Frequently asked questions

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    Opening an account

    Opening an account

    Eligibility

    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) for tax purposes and have a permanent UK address. Also, you must have a personal UK bank or building society account that allows transfers to be made to and from it.

    If you’re over 18 years old and you’re a resident of the UK – i.e. you have a permanent UK address that you’ve had for over two years – then you’re eligible for an OakNorth fixed term savings account. You’ll also need to have a personal UK bank or building society account to transfer funds into your account.

    If you’re over 18 years old and you’re a resident of the UK – i.e. you have a permanent UK address that you’ve had for over two years – then you’re eligible for an OakNorth fixed term savings account. You’ll also need to have a personal UK bank or building society account to transfer funds into your account

    Identification and verification

    As with all UK savings accounts, we check your identity and address before you open an account, usually by checking a number of electronic databases. In some cases we may ask you to send additional documentation in order to proceed your application.

    How to open an account

    Once you’ve decided the right account for you, simply fill out our online application or download the OakNorth app and apply directly there.

    To open a savings account, you will require the following information:
    • A valid email address and telephone number.
    • Details of your main bank account from which you will make your deposit.
    • Your address details.
    • For Cash ISA customers, your National Insurance number and if transferring funds from another ISA provider(s), the details of the existing ISA account(s).

    No. We only accept applications online through our website or via our mobile app.

    As with all UK savings accounts, we check your identity and address before you open an account, usually by checking a number of electronic databases. In some cases we may ask you to send additional documentation in order to proceed your application.

    Once you have submitted your application:
    • If your application is successful, you will receive an email with the bank details you need to fund your new account.
    • If we need additional information from you to complete your application, you will be provided with details of what you need to send to us.
    • If your application is unsuccessful, you will be advised that we are unable to open an account for you at this time.

    Yes, we’ll send all documentation by email. When you close your account with us, and when your product matures, we’ll provide you with a tax certificate via email.  Please note that we do not issue statements or certificates via post.

    Keeping your money safe

    The Financial Services Compensation Scheme is a body, funded by the financial services industry, providing automatic protection if your bank, building society or credit union goes out of business. The FSCS covers financial services firms that have been authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) to do business in the UK.

    No, you do not need to pay for FSCS protection on your accounts.

    Ready, steady, grow

    Ready to grow your savings? Check out our resource hub for useful product guides, and helpful tips and tricks to help you on your way.

    Learn More