Business Easy Access
Key product information for your Business Easy Access Deposit Account
Account name Business Easy Access Deposit Account
What is the interest rate?
|Product||Balance||Monthly interest rate (%)||Gross annual interest rate (%)||AER (%)|
|Business Easy Access Deposit Account||£10,000 - £1,000,000||X.XX*||X.XX||X.XX|
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 Bank change the interest rate?
Yes. Interest rates are variable and can be increased or reduced at any time at our sole discretion as outlined in our Terms and Conditions. If we increase your interest rate the change will be effective from the 1st of the subsequent month. We will notify you within 30 days of this increase. If we decrease your interest rate, we will notify you at least 30 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
This is only an example for illustrative purposes and does not take into account your individual circumstances.
This example assume 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 business accounts are available to businesses that have been registered in the UK for at least 2 years and are registered with HMRC to pay tax in the UK.
We require personal details (name and date of birth) and residential addresses for all applicants (business directors, members, shareholders and other users connected with the account). All applicants must be aged 18 or over, UK residents and liable to pay tax in the UK.
The business must not be engaged in any of the following activities: oil or gas production; leather tanning; manufacturing, dressing or dyeing of fur; armaments; defence activities; wholesale or recovery of waste or scrap; banking or credit; trade finance; insurance or pensions activities; and gambling or betting activities.
Applications to open an account must be completed online through the savings page on our website.
Minimum balance required to open an account: £10,000.
Maximum balance for each account: £1,000,000.
Maximum balance that can be held across all OakNorth accounts: £1,000,000.
There is no limitation on the number of deposits that can be 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 opened, the account can be managed via the ‘My Account’ section of our website.
Within online banking the main applicant can set specific roles for the individuals associated with your accounts. Roles are set per deposit account, please see the various roles and a description of each below:
- No access – A user with the role ‘No access’ will be able to register for online banking, but will not be able to see account details or access the accounts unless they are given another role.
- Read only – A user with the role ‘Read only’ will be able to see the deposit accounts, its transactions and generate statements for all accounts that they are read only on.
- Signatory – A user with the role ‘Signatory’ will be able to see the deposit accounts, its transactions and generate statements for all accounts they are a signatory on. If the account is transactional, they would also be able to authorise transactions.
- Admin – A user with the role ‘Admin’ will be able to see the deposit accounts, its transactions and generate statements for all accounts. They can also administer online banking, by creating new users, setting users roles, resetting users' password and activation links, and enabling and disabling existing users.
It is possible to set multiple user roles for each individual, per account. However, if a user is set as admin, they will be admin for all accounts by default.
You can contact us by email, by phone or in writing using the details on our contact page.
Can I withdraw money?
Yes, there is no term for a Business Easy Access Deposit account and no limitation on the number of withdrawals. There is a minimum withdrawal amount of £1000, or the full balance amount if the account balance is less than £1000.
No notice of withdrawal is required and withdrawals can be made at any time back into your nominated account.
Interest accrues daily and is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Interest will be paid gross.
Gross rate interest is the interest payable without subtracting tax.
AER Annual Equivalent Rate represents the annual interest rate that is calculated over the original principal and any interest accrued during the year, or the term of the deposit, whichever is shorter.
If you change your mind within 14 days of opening your account, we will cancel your account without penalty and return the funds to your nominated account without any interest.
The information provided in the summary box, is a summary of the key features of our Business Easy Access Deposit accounts. It should not be used as a substitute for our Terms and Conditions which can be found on our website.
Your savings, protected
Your eligible deposits with OakNorth Bank 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 download our Exclusions and Information sheet.