Get a competitive interest rate with a bit of fun

FSCS Protected, 0.70% AER guaranteed interest, and participation in a potential National Lottery win (tax free)

Applications for all accounts need to be made online.

"I got the same interest as my high street bank and also have the chance to make up to £75,000*" - OakNorth Lottery Bond depositor

*Based on an investment of £30,000 in a Lottery Group with £2,000,000 in deposits and if the Lottery Group wins the entire National Lottery jackpot of £5,000,000.

Add some excitement to saving by applying and funding a 9 month Fixed Term Deposit to join our monthly Lottery Group. Your Lottery Group depends on when you fund your account and will mean you join a pool of depositors who you will share any prizes with if won. Your investment is FSCS protected up to the maximum protection across all OakNorth accounts, and you will earn guaranteed interest of 0.70% AER. Our monthly draw ticket numbers will be posted on our site before each draw. We will buy 1 National Lottery ticket for every £4,000 invested.

How do we calculate your proportional share?

National Lottery win of £1,000 National Lottery win of £50,000 National Lottery win of £5,000,000
Your investment £1,000.00 £1,000.00 £1,000.00
Total funds invested by the Lottery Group £4,500,000.00 £4,500,000.00 £4,500,000.00
Your proportional share 0.02% 0.02% 0.02%
Your proportional winnings £0.22 £11.11 £1,111.11
Your investment £10,000.00 £10,000.00 £10,000.00
Total funds invested by the Lottery Group £4,500,000.00 £4,500,000.00 £4,500,000.00
Your proportional share 0.22% 0.22% 0.22%
Your proportional winnings £2.22 £111.11 £11,111.11
Your investment £85,000.00 £85,000.00 £85,000.00
Total funds invested by the Lottery Group £4,500,000.00 £4,500,000.00 £4,500,000.00
Your proportional share 1.89% 1.89% 1.89%
Your proportional winnings £18.89 £944.44 £94,444.44

Key product information for your Personal Lottery Fixed Term Deposit account

Account name

Personal Lottery Fixed Term Deposit account

What is the interest rate?

Fixed Term Deposit

Interest Rate without bonus (%)

Gross rate (%)

AER (%)

Interest Rate with bonus (includes a loyalty bonus of 0.1% AER/Gross)

9 Month





Minimum Balance: £1,000

Maximum Balance: £250,000

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

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 0.1% 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?

Fixed Term Deposit

Initial deposit at account opening

Balance after maturity

With 0.1% AER/Gross Loyalty Bonus

9 Months




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.

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 through the savings page on our website.

The minimum deposit required to open your account is £1,000. The maximum deposit you may pay into any one 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.

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 funded and activated, 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 their 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. You can see our current interest rates on the savings page.

Additional information

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

Gross rate interest is the interest payable without taking 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 each year.

How many tickets will you buy?

Total amount raised in a Lottery Group

Tickets bought over 9 months







These are only examples for illustrative purposes and do not guarantee any wins.

Every £40,000 that is invested in a Lottery Group, will allow 10 lottery tickets to be bought over the 9 scheduled lottery draws for your Lottery Group.

So what are your chances of winning?

The more you invest, the more tickets we will buy on your behalf. Your winnings, if any, will be proportional to the amount you invest. We will confirm your exact share of any potential winnings upon the closure of the funding period per Lottery Group, once we have confirmation of the total amount of investors and total funds raised per Lottery Group.

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

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