Choose from one of our other accounts below:
|Term||Balance||Gross rate (%)||AER (%)|
|12 months||£1 - £500,000||1.49||1.49|
|24 months||£1 - £500,000||1.59||1.59|
|36 months||£1 - £500,000||1.61||1.61|
Minimum deposit to open an Account: £1
Maximum deposit: £500,000 across all OakNorth accounts
The Cash ISA allowance for 2019/2020 tax year is £20,000. Funds can also be transferred from existing ISAs as long as the total balance (excluding interest) of your OakNorth savings accounts does not exceed the £500,000 limit.
Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month.
No. The interest rate is fixed during the term.
|Term||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 the account remains open during the selected term, and that any interest earned stays in the account.
The term of the account and thus interest accrual will start on the business day that we receive your first funding. Any subsequent funding (within the first 30 days from account approval) will add to the total balance, and interest will be calculated on the minimum daily balance and applied to the account on the first day of every subsequent month.
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) 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 must 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.
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 (excluding interest) that you may hold on deposit with us across all types of accounts is £500,000.
Upon account approval, you will have 30 calendar days to fund your account via 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 Fixed Rate Cash ISA via online banking by going to the ‘My Account’ section of our website.
Alternatively, you may email us at firstname.lastname@example.org or call us at 0330 380 1181 to withdraw funds. Your money can be returned to your nominated account or transferred to another ISA provider.
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.
There will be a withdrawal charge depending on the term taken, as shown below :
We will deduct the charge from the balance in your account when the withdrawal is made, and you therefore may get back less than you originally deposited. If after withdrawing funds where the balance goes to £0, and remains £0 for a period of 6 months, the account will be closed. You can close or transfer your balance to another ISA provider at the end of the fixed term with no penalty.
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. 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, the total amount will be automatically transferred to an OakNorth Easy Access Cash ISA.
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 Fixed Rate 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 offer 12, 24 and 36 Month Fixed Rate Cash ISAs only. We have temporarily withdrawn our Easy Access Cash ISAs for new customers.
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. 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 submit an application online and enter the details of the existing ISAs you would like to transfer in. 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 (Fixed Rate 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 2019/20 tax year, the ISA allowance is £20,000.
We currently only provide a 12-Month, 24-Month and 36-Month Fixed Rate Cash ISA.
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 2020 and cancel the ISA account within the cooling off period of 14 days (i.e. after 5th April 2020 but before 12th April 2020) then you will not be eligible for the £20,000 allowance for the year 2019-2020 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