer funds in or out of my Easy Access or Notice account?

You can make withdrawals to your nominated account or transfers to any other Personal Savings accounts you hold with us that allow deposits. The quickest and easiest way to withdraw funds is through your online account. 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 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.

What type of payments do you accept? Do you accept CHAPS?

We can accept the following types of payment to fund an OakNorth account:

  • Faster Payments Bank Transfer
  • CHAPS Bank Transfer (OakNorth is unable to reimburse any CHAPS payment charges)
  • BACs Bank Transfer
  • Personal Cheque
  • Banker’s Draft

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.

What is a nominated account?

A nominated account is a UK bank account which you nominate when opening an account.

  • The nominated account must be a UK bank account in your name. For a joint application, the nominated account must be in at least one of the account holder’s names.
  • Your nominated account will be used for all deposits into and withdrawals from your account with us. When you open your account with us, you must provide us with the sort code and account number of your nominated account.
What sort code and account reference do I need to use to pay money into my 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.

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).
Can I apply for an account over the phone, by post or in a branch?

No. We only accept applications online through our website.

How does a joint account work?

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.com. 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.

Can I open an account through Power of Attorney?

Yes. In order to open an account under Power of Attorney or a Deputyship Order, please email us at businessdesk@oaknorth.com, and we will contact you to assist you with the opening of an account.

What account opening checks do you conduct?

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.

What POA & ID can I send for verification?

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.

How do I verify my personal details?

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.

What happens after I apply?

Once you have submitted your application:

  • If your application is successful, you will receive an email with the bank details you need to fund your new account.
  • If we need additional information from you to complete your application, you will be provided with details of what you need to send to us.
  • If your application is unsuccessful, you will be advised that we are unable to open an account for you at this time.
Do you send any paperwork (including certificates) during or after account opening?

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.

How do I trigger a withdrawal request from my OakNorth account?

Fixed Term Deposit Account 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. If we do not hear from you before your account maturity date, the total amount including interest will be automatically transferred to a variable rate Easy Access Deposit account with us.

Easy Access Deposit Account The quickest and easiest way to withdraw funds is through your online account. 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 over the phone.

Notice Deposit Account  The quickest and easiest way to withdraw funds is through your online account. The money will be sent back to your nominated bank account after the withdrawal notice period as per the type of account opened. If the payment date falls on a non-business day such as Saturday, Sunday or a Bank holiday, the money will be sent back to your nominated bank account within 2 business days. You can also trigger withdrawal requests over the phone.

Fixed Rate Cash 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 Cash 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.

Can I fund my OakNorth account with numerous transfers?

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.

Do you offer a cooling off period?

Fixed Term Deposit Account No. Our Fixed Term Deposit Accounts do not have a cooling off period. You cannot withdraw funds or close your account from the day your account is funded until the end of the fixed term.

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.

Can I change my intended deposit amount and nominated account that I filled during the application?

Yes. In order to update any of these details please contact us by email at businessdesk@oaknorth.com with your request.

What would happen to my money in the event of my death?

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.

How do you calculate and when do you pay interest?

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.

  • 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 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.

Do you allow early closure?

Fixed Term Deposit Account No. 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.

  • 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 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.

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

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 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 withdrawals can be made at any time back into your nominated account.

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.

  • 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 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.

When will I receive my withdrawn funds?

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.

How long do I have to fund my account?

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.

Can I fund my OakNorth account via cheque? What should I put as reference?

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.

How long does it take my account to fund?/ How quickly will the funds show in my account and when will I start to earn interest?

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

For Easy Access and Notice Account, interest will begin accruing on the minimum daily balance of the business day on which 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 8:00pm on the day your payment was processed successfully. When you register, you will be able to see the funds in your account.

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).

Will I be notified once my funds are received at your end?

You will receive an automatic email confirmation when your first payment is received. Any additional deposits can be viewed online.

How much can I deposit and how many accounts can I open?

Fixed Term Deposit Account  You can apply for an unlimited number of accounts as long as the minimum balance per account is at least £1; the maximum does not exceed £500,000; and the total amount you have deposited with us at any one time does not exceed £500,000 across all OakNorth accounts (including Easy Access Accounts, Notice Accounts, Cash ISAs).

Easy Access Deposit Account  You can apply for an unlimited number of accounts. The minimum account opening balance is £1 and you can deposit up to a maximum of £500,000. The total amount that you can deposit with OakNorth at any one time cannot exceed £500,000 across all OakNorth accounts (including Fixed Term Accounts, Notice Accounts, Cash ISAs).

Notice Deposit Account  You can apply for an unlimited number of accounts. The minimum account opening balance is £1 and you can deposit up to a maximum of £500,000. The total amount that you can deposit with OakNorth at any one time cannot exceed £500,000 across all OakNorth accounts (including Fixed Term, Easy Access Deposit Accounts and Cash ISAs).

Fixed Rate Cash ISA There are four types of ISAs: Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs, and Lifetime ISAs. 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 of £20,000 according to HMRC guidelines. You may only invest in one of each type of ISA within the tax year. There is no limit on transfers in for Cash ISAs from previous years.

Easy Access Cash ISA There are four types of ISAs: Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs, and Lifetime ISAs. 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 of £20,000 according to HMRC guidelines. You may only invest in one of each type of ISA within the tax year. There is no limit on transfers in for Cash ISAs from previous years.

What happens if I open numerous accounts with OakNorth?

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.

Are there any charges for transfers?

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:

  • 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 can I close my Fixed Term Deposit Account?

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 date when the product matures, unless there are exceptional circumstances. Please refer to our Terms and Conditions for more details.

What happens in the unfortunate event that I pass away?

To view our deceased customer process in detail and understand the exact requirements please click here.

How can I apply for a new product through the online portal?

To apply for a new product please visit our website and click on “Apply Now” on the product page for which you wish to apply. On the application to new account make sure to mark “Yes” when it asks if you are an existing member of OakNorth.

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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