Personal Fixed Term Deposit Accounts

Currently we reward our existing Fixed Term Deposit customers when they reinvest their maturing funds into a new Fixed Term Deposit with a loyalty bonus of 0.10% AER

Key product information for your Personal Fixed Term Deposit account

Account name
Personal Fixed Term Deposit account

What is the interest rate?

Term

Interest without loyalty bonus (%) Gross rate (%) AER (%) Interest with 0.10% loyalty bonus (%)

12 Months

1.42

1.42

1.42

1.52

15 Months

1.43

1.43

1.43

1.53

24 Months

1.66

1.66

1.66

1.76

30 Months

1.71

1.71

1.71

1.81

36 Months

1.86

1.86

1.86

1.96

48 Months

1.88

1.88

1.88

1.98

60 Months

2.07

2.07

2.07

2.17

Minimum balance: £1,000

Maximum balance: £100,000

Interest is calculated daily and paid gross in full on the maturity date of your account.

Currently we reward our existing Fixed Term Deposit customers who reinvest their maturing funds into a new Fixed Term Deposit account with a loyalty bonus of 0.10% AER.

Can OakNorth Bank change the interest rate?

No. The interest rate is fixed during the term.

What would the estimated balance be on maturity based on a £1,000 deposit?

Term

Initial deposit at account opening Balance after maturity With 0.10% AER/gross loyalty bonus

12 Months

£1,000

£1,014.20

£1,015.20

15 Months

£1,000

£1,017.86

£1,019.11

24 Months

£1,000

£1,033.48

£1,035.51

30 Months

£1,000

£1,043.18

£1,045.74

36 Months

£1,000

£1,056.84

£1,059.96

48 Months

£1,000

£1,077.35 £1,081.58

60 Months

£1,000

£1,107.87

£1,113.31

These estimates assume that the account remains open for the duration of the stated term, and interest is accrued daily and applied to the account upon maturity.

Currently we reward our existing Fixed Term Deposit customers who reinvest their maturing funds into a new Fixed Term Deposit account with a loyalty bonus of 0.10% AER.

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

How do I open and manage my account?

Our accounts are available to individuals, 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 any one account with us is £100,000.

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

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.

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?

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.

30 days before your account matures, you are sent an email asking if you want to:

  • Reinvest your full original principal investment and the interest earned into a new OakNorth Fixed Term Deposit account.
  • Return your full original principal investment and interest earned back to your nominated account.
  • Reinvest a partial amount into a new OakNorth Fixed Term Deposit account and return the remainder back to your nominated account.

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. See our Easy Access Deposit account page for the current interest rate.

Additional information

Interest will be accrued daily but only applied to your account upon maturity.

Gross rate interest is the interest payable without taking into account of any tax payable.

AER (Annual Equivalent Rate). The 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.

Frequently Asked Questions

  • Do you offer Joint accounts or accounts for businesses, corporates, charities, or other types of organisation?
    No. We currently only offer Individual accounts.
  • 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