Frequently asked questions

Business banking

Opening an OakNorth business current account

You can join the waitlist to open an OakNorth business account on our website here. A member of our team will reach out to you via phone or email in the next few days with next steps.

We aim to open all business accounts within a matter of days. Once you submit your application via the app, we will aim to reach out to you within 48 working hours with an update or if any further information is needed. We’ll then be in touch about the status of your application as soon as we have processed it.

Please keep in mind, account opening times can vary from business to business.

You can apply for an OakNorth business banking account if:

  • Your company has a turnover of over £1 million or you want to deposit a minimum of £100k

  • In case of a property company, your company has assets of over £1 million

  • You are a Director at any one of the following company types: Limited Company, Private Unlimited company, PLC, LLP, Overseas Company or certain types of Private Limited companies.

  • Your company is registered in the UK with Companies House

  • Your company has an active status on Companies House

  • You are a tax resident in the UK (registered with HMRC), and no other countries

  • You are aged 18 years or over

You can read more about the eligibility criteria in our terms and conditions.

You can open one OakNorth business current account per registered company.

Photo ID: A valid passport or driver’s license

Company Information: We’ll ask for general information about your business like estimated turnover, number of employees and expected payments to better understand your business.

After applying: In some cases, we will need some more information before making a decision on your account. Our customer service team will be in touch via email or phone to request this as they differ on a case by case basis.

Payments & Limits

Paying in: There are no daily limits on payments in to your OakNorth business current account. You can make as many transactions as you need.

Paying out / Withdrawals: There is a daily withdrawal limit of £1 million during business hours and £25k outside business hours. You can make an unlimited number of transactions, as long as the total amount is within the withdrawal limit. Business hours are from 9am – 5pm.

Currently, payments can be made in GBP only. We are continuously enhancing our product and releasing new features and will notify you when we start supporting payments in other currencies.

Sometimes, the final amount for a transaction can vary slightly from the initial charge. This can happen for various payments, such as booking a hotel or renting a car, tipping at a restaurant, or even catching public transport.

If a transaction has left your account balance negative, you’ll need to top up as soon as possible to be able to use your account again. Until you do so, transactions will decline because there won’t be enough money in your account.

For more information, see our terms and conditions.

Costs & charges

There are no fees or charges on your business banking account.

Earn Vault (Business Savings Vault)

All customers who have a business current account automatically get access to an easy-access business savings vault (or Earn vault)

The Earn vault is not offered as a stand-alone product. You can join the waitlist to open an OakNorth business account on our website here.

There are no limits on the Earn vault. You can hold any amount of money in the vault and earn 3.85% AER.

Transfers to and from your Earn vault can only be made from your OakNorth business current account. This means you need to transfer money into your current account and then “Add money” into the Earn vault to deposit money. Likewise, you can withdraw funds into your current account and transfer money out of your current account.

Earn is an easy-access product, meaning it takes up to one business day to receive withdrawn funds into your current account.

You can find more more details about withdrawals in our terms and conditions.

We are currently offering a competitive rate of 3.85% AER. We are continuously observing the market and will ensure we offer competitive rates. You can read the product details on our website here.

When interest rates change, we will notify our existing customers via email in line with our terms and conditions.

We only offer one easy-access Earn vault per business current account at the moment. The Earn vault is not offered as a stand-alone product. This means every OakNorth business current account, has one corresponding Earn vault that customers can automatically access.

Making the most of my account

  • To request a new user for your account, get in touch with your OakNorth Business Partner: navigate to the “Help” section at the top right corner of your screen in the OakNorth business banking app and click to call or email.

  • The new user being added will then need to complete a simple digital application to join your business bank account. We will keep you updated of their application progress every step of the way.

Confirmation of Payee is an account name checking service that adds a layer of security and added assurance that you are sending payments to the intended recipient, helping to avoid accidental or misdirected payments.

When you make or receive a payment with your OakNorth business current account, the validity will automatically be checked using the service as long as the recipient’s bank also offers Confirmation of Payee. By checking that you have the correct details for the person or business you’re paying, CoP helps to prevent payments from going to the wrong account, as well as helping to reduce instances of fraud. CoP will also improve payments between UK banks and reduce instances of fraud.

When you’re a business banking customer, you get access to a dedicated OakNorth Business Partner. They are someone who understands your business, your strategic goals, and who can connect the dots on how OakNorth may be able to help you achieve your goals and overcome certain pain points.

An ON Business Partner allows businesses to:

  • Have a point of contact in the bank for support or issues. We won’t pass you from pillar to post!

  • Get banking support from a partner that understands the intricacies of your business and knows your sector and everyday banking needs

  • Know whom to call when they want to leverage a business opportunity, assess strategic goals or talk about funding needs.

  • Have peace of mind in knowing that if something goes wrong, your business partner is just a call away. You don’t have to wait on the phone for hours or send multiple emails to get a response.

You can contact your dedicated OakNorth business partner in-app via the “Get help” section. You can then choose to phone, email or book in a meeting with them at your convenience.

Note: Your OakNorth Business Partner is not allowed to provide financial advice under any circumstances.

We do not currently support international payments. We are continuously enhancing our product and releasing new features and will notify you when we start supporting international payments.

We currently don’t offer an overdraft facility. For funding needs contact your OakNorth business partner or visit our website for lending related information Business Loans from £250k | Sector Specialists | OakNorth Bank.

Support

If you think you’ve been tricked by a fraudster into sending them money:

  • Call our Customer Service Team on: 0330 380 1181 as soon as possible. You will not be charged more than the basic rate to call this number. We are available from 9am to 5pm Monday to Friday (We are closed on all UK public and bank holidays)

  • Report fraud at any time to Customer Service by emailing [email protected]

Always report fraud to Action Fraud.

As a first step, we recommend checking whether you’re on the latest available version of the app. If you’re not already, try updating it and sign in again.

If you continue to have issues, get in touch with our team:

  • Contact your business partner via the ‘Get Help’ section in the app.

  • Call our Customer Service Team on: 0330 380 1181 as soon as possible. You will not be charged more than the basic rate to call this number. We are available from 9am to 5pm Monday to Friday (We are closed on all UK public and bank holidays). You can also email the team at [email protected]

If you want to talk about any opportunity, contact your business partner via ‘Get Help’ section in the App 9 AM to 5 PM, Monday to Friday.

Alternatively, you can find more information on how to contact us here.

If you have received a suspicious email:

  • Do not click on any attachments or links as this could compromise your account and put your sensitive information and money at risk.

  • OakNorth Bank will never ask you to transfer money to a ‘reserve account’, from your existing account or to open a new account. If you receive an email asking you to do so, always remember to take the time to ask yourself if the contact and request makes sense and act with care.

  • Be cautious about disclosing any personal information. Where in doubt contact the bank using trusted contact details.

  • If you need support, contact your business partner via ‘Get Help’ section in the app.

  • Or you can call our Customer Service Team on: 0330 380 1181. You will not be charged more than the basic rate to call this number. We are available from 9am to 5pm Monday to Friday (We are closed on all UK public and bank holidays)

We’re committed to providing products and services of the very highest standards. If you feel that we haven’t lived up to your expectations in any way, we’d like to know so we can put things right for you.

You can:

  • Call our Customer Service Team on: 0330 380 1181. You will not be charged more than the basic rate to call this number. We are available from 9am to 5pm Monday to Friday (We are closed on all UK public and bank holidays).

  • Raise your complaint with Customer Service by emailing [email protected]

  • Or write to:

OakNorth Bank plc

Ship Canal House

98 King Street

Manchester, M2 4WU

You can read more about how to make a complaint here.

We currently only offer an easy-access (next working day) business savings product. You can find more information about OakNorth Earn here.

While we previously offered Fixed Term Deposit accounts and Notice accounts, these products are no longer being offered to new customers as of Jan 2024. We are however working hard to expand our product suite and develop products that meets our customer’s needs.

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