Fixed Term Savings Accounts
RATE
3.91% - 5.01% AER
TERM
6 to 60 months
Personal Fixed Term Savings Accounts
The Financial Conduct Authority (FCA) is a financial services regulator in the UK. It requires OakNorth Bank to give you this important information to help you decide whether our Personal Fixed Term Accounts are right for you. You should read this document carefully, together with the General Terms & Conditions and Specific Terms & Conditions for our Fixed Term Accounts, so that you understand what you are buying, and keep it safe for future reference.
You should scroll down and read all information below carefully before you apply.
Scroll down
What is the interest rate?
| Term/Product | Gross rate (%) | AER (%) | |
|---|---|---|---|
| 6 months | 4.41 | 4.41 | |
| 9 months | 5.00 | 5.00 | |
| 12 months | 5.01 | 5.01 | |
| 15 months | 4.72 | 4.72 | |
| 18 months | 4.65 | 4.65 | |
| 24 months | 4.52 | 4.52 | |
| 30 months | 4.37 | 4.37 | |
| 36 months | 4.29 | 4.29 | |
| 48 months | 4.12 | 4.12 | |
| 60 months | 3.91 | 3.91 |
Your savings account will start generating interest no later than one business day from when we receive and apply your first deposit to your savings account and interest is calculated daily from the business day your funds are applied to your savings account.
Can OakNorth Bank change the interest rate?
No. The interest rate is fixed during the term.
What would the estimated balance be after 6, 9, 12, 15, 18, 24, 30, 36, 48 and 60 months* based on a £1,000 deposit?
| Term/Product | Initial Deposit at account opening | Balance after maturity |
|---|---|---|
| 6 months | £1,000 | £1,022.11 |
| 9 months | £1,000 | £1,037.53 |
| 12 months | £1,000 | £1,050.10 |
| 15 months | £1,000 | £1,059.18 |
| 18 months | £1,000 | £1,070.62 |
| 24 months | £1,000 | £1,092.44 |
| 30 months | £1,000 | £1,112.53 |
| 36 months | £1,000 | £1,134.30 |
| 48 months | £1,000 | £1,175.27 |
| 60 months | £1,000 | £1,211.40 |
*These are only examples for illustrative purposes and do not take into account your individual circumstances.
These estimates assume that the account remains open for the duration of the stated term, deposits are made in a single payment, and interest is accrued daily and applied to the account on the maturity date of your account.
How do I open and manage my account?
Our accounts are available to individuals, aged 18 or over, who are UK residents (i.e., England, Wales, Northern Ireland and Scotland). Also, you must have a personal UK bank or building society account that allows transfers to be made to and from it.
Applications to open an account must be completed through our website here or via the OakNorth mobile banking app. Please note, joint accounts can only be opened through our online application on the website and not through the mobile app; the maximum number of account holders in a joint account is two.
The minimum deposit required to open your account is £1. The maximum deposit you may pay into any one account with us is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with us across multiple accounts is also £500,000. For a joint account the maximum amount allowed to be held would be £1,000,000 i.e., £500,000 per account holder.
You can fund your account with multiple deposit payments within 14 calendar days from the day your account is approved. The minimum deposit is £1. Once the 14-calendar day period expires, you will not be able to make any further deposits into the account. In the event you do not fund your account within the 14-day period, your account will automatically be closed.
Once you activate online banking, your account can be managed by logging into the OakNorth mobile banking app or through the ‘My Account’ section of our website. Alternatively, you can contact us by email, by phone, or by writing to us. Please refer to our website for our contact details.
Can I withdraw money?
No, our Fixed Term Deposit Accounts do not allow for funds to be withdrawn during the term of the deposit. We may at our discretion allow it in cases of hardship at our sole discretion, which would require suitable documentary evidence. Interest will be calculated on the total amount until, but not including the day of the withdrawal.
We will write to you at least 14 calendar days before your maturity date to explain your options. We may also send you additional reminders during this time to inform you of the options available as follows:
- transfer your entire account balance (principal and interest) to your nominated bank account;
- reinvest the principal in another available deposit product with us, and transfer the interest you earned to your nominated bank account;
- reinvest your account balance (principal and interest) in another available deposit product with us (provided this wouldn’t put you above the maximum balance limits); or
- reinvest a portion of the principal in another available deposit product with us and have the remainder of the principal and interest paid to your nominated bank account.
If we do not receive your instructions before the account maturity date, the total amount including interest will be automatically transferred to a variable rate Easy Access Deposit account with us. See our Easy Access Deposit account page on our website for the current interest rate.
Additional information
Interest will be paid gross.
We do not deduct tax from the interest we pay to you. This information is based on our understanding of current taxation which may change in the future.
The AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once a year.
Please note: The information provided in the Summary Box is a summary of the key features of our Fixed Term Deposit accounts. It should not be used as a substitute for our Terms and Conditions which can be found on our website.
Notice Savings Accounts
RATE
3.60% - 4.75% AER
TERM
35, 90 and 120 days
Personal Notice Savings Accounts
The Financial Conduct Authority (FCA) is a financial services regulator in the UK. It requires OakNorth Bank to give you this important information to help you decide whether our Personal Notice Accounts are right for you. You should read this document carefully, together with the General Terms & Conditions and Specific Terms & Conditions for our Personal Notice Accounts, so you understand what you are buying, and keep it safe for future reference.
You should scroll down and read all information below carefully before you apply.
Scroll down
What is the interest rate?
| Term/Product | Gross rate (%) | AER (%) | |
|---|---|---|---|
| 35 days | 3.54 | 3.60 | |
| 90 days | 4.60 | 4.70 | |
| 120 days | 4.65 | 4.75 |
To view the current interest rates for all the Issues of our Notice Accounts, please visit the Notice Account Rate Table on our website.
Your savings account will start generating interest no later than one business day from when we receive and apply your first deposit to your savings 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.
Can OakNorth change the interest rate?
Yes. Interest rates are variable and can be increased or decreased at any time at our sole discretion as outlined in clause 1 of our Specific Terms and Conditions – Notice Accounts.
If we increase your interest rate, we will notify you within 30 calendar days of the increase. The change will take effect on the 1st day of the next calendar month (in certain cases, with immediate effect). If we decrease your interest rate, we will notify you at least 14 calendar days in addition to the notice period as per the type of account opened, prior to the decrease.
What would the estimated balance be after 12 months based on a £1,000 deposit?
| Term/Product | Initial Deposit at account opening | Balance after 12 months |
|---|---|---|
| 35 days | £1,000 | £1,036.00 |
| 90 days | £1,000 | £1,047.00 |
| 120 days | £1,000 | £1,047.50 |
*These are only examples for illustrative purposes and do not take into account your individual circumstances.
These examples assume that no further deposits or withdrawals are made, that the interest is accrued daily and applied to the account monthly, that any interest earned stays in the account, and that there is no change to the interest rate
How do I open and manage my account?
Our accounts are available to individuals, aged 18 or over, who are UK residents (i.e. England, Wales, Northern Ireland and Scotland). Also, you must have a personal UK bank or building society account that allows transfers to be made to and from it.
Applications to open an account must be completed through our website here or via the OakNorth mobile banking app. Please note, joint accounts can only be opened through our online application on the website and not through the mobile app; the maximum number of account holders in a joint account is two.
The minimum deposit required to open your account is £1. The maximum deposit you may pay into any one Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with us across multiple accounts is also £500,000. For a joint account the maximum amount allowed to be held would be £1,000,000 i.e. £500,000 per Account holder.
There is no limit on the number of deposits made into your account. The minimum deposit is £1. The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn. We may withdraw a Notice Account issue at any time which means that the product will be closed to new deposit applications.
Once you activate online banking, your account can be managed by logging into the OakNorth mobile banking app or the ‘My Account’ section of our website. Alternatively, you can contact us by email, by phone, or by writing to us. Please refer to our website for our contact details.
Can I withdraw money?
Yes. Although, it is subject to giving us notice as per the type of account opened. Withdrawals from your Notice Account to your nominated bank account can be triggered via Online Banking or the mobile app. You can also contact us by email or phone. It is not possible to withdraw money from the account without providing the mandatory period of notice.
We may at our discretion allow it in cases of hardship at our sole discretion, which would require suitable documentary evidence. Interest will be calculated on the total amount until, but not including the day of the withdrawal.
There are no limitations on the number of withdrawals. There is a minimum withdrawal amount of £1. After providing notice the funds will be credited back into your nominated account the next business day after the notice period has passed.
- If after withdrawing funds where the balance goes to £0, and remains £0 for a period of six months, we can also close your savings account. We will contact you at least 6 weeks before we close it using the email address you gave us. If the account is closed it cannot be reopened, and you will have to create a new account next time.
Additional information
Interest will be paid gross.
We do not deduct tax from the interest we pay to you. This information is based on our understanding of current taxation which may change in the future.
The AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once a year.
Please note:The information provided in the summary box is a summary of the key features of our Notice Accounts. It should not be used as a substitute for our Terms and Conditions which can be found on our website.
Easy Access Savings Accounts
RATE
3.75% AER
TERM
Next-day access
Personal Easy Access Savings Accounts
The Financial Conduct Authority (FCA) is a financial services regulator in the UK. It requires OakNorth Bank to give you this important information to help you decide whether our Personal Easy Access Acounts are right for you. You should read this document carefully, together with the General Terms & Conditions and Specific Terms & Conditions for our Easy Access Accounts, so you understand what you are buying, and keep it safe for future reference.
You should scroll down and read all information below carefully before you apply.
Scroll down
What is the interest rate?
| Term/Product | Gross rate (%) | AER (%) | |
|---|---|---|---|
| Next-day access | 3.69 | 3.75 |
Your account will start generating interest no later than one business day from when we receive and apply your deposit to your OakNorth Bank 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.
Can OakNorth change the interest rate?
Yes. Interest rates are variable and can be increased or decreased at any time at our sole discretion as outlined in clause 1 of our Specific Terms and Conditions – Easy Access Accounts.
If we increase your interest rate, we will notify you within 30 calendar days of the increase. The change will take effect on the 1st day of the next calendar month (in certain cases, with immediate effect). If we decrease your interest rate, we will notify you at least 14 calendar days prior to the decrease.
What would be the estimated balance after 12 months based on £1,000 deposit?
| Term/Product | Initial Deposit at account opening | Balance after 12 months |
|---|---|---|
| Next-day access | £1,000 | £1,037.50 |
*This is only an example for illustrative purposes and does not take into account your individual circumstances.
This example assumes that no further deposits or withdrawals are made, that the interest is accrued daily and applied to the account monthly, that any interest earned stays in the account, and that there is no change to the interest rate.
How do I open and manage my account?
Our accounts are available to individuals, aged 18 or over, who are UK residents (i.e. England, Wales, Northern Ireland and Scotland). Also, you must have a personal UK bank or building society account that allows transfers to be made to and from it.
Applications to open an account must be completed through our website here or via the OakNorth mobile banking app. Please note, joint accounts can only be opened through our online application on the website and not through the mobile app; the maximum number of account holders in a joint account is two.
The minimum deposit required to open your account is £1. The maximum deposit you may pay into any one account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with us across multiple accounts is also £500,000. For a joint account the maximum amount allowed to be held would be £1,000,000 i.e. £500,000 per account holder.
There is no limit on the number of deposits made into your account. The minimum deposit is £1. The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn. We may withdraw an Easy Access product at any time which means that the product will be closed to new deposit applications.
Once you activate online banking, your account can be managed by logging into the OakNorth mobile banking app or through the ‘My Account’ section of our website. Alternatively, you can contact us by email, by phone, or by writing to us. Please refer to our website for our contact details.
Can I withdraw money?
Yes. There is no term for a Personal Easy Access account and no limitation on the number of withdrawals.
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, or within 2 business days if the request is received on a non-business day such as a Saturday, Sunday, or a Bank holiday.
Withdrawals can be triggered via Online Banking or the mobile app. You can also contact us by email or phone.
If after withdrawing funds where the balance goes to £0, and remains £0 for a period of six months, we can also close your savings account. We will contact you at least 6 weeks before we close it using the email address you gave us. If the account is closed it cannot be reopened, and you will have to create a new account next time.
Additional information
Interest will be paid gross.
We do not deduct tax from the interest we pay to you. This information is based on our understanding of current taxation which may change in the future.
The AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once a year.
Please note: The information provided in the summary box, is a summary of the key features of our Personal Easy Access accounts. It should not be used as a substitute for our Terms and Conditions which can be found on our website.
