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Key product information for your Personal Easy Access Deposit account

Account name Personal Easy Access Deposit account

What is the interest rate?

Product Balance Monthly interest rate (%) Gross annual interest rate (%) AER (%)
Easy Access Deposit Account £1,000 - £250,000 1.14* 1.15 1.15

Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month.

*The monthly interest rate is rounded to 2 decimal places.

 

Can OakNorth change the interest rate?

Yes. Interest rates are variable and can be increased or reduced at any time at our sole discretion as outlined our Terms and Conditions.

If we announce an increase to your interest rate on our website, the change will be effective from the 1st day of the subsequent month. We will notify you personally of the increase within 30 days of the announcement. If we decrease your interest rate, we will notify you at least 30 calendar days prior to the decrease.

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

Initial deposit at account opening

Balance after 12 months

£1,000

£1,011.50

 

 

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 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 only available to individuals (we do not offer joint accounts), 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 £1,000. The maximum deposit you may pay into a Easy Access Deposit Account with us is £250,000.

The maximum amount that you may hold on deposit with us across all types of accounts is £250,000.

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 The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn.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.

Once you activate online banking, your account can be managed via the 'My Account' section of our website.

If for any reason you need to contact us, this can be done by email, by phone or by writing to us. Please refer to our website for our contact details.

Can I withdraw money?

Yes, there is no term for an Easy Access Deposit account and no limitation on the number of withdrawals. There is a minimum withdrawal amount of £500, or the full balance amount if the account balance is less than £500. No notice of withdrawal is required and withdrawals can be made at any time back into your nominated account.

Additional information

Interest will be paid gross.

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 Easy Access Deposit accounts. It should not be used as a substitute for our terms and conditions which can be found on our website.

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