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FAQs about OakNorth

Do you accept Text Relay calls?

Yes, if you have any difficulty with hearing or speech, we can accept calls from you when you use the Next Generation Text (NGT) Service. Please visit NGT by clicking here to see all the ways you can use this service

Do you offer ISAs?

We have temporarily withdrawn our Cash ISA products for new applicants.

Are you part of another organisation/banking group?

No. We are not a member or subsidiary of any other organisation or banking group.

Are you a UK based bank?

Yes. We are a UK based bank with offices in London and Manchester.

Will my deposit be protected?

Yes. 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 scheme is backed by the Bank of England's Deposit Guarantee Scheme and is designed to ensure your deposits are protected should a bank become insolvent.

Are you fully authorised and regulated?

Yes. OakNorth is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. You can confirm the full status of OakNorth on the Financial Services Register

FAQs about opening a Personal Savings Account

Do you offer online access to my account?

Yes. Once your account is funded and activated, you will receive an email asking you to register for an online account where you can view and manage all your active OakNorth accounts.

How do you calculate and when do you pay interest?

  • Fixed Term Deposit Account 
    Interest is calculated daily 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 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. 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.

    ISA Deposit Term Early Withdrawal Charge
    12 Months 90 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.

    ISA Deposit Term Early Withdrawal Charge
    12 Months 90 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.

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.

    ISA Deposit Term Early Withdrawal Charge
    12 Months 90 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 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 £500 unless the account balance is lower. 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 £1,000 unless the account balance is lower, in which case you can only withdraw the whole balance and close the account. 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.

    ISA Deposit Term Early Withdrawal Charge
    12 Months 90 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.

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
    1st Floor, Alexandra Buildings 
    28 Queen Street 
    Manchester 
    M2 5HX
     
    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
    1st Floor, Alexandra Buildings 
    28 Queen Street 
    Manchester 
    M2 5HX
     
    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
    1st Floor, Alexandra Buildings 
    28 Queen Street 
    Manchester 
    M2 5HX
     
    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
    1st Floor, Alexandra Buildings 
    28 Queen Street 
    Manchester 
    M2 5HX
     
    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 fund my OakNorth account with numerous transfers?

  • Fixed Term Deposit Account 
    No. You can only fund your account with a single deposit payment when opening your 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.

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
1st Floor, Alexandra Buildings 
28 Queen Street 
Manchester 
M2 5HX

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

In the case of 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 to this tax years ISA allowance from. This account is separate to the ISA account you may transfer your accumulated ISA balance from (referred to at the bottom of stage 3). 

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.

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.

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 £1000; the maximum does not exceed £250,000; and the total amount you have deposited with us at any one time does not exceed £250,000 across all OakNorth accounts (including Easy Access Accounts, Notice Accounts, Cash ISAs).

  • Easy Access Deposit Account 
    Only one Easy Access Deposit account is permitted per customer. The minimum account opening balance is £1,000 and you can deposit up to a maximum of £250,000. The total amount that you can deposit with OakNorth at any one time cannot exceed £250,000 across all OakNorth accounts (including Fixed Term Accounts, Notice Accounts, Cash ISAs).

  • Notice Deposit Account 
    Only one Notice Deposit Account is permitted per customer. The minimum account opening balance is £1,000 and you can deposit up to a maximum of £250,000. The total amount that you can deposit with OakNorth at any one time cannot exceed £250,000 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. At OakNorth, you can split your Cash ISA allowance between our Fixed Rate Cash ISA and Easy Access Cash ISA, and this will be classified as one Cash ISA for the purposes of tax-free allowances and HMRC reporting. 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. At OakNorth, you can split your Cash ISA allowance between our Fixed Rate Cash ISA and Easy Access Cash ISA, and this will be classified as one Cash ISA for the purposes of tax-free allowances and HMRC reporting. There is no limit on transfers in for Cash ISAs from previous years.

How do you 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.

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

No. We only accept applications online through our website.

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.

Do you offer joint accounts?

No. We currently only offer Personal Savings accounts for individuals.

Am I eligible for a deposit account?

Our accounts are available to individuals, aged 18 years 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.