OakNorth Bank

OakNorth Bank is a digital bank that offers personal savings accounts and Cash ISAs to UK residents, and nothing else on the consumer side: no current accounts, no credit cards, no branches. It describes itself as a digital bank and does not send account statements or certificates by post, so everything happens online or in its mobile app¹. Because it has no current account of its own, every customer needs a personal UK bank or building society account in their own name, which OakNorth calls a nominated account, to move money in and out¹.

The range covers the main types of savings account: easy access accounts you can withdraw from at any time, notice accounts that require a waiting period before money is released, fixed term accounts that lock money away until a set maturity date, and Cash ISAs in both easy access and fixed rate form². OakNorth also lends to businesses, and states that its lending since 2015 has helped create 56,000 new homes and 34,000 jobs across the UK⁵. This page sets out what it offers, how the accounts work, who can open one, how to complain, and how your money is protected.

OakNorth savings accounts: easy access, notice, fixed term and ISAs

OakNorth's personal savings range falls into four broad types, and the differences between them are about access: how quickly you can get your money back, and whether the interest rate can change.

Easy access accounts let you withdraw at any time, with no notice period. Withdrawals go to your nominated bank account, and you can also transfer money to other OakNorth personal savings accounts you hold that allow deposits¹². If OakNorth reduces the interest rate on an easy access account, its terms give you the option to close the account without charges or loss of interest, or to switch to another OakNorth account⁸.

Notice accounts require you to give notice before withdrawing, and the money is sent on the day the notice period ends⁷. OakNorth's terms allow one useful move: you can transfer funds from an existing Easy Access or Personal Notice account into another OakNorth savings account before the notice period expires, provided the destination account has the same or a longer notice period⁹. As with easy access accounts, a rate reduction gives you the right to close without charges or loss of interest, or to switch accounts⁹.

Fixed term accounts lock your money in until a maturity date. OakNorth states that the interest rate is fixed during the term, and that it does not charge fees for opening or managing the account². Its terms add that you cannot withdraw money until after the maturity date, although withdrawals may be allowed in cases of hardship¹³. When the term ends, the balance, including interest, is paid out or reinvested according to the instructions you give, and OakNorth contacts you in advance to set out your options².

Cash ISAs come in two forms: an Easy Access Cash ISA and a Fixed Rate Cash ISA⁵. Interest in a Cash ISA is tax-free and does not count towards your Personal Savings Allowance⁵. You can save up to £20,000 into one Cash ISA in any tax year, a limit set by HMRC rather than by OakNorth⁷. The ISAs are covered in detail in the next section.

OakNorth also offers a Notice Base Rate Tracker account, which follows the Bank of England's base rate, so the rate moves when the base rate moves rather than at OakNorth's discretion⁴. For background on how these account types compare across the market, see our guide to savings accounts and our guide to ISAs.

OakNorth Cash ISAs and how ISA transfers work

OakNorth accepts transfers in from existing Cash ISAs, covering both the current tax year and previous tax years, but only from providers that use the electronic ISA transfer service, and only from Cash ISAs: it cannot accept Stocks and Shares ISAs, even if the funds are currently held as cash⁵. You can transfer in up to six existing Cash ISAs from different providers¹⁴. Transfers of current tax year ISAs must be the full amount⁵. When you apply, OakNorth contacts your existing provider and arranges the transfer on your behalf, and it will email you if it needs further information¹⁵.

There are timing points worth knowing. Once your ISA application is approved, you have 30 calendar days to fund the account¹⁴. Transfers usually take up to 15 business days¹⁴. If you are transferring from a Fixed Rate ISA before it matures, your existing provider may charge an early withdrawal fee, which varies between providers¹⁴. New customers can transfer ISAs in when opening a new OakNorth ISA, but once the account is open, further transfers in are not possible⁷. You cannot use the "Move money" feature in OakNorth's app or website to transfer into an ISA⁷.

Moving an ISA out works the other way round: you deal with the new provider, not OakNorth.

The key rule is that you must not withdraw the money yourself and then pay it into a new ISA. OakNorth's guidance is blunt:

If you change your mind within 14 days of transferring in, the funds are moved into an Easy Access ISA so you can withdraw them, and you retain your full ISA allowance for the current tax year as long as the cancellation happens within the same year¹⁴. If your ISA was funded directly from your linked account and you cancel within the 14-day cooling-off period, the money is returned to that account¹⁴.

One further point: OakNorth's Cash ISAs are not flexible. Money withdrawn cannot be replaced, and withdrawn funds lose their tax-free status¹⁹. For Easy Access Cash ISAs only, there is no limit on the number of deposits or Cash ISA transfers you can make after the first 30 calendar days¹⁹. If you hold an OakNorth Cash ISA and move out of the UK, you may choose to transfer the funds to a new Cash ISA provider without penalty, so the money stays inside an ISA tax wrapper¹.

How interest is worked out and when rates change

For most accounts, including Easy Access, Notice and ISA accounts, OakNorth calculates interest on your minimum daily balance and applies it monthly, on the first day of the following month²⁰. The notice account terms say the same: interest is calculated on a minimum daily balance and applied on the first day of every month⁹. Interest starts no later than one business day from when your first deposit is received and applied⁵.

Fixed term accounts work differently. Interest is calculated daily from the day your funds are received, compounded annually, and paid at maturity directly into your OakNorth account⁷. On the monthly interest variant of the fixed term account, interest is calculated daily on the end of day balance and applied monthly on the day of the month the account was first funded, with the first payment one month after funding². On reinvestment accounts, interest is calculated daily and paid in full on the maturity date²¹. The fixed term deposit terms describe the same pattern: daily accrual on the end of day balance, with annual compounding on the balance plus interest already earned¹³.

When rates change depends on the account type. On fixed term accounts the rate is fixed for the whole term². On variable rate accounts, OakNorth can increase or decrease the rate at any time at its sole discretion⁵, but with notice rules: if it increases your rate it will notify you within 30 calendar days of the increase, effective the first day of the next calendar month (in certain cases with immediate effect), and if it decreases your rate it will notify you at least 14 calendar days before the decrease takes effect⁵. A decrease also triggers the closure and switching rights described above on easy access and notice accounts⁸.

Fees and charges

OakNorth does not typically apply fees to savings accounts, and states that you pay no monthly fees¹. Its fixed term accounts carry no fees for opening or managing the account². The one situation where a charge can arise is withdrawing from a Fixed Rate Cash ISA before it matures⁷. OakNorth's own terms for fixed term deposits state that money cannot be withdrawn until after the maturity date, though withdrawals may be allowed to prevent hardship¹³, so early access is at OakNorth's discretion rather than a right.

If you are transferring an ISA in from another provider's fixed rate product before maturity, any early withdrawal fee would come from that provider, not from OakNorth, and it varies¹⁴. For today's rates and any product-specific charges, check the account pages on OakNorth's own website, since figures change and this page does not carry them.

Who can open an OakNorth account

The core eligibility rules are the same across the range. You must be aged 18 or over and a UK resident, meaning England, Wales, Scotland or Northern Ireland, and you must hold a personal UK bank or building society account that allows transfers to be made to and from it². For the Easy Access Cash ISA, OakNorth also describes the residency requirement as having a permanent UK address you have held for three years or more⁵. There is no branch alternative and no postal application: OakNorth does not accept applications by phone, post or in person⁷.

Joint accounts are a mixed picture. OakNorth's FAQs state that it currently does not offer joint account applications², although some product pages describe joint accounts with a maximum of two holders, and reinvestment accounts note that joint applications can only be made through the website rather than the app²¹. ISAs cannot be joint in any case: ISAs are individual savings, so OakNorth does not offer joint ISA products⁵. Transfers between joint and sole accounts are not possible⁷.

You can open an account on someone else's behalf only if you have legal authority to do so, specifically Power of Attorney over their financial affairs¹⁴. If a joint account holder dies, the surviving holder can open a new Easy Access Account in their own name under OakNorth's terms¹. For general background on opening and switching accounts, see how to open, switch or close a bank account guidance from MoneyHelper, and our guide to current accounts.

Applying online or in the app, and the documents you may need

Applications are made through the OakNorth website or its mobile banking app³. One exception: applications that include an ISA transfer in must be completed through the website, not the app⁶. For a Cash ISA, the application includes a declaration and appoints OakNorth as your ISA account manager¹⁹.

Most accounts must be funded within 14 days of approval; for Cash ISAs the funding window is 30 days⁷. If a fixed term account is not funded within the 14-day period, it is closed automatically².

Identity checks are part of opening any account. Where OakNorth needs proof of address, its guidance states that documentation other than what it can verify electronically must be either an original or a certified copy, sent by post to its Manchester office²². If you receive documentation online, OakNorth asks you to contact the document provider to send an original copy in the post, which you then post on to OakNorth²². In practice, most applicants will pass electronic checks without posting anything, but if you are asked for documents, allow time for the post.

Paying in and taking money out

There are three ways to add money to an OakNorth account: a one-off deposit, a monthly payment, or a cheque⁷. All payments must come from your linked bank account, and you can transfer funds in via your nominated account at any time⁷. Scheduled payments can only repeat monthly, and you can have only one scheduled payment at a time per OakNorth account⁷. Cheques should be made payable to OakNorth, with your full name and OakNorth account number written on the back; they can take around a week or more to process, and under OakNorth's terms the money is credited no later than two business days after the business day the cheque is received⁷.

The quickest way to withdraw is through the web platform or app, by tapping "Withdraw", though you can also make a withdrawal request by phone⁷. The timing depends on the account:

• Easy access: a withdrawal made on a business day is sent to your linked account the next business day; a request made on a weekend or bank holiday arrives the next business day⁷.
• Notice accounts: money is sent on the day your notice period ends, and funds are only available once the notice period has passed⁷.
• Fixed term: no withdrawals until maturity, except where OakNorth allows one to prevent hardship¹³.
• At maturity: if you choose to withdraw, the money is sent to your linked account on your maturity date and arrives by the end of the day¹⁴.

Transfers between your own OakNorth accounts are possible within the rules: from an Easy Access Tracker account into a Fixed Term account while the funding window is still open, for example, or from notice accounts into accounts with the same or longer notice periods⁷. Transfers are usually instant but can take up to one business day⁷. Some accounts may require advance notice, restrict early access or apply interest penalties for early withdrawals, so check the terms for your specific account⁷.

Changing your mind: the cooling-off period and what happens at maturity

Savings accounts come with a 14-day cooling-off period. For easy access and notice accounts, the right to cancel runs for 14 calendar days from the date you opened the account and made your first deposit, or, if later, from when you first received the product terms and conditions⁸. The fixed term deposit terms are the same¹³. You exercise the right by emailing or calling OakNorth⁸. If you close a fixed term deposit during the cooling-off period, the money is sent back to your nominated bank account on the following business day if closed on a business day, or within two business days if closed on a non-business day¹³.

If you transfer money from one OakNorth account into a new notice account, the old account may remain open for at least 14 calendar days in case you cancel the new one⁹. On ISAs, the 14-day cancellation works as described above: funds go into an Easy Access ISA or back to your linked account, and your ISA allowance is preserved if the cancellation happens in the same tax year¹⁴.

Fixed term accounts all end the same way. OakNorth contacts you at least 14 days before the maturity date to outline your options², and the deposit terms say it will write to you at least 14 calendar days before¹³. On reinvestment accounts, emails go out 30 days and 14 days before maturity with a choice of options²¹.

If you do not choose an option by the maturity date, or OakNorth cannot carry out your choice, the total balance including interest is moved automatically: into an OakNorth Simple Saver account on fixed term accounts², into an OakNorth Easy Access Cash ISA on fixed rate Cash ISAs⁶, or into an OakNorth Personal Easy Access Deposit Account under the deposit terms, or back to your nominated bank account if that product is not offered at the time¹³. The default is not a penalty, but it may not be the account you would have chosen, so it is worth responding to the maturity email.

Accounts left empty are treated firmly. If the balance goes to £0 and stays there for six months, OakNorth can close the account, giving at least six weeks' notice by email, and a closed account cannot be reopened⁵. After fifteen years with no contact, an account is treated as legally dormant and the funds can be transferred to a reclaim fund; you remain entitled to claim your money back from that fund¹.

Complaints and the Financial Ombudsman Service

OakNorth's complaints process has fixed timescales. It aims to resolve a complaint by the end of the third business day, calculated from the business day after it receives the complaint, and it will acknowledge any complaint within 5 business days at the latest if it has not been resolved sooner¹⁰. If it cannot resolve the matter, it must issue a final response within eight weeks of the date you first raised it, or within 35 business days for complaints about payment services related to business current accounts¹⁰.

If you are unhappy with the final response, or if eight weeks pass without one, you can ask the Financial Ombudsman Service for an independent review within 6 months of OakNorth's final response letter¹⁰. The ombudsman is free to use. Its complaint form is the usual starting point, and it can be reached on 0800 023 4567 or by email at complaint.info@financial-ombudsman.org.uk²⁴. For more on your rights when things go wrong, see our guide to consumer protection in UK financial services.

How your savings are protected

OakNorth is covered by the Financial Services Compensation Scheme (FSCS), the deposit guarantee scheme that protects eligible deposits if a bank fails¹. OakNorth's own product pages state that eligible deposits are protected up to £120,000⁵, the level set by the FSCS for eligible deposits with banks it covers. On a joint account held by two eligible depositors, each depositor has a claim up to the scheme limit, so the maximum that could be claimed is the limit per joint account holder¹.

Money you hold with OakNorth is protected by the Financial Services Compensation Scheme (FSCS), which covers eligible deposits up to £120,000¹¹. The bank is authorised by the Financial Conduct Authority, and it appears on the Bank of England's Prudential Regulation Authority list of UK banks allowed to accept deposits¹¹. Its permissions cover accepting deposits and entering into regulated mortgage contracts as lender¹¹. It is an active company, incorporated on 3 July 2013¹¹. You can check its current status yourself on the FCA Register¹¹.

Two practical points follow from the protection rules. First, because the FSCS limit applies per person per bank, everything you hold with OakNorth counts together towards the one limit, so spreading money between its different accounts does not increase protection. Second, the protection covers the failure of the bank, not falls in interest rates or the consequences of locking money into a fixed term: those are product features, and the cooling-off and maturity rules above are what govern them. For the wider picture, see our guide to consumer protection.