Choosing the right savings account can feel overwhelming with so many options available. The best fit for you will depend on your financial goals, how soon you might need access to your money, and the level of flexibility you require. At OakNorth Bank, we offer a range of savings accounts designed to suit different needs: fixed-term, easy access, and notice accounts. Here’s a breakdown to help you decide.
These accounts come with a fixed interest rate for a set term. You deposit your money and leave it untouched for the duration of the term in exchange for a guaranteed rate of return. Fixed-term accounts generally offer some of the most competitive rates, especially for longer terms. We offer terms ranging from 6 to 60 months, with the longer terms typically providing the highest rates.
Fixed-term savings accounts are ideal for savers who know they won’t need to access their funds during the term, such as those saving for a home deposit or university fees. Note that you cannot withdraw or add to your deposit during the term, making them less flexible but rewarding for those who can commit to the time frame.
It’s important to remember that our fixed-term savings accounts are different to fixed-rate ISAs where customers can withdraw their funds during the term but will have to pay a penalty. You are not able to do this with fixed-term savings accounts.
For those seeking flexibility, easy access accounts allow you to withdraw funds whenever you need them without penalties. While the interest rates tend to be lower and variable compared to fixed-term accounts, they’re a great option for short-term savings or as a buffer for unexpected expenses. If you value accessibility above all else, this type of account might be the right choice for you.
Notice accounts bridge the gap between fixed-term and easy access accounts. They require you to provide advance notice before withdrawing your funds—for example, 35 days’ notice for our standard notice accounts. These accounts typically offer higher rates than easy access accounts while allowing you to top-up your savings during the term. They’re well-suited to savers planning for mid-term goals, such as a holiday or car purchase, who also want a bit more flexibility than fixed-term products provide.
If you’re looking for a notice account with added transparency, our Notice Base Rate Tracker account might be the perfect fit. This account tracks the Bank of England base rate, plus or minus a fixed spread, ensuring your interest rate adjusts with changes in the base rate. You’ll just need to provide 95 days’ notice to access your funds. It’s ideal for those who want to benefit from potential interest rate increases while maintaining a clear, predictable approach to their savings.
What about ISAs?
If you’re looking to save tax-free, Individual Savings Accounts (ISAs) are another option to consider. Unlike standard savings accounts, the interest you earn with an ISA is completely tax-free, making it an attractive choice for savers. At OakNorth, we offer easy access and fixed-rate Cash ISAs with terms ranging from 12 to 36 months, allowing you to grow your savings while enjoying the benefits of FSCS protection. Learn more about ISAs here.
What to consider when choosing a provider:
Once you’ve decided which type of savings account suits your needs, it’s time to choose a provider. Look for competitive rates and consider how your loyalty will be rewarded down the track. Some banks, like ours, offer special rates for customers who reinvest, ensuring that long-term trust is valued. For peace of mind, it’s very important to make sure your money is protected by the Financial Services Compensation Scheme (FSCS).
Ease of account management is also key. Can you easily manage your savings online or via an app? Finally, consider customer service. We’re proud to say our team answers calls at an above-industry benchmark rate, ensuring help is there when you need it most.
With competitive rates, FSCS protection, and a TrustPilot rating of 4.8/5 from over 14,000 customers, we’re here to help you make the most of your savings.
Ready to get started? Explore our savings options today and find the account that’s right for you.
