Business Fixed Term Deposit Accounts

Earn great returns for your business.

Applications for all accounts need to be made online.

Key product information for your Business Fixed Term Deposit account

Account name
Business Fixed Term Deposit account

What is the interest rate?

Term

Interest Rate (%)

Gross rate (%)

AER (%)

3 Months

0.10

0.10

0.10

6 Months

0.40

0.40

0.40

12 Months

1.20

1.20

1.20

Interest is calculated daily and paid gross on maturity.

Can OakNorth Bank change the interest rate?

No. The interest rate is fixed during the term.

What would the estimated balance be after 3, 6 and 12 months based on a £10,000 deposit?

Term

Initial deposit

Balance at maturity

3 Months

£10,000

£10,002.52

6 Months

£10,000

£10,020.03

12 Months

£10,000

£10,120.00

These estimates assume that the account remains open during the selected term, and interest is accrued daily and applied to the account on maturity.

These are only examples for illustrative purposes and do not take into account individual circumstances.

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: £250,000.

Maximum balance that can be held across all OakNorth accounts: £250,000.

The account can only be funded with a single deposit payment. We cannot accept additional deposits into the same account during the term of the deposit.

Once opened, the account can be managed via the ‘My Account’ section of our website.

You can contact us by email, by phone or in writing using the details on our contact page.

Can I withdraw money?

No. This is a Fixed Term Deposit Account. The amount in the account becomes available at the end of the selected term.

30 days before your account matures, we will send you an email asking if you want to:

  • Reinvest the full or partial balance in a new OakNorth Business Deposit account. Any remaining balance will be transferred back to your nominated account.
  • Return your full original principal investment and interest earned back to your nominated account.

If we do not hear from you before the account maturity date, we will transfer the total amount including interest to a variable rate Business Easy Access Deposit Account with us.

Additional information

Interest accrues daily and is applied to the account upon maturity.

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.

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.

Frequently Asked Questions

  • Do you offer joint accounts?
    No. We currently only offer Personal Savings accounts for individuals.
  • 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.
  • Can I apply for an account over the phone, by post or in a branch?
    No. We only accept applications online through our website.
  • 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 offer online access to my account?
    Yes. Once your account is funded, you will receive an email asking you to register for an online account where you can view and manage all your active OakNorth accounts.

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.

Please click the FSCS leaflet for further information or visit www.fscs.org.uk

For further information in regards to eligible deposits, please download our Exclusions and Information sheet.

FSCS