Choose from one of our other accounts below:
|Product||Balance||Gross rate (%)||AER (%)|
|Easy Access Cash ISA||£1,000 - £250,000||1.44||1.44|
Minimum deposit to open an Account: £1,000
Maximum deposit: £250,000 across all OakNorth accounts
The Cash ISA allowance for 2018/2019 tax year is £20,000. Funds can also be transferred from existing ISAs as long as the total balance of your OakNorth savings accounts does not exceed the £250,000 limit. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month.
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.
lf we announce an increase to your interest rate on our website, the change will be effective from the 1st day of the subsequent month.
We will notify you personally of the increase within 30 days of the announcement. If we decrease your interest rate, we will notify you at least 30 calendar days prior to the decrease taking effect.
|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 assumes that no further deposits or withdrawals are made, that the account remains open during the selected term, that any interest earned stays in the account, and that there is no change to the interest rate.
Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Any subsequent funding will add to the total balance, and interest will be calculated on the minimum daily balance.
The account is available to individuals, aged 18 or over, who are ordinarily resident in the UK (i.e. England, Wales, Northern Ireland and Scotland) and have a UK residential 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 mus be completed online.
The maximum deposit for this account is the current tax year allowance for ISAs. In addition or alternatively, you may transfer existing Cash ISAs from other providers into this account. These limits are subject to HM Revenue & Customs rules. You may make additional deposits up to the current ISA tax year allowance. You can transfer Cash ISA balances from the current tax year as well as previous tax years via the online application.
Please note: If you have already contributed to your Cash ISA in the current tax year and would like to transfer from the current tax year’s allowance, you must transfer the full amount. The maximum amount that you may hold on deposit with us across all types of accounts is £250,000.
Upon account approval, you will have 30 calendar days to fund your account via a new deposit and/or Cash ISA transfer before your account will expire and be closed. You have the right to cancel the account within 14 days from account approval. If you are transferring in a Cash ISA from an external provider and choose to exercise your right to cancel before the transfer is completed, the funds will stay with the original ISA provider; if you choose to exercise your right to cancel after the transfer, no interest will be paid on your funds and we will await your instructions on where to remit the funds.
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.
Yes. You can withdraw funds from your Easy Access Cash ISA via online banking by going to the ‘My Account’ section of our website.
Alternatively, if you are unable to access online banking, you may email us at firstname.lastname@example.org or call us at 0330 380 1181 to withdraw funds.
If after withdrawing funds, the balance goes to £0, and remains £0 for a period of 6 months, the account will be closed. There is no term for an Easy Access Cash ISA and no limitation on the number of withdrawals. Your money can be returned to your nominated account or transferred to another ISA provider without loss of interest.
Please note, if you would like to transfer your ISA out, you will need to contact your new ISA provider and instruct them to request a transfer from us. There is a minimum withdrawal amount of £1,000, or the balance amount if the account balance is less than £1,000. We retain the right to pay a reduced rate of interest during any period when the account balance is below the minimum amount permitted for the product.
This is not a flexible Cash ISA, so any money withdrawn cannot be replaced.
Interest is tax-free, and doesn’t count towards your Personal Savings Allowance. The AER (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 Easy Access Cash ISAs. It should not be used as a substitute for our terms and conditions which can be found on our website.
Choose from one of our other accounts below:
Yes, we currently only offer Easy Access Cash ISAs. We will be launching the Fixed Rate Cash ISAs for the tax year 2019/20 soon.
Yes. You can transfer existing Cash ISAs that you hold with other providers into your OakNorth Cash ISA with a minimum transfer amount of £1,000. We will contact your existing Cash ISA provider and arrange the transfer on your behalf. As per HMRC and industry guidelines: Transfers may take up to 15 days If you hold a Cash ISA with another provider from the current tax year, you will have to transfer your entire balance including interest to your OakNorth Cash ISA as part of your application If you would like to transfer in your Cash ISAs from previous years, you can transfer all or part of your balance to your OakNorth Cash ISA. These funds will not count towards your ISA allowance for the current tax year. To arrange a transfer in to your OakNorth Cash ISA account from your existing provider please email us at email@example.com or call us at 0330 380 1181. You can transfer your OakNorth Cash ISA to another provider at any time. To arrange a transfer out of your OakNorth Cash ISA account, please contact your new provider.
No, we currently only provide Cash ISAs. We offer Easy Access Cash ISAs.
There are four types of ISAs: Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs AND Lifetime ISAs. OakNorth currently only provides Cash ISAs.
Yes. The maximum amount that you will be allowed to invest across all types of ISAs, with us or any other provider, is the current tax year’s ISA allowance according to HMRC guidelines. For the current 2018/19 tax year, the ISA allowance is £20,000.
We are launching the Fixed Rate Cash ISAs for the tax year 2019/20 soon. Currently we do not offer any Fixed Rate Cash ISAs.
No, we can only accept funds transferred from a Cash ISA account.
To ensure that you do not lose the tax benefits of your ISA, you must not close or withdraw funds from your account. To transfer funds between ISAs, you must contact the provider that you want to transfer the funds to. Your new provider will then contact your existing provider to have the funds transferred for you.
Yes. You can withdraw at any time from your OakNorth Cash ISA. However, in a Fixed Rate Cash ISA there will be a withdrawal charge depending on the term taken, as shown below :
The OakNorth Cash ISA is not flexible, meaning that you cannot replace the money withdrawn, with the replacement counting towards your annual ISA subscription limit.
You have the right to cancel the Agreement and close your Account within 14 calendar days from the date of your account funding.
If the Cash ISA has been transferred in, the funds will be sent back to the previous provider. This cancellation will not count towards your Cash ISA subscription.
No, we currently do not offer Junior ISAs.
Only if you have Power of Attorney over their financial affairs.
If you open an ISA in the UK and then move abroad, you cannot put money into it after the tax year that you move (unless you’re a Crown employee working overseas or their spouse or civil partner). You must tell your ISA provider as soon as you stop being a UK resident. However, you can keep your ISA open and you’ll still get UK tax relief on money and investments held in it. You can pay into your ISA again if you return and become a UK resident (subject to the annual ISA allowance).
No. For example, If you open a Cash ISA on 28th March 2019 and cancel the ISA account within the cooling off period of 14 days (i.e. after 5th April 2019 but before 12th April 2019) then you will not be eligible for the £20,000 allowance for the year 2018-2019 tax year.
No, the application received near the end of the tax year will only be regarded as opened in that tax year if we have accepted the application before the end of the tax year and your funds are deposited and the subscription is made before the end of the tax year.
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