|Term||Interest rate (%)||Gross rate (%)||AER (%)|
Interest is calculated daily and paid gross on maturity.
No. The interest rate is fixed during the term.
*The estimated balance refers to the balance after maturity of the selected fixed term deposit.
|Term||Initial Deposit at account opening||Balance after maturity|
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.
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; 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.
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.
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:
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.
Please refer to our website for our contact details.
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:
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.
Interest accrues daily and is applied to the account upon maturity.
Gross rate interest is the interest payable without subtracting tax.
The AER (Annual Equivalent Rate) illustrates the annual interest rate as 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 Business Fixed Term Deposit Accounts. It should not be used as a substitute for our terms and conditions which can be found on our website.
Your eligible deposits with OakNorth 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 view our Exclusions and Information sheet below.
For further information on fscs protection visit fscs.org.uk or view the leaflet below.FSCS leaflet Exclusions and Information sheet