Frequently asked questions

Once your application is approved you will receive an email with the account number and sort code you need to deposit funds into your account. You must send the payment from your nominated bank account which you will be asked to specify during your online or mobile application. All deposits will be processed no later than one business day from when we receive your funds. You may also fund your new account by cheque, as long as it is drawn on the nominated bank account specified in your online or mobile application. Any cheques should be made payable to OakNorth Bank plc and should include your full name and OakNorth account number on the reverse. Cheques must be sent to: OakNorth Bank plc, 6th Floor, Ship Canal House, 98 King Street, Manchester, M2 4WU.

Once your application is approved, you will receive an email with the account number and sort code you need to deposit funds into your account. You must send the payment from your nominated bank account which you will be asked to specify during your online application.

We recommend you double check the account number and sort code before agreeing to transfer the funds to your OakNorth accounts. If you wish, you can send a ₤1 payment to the Account as a test. Once you see the ₤1 in your account, you can then send the rest of the intended deposit amount to us.

You'll receive an email confirmation when your first payment is received. Any additional deposits can be viewed by logging in to your account via online banking or the mobile app.

When sending money to your OakNorth savings account, you’ll need to enter the following:

Full first name, as registered on your OakNorth account – for example, if your name on your OakNorth account is ‘Michael’, you will need to enter ‘Michael’ and not ‘Mike’.

• Last name
• Sort code
• Account number
• Account type – personal

Account/ Payment reference (where applicable) – as detailed on your funding email. If there is no payment reference, please add your account number.

For joint accounts, you only need to use the full name of one of the account holders as registered on your OakNorth account.

For payments into a non-personal account, use the full business or organisation name as registered on your OakNorth account, and choose the account type as business.

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, keeping your money and accounts safe. CoP will also improve payments between UK banks and reduce instances of fraud.

Yes, you can easily opt out of CoP. If your request to opt out is successful, we’ll mark your accounts, including any joint accounts you hold (but not any accounts held by joint parties in their sole name). You can also opt back in to CoP. To request either to opt out or opt back in, simply email us at [email protected]. You can also call us on 0330 380 1181.  We’re available from 9am to 5pm Monday to Friday (We’re closed on all UK public and bank holidays).

Yes, we’ll keep your data secure. Banks and other payment providers use the Open Banking directory service and secure technology to safely exchange Confirmation of Payee requests with other participants.

Yes, if your account with us has not yet been approved, or if your account is closed, we won’t be able to successfully match your details. If your OakNorth account has been approved and/or is active, providing you’ve entered the account information correctly, you’ll see a successful match. Any concerns, please email us at [email protected] or call us on 0330 380 1181.

If you choose to continue without updating the details, you’re accepting the risk that if the payment goes to the wrong account, we may not be able to get the money back

Fixed Term Deposit Account Yes, you can fund your account with multiple deposit payments within 14 calendar days from the day your account is approved. The first deposit must be a minimum of £1 and all funds must come from your nominated bank account. We cannot accept additional deposits into the same account during the term of the deposit. Easy Access Deposit Account Yes. There is no limitation on the number of deposits made into your account. The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn. We may withdraw a product at any time which means that the product will be closed to new deposit applications. Notice Deposit Account  Yes. There is no limitation on the number of deposits made into your account. The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn. We may withdraw a product at any time which means that the product will be closed to new deposit applications. Fixed Rate Cash ISA  Yes. You can make as many new deposits as you like, and up to three Cash ISA transfers within 30 days of your account approval, up to the current tax year ISA allowance as set by HMRC. There is no limit on transfers in for Cash ISAs from previous years. Easy Access Cash ISA  Yes. There is no limitation on the number of deposits made into your account. The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn. We may withdraw a product at any time which means that the product will be closed to new deposit applications.

Yes. We only ask this so we can understand how much money you want to save with us. You don't have to save the same amount that you entered during your application, as long as you meet the minimum deposit amount of £1 and do not go over the maximum total deposit amount of £500,000.

• For Fixed Term Deposit, Easy Access and Notice accounts: You can apply for an unlimited number of accounts. The minimum account opening balance for each account is £1 and for a sole account you can deposit up to a maximum of £500,000. The total amount that you can deposit with OakNorth at any one time cannot exceed £500,000 across all OakNorth accounts. For a joint account this means that the maximum amount that can be held would be £1,000,000, i.e. £500,000 per account holder across all OakNorth accounts. For deposits above these thresholds, please write to us at [email protected].

 

• For Fixed Rate and Easy Access Cash ISA: The minimum account opening balance for each account is £1. The maximum amount that you will be allowed to invest across all types of ISAs (Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs, and Lifetime ISAs), with us or any other provider, is the current tax year’s ISA allowance of £20,000 according to HMRC guidelines. You may only invest in one of each type of ISA within the tax year. There is no limit on transfers in for Cash ISAs from previous years. Please note: ISA transfers can only be submitted through our website. The total amount that you can deposit with OakNorth at any one time cannot exceed £500,000 across all OakNorth accounts.

You can fund your new account by cheque as long as it is drawn on the nominated bank account specified in your online application. Any cheques should be made payable to OakNorth Bank plc and should include your full name and OakNorth account number on the reverse. Cheques must be sent to: OakNorth Bank plc, 6^th Floor, Ship Canal House, 98 King Street, Manchester M2 4WU.

We can accept the following types of payment to fund an OakNorth account:

• Open Banking (mobile app only)
• Faster Payments Bank Transfer
• CHAPS Bank Transfer (OakNorth is unable to reimburse any CHAPS payment charges)
• BACs Bank Transfer
• Personal Cheque
• Banker's Draft

We will email you detailed funding instructions if your account is approved. Please follow the specific instructions for your selected payment method to ensure we can accept your payment.

A nominated account is a UK bank account which you nominate when opening an account.

• The nominated account must be a UK bank account in your name. For a joint application, the nominated account must be in at least one of the account holder’s names.
• Your nominated account will be used for all deposits into and withdrawals from your account with us. When you open your account with us, you must provide us with the sort code and account number of your nominated account.

Yes, you can transfer your savings between OakNorth accounts in the following instances:

• Easy Access Account to another Easy Access or Notice Account, or to a Fixed Term Deposit (providing this is within the funding window). Your savings will be transferred instantly
• Notice Account to another Notice Account where the term on the destination account is the same or higher. Your savings will be transferred instantly
• Notice Account to Easy Access or another Notice Account where the term on the destination account is lower. Your savings will be transferred following the notice period of the source account.

Additionally:

• The source account must have been open and funded for a minimum of 48 hours
• The destination account must be approved and ready to fund or be an existing funded account
• If the nominated bank account details on your source and destination accounts are different, you may not have the option to move money between these accounts. If this is the case but you would like to transfer funds between these accounts, please get in touch

There is no option to transfer savings to and from ISAs or joint accounts with other OakNorth accounts. If you have any questions, please get in touch with the team

Yes, you can transfer your savings between OakNorth Notice Accounts instantly where the term on the destination account is the same or higher. Where the term is lower, you will be required to serve your notice period.

You can request this by logging into your account via Online Banking, or via our Mobile App which can be downloaded from the Play Store or Apple App Store.

Once logged in, you’ll need to follow these steps:

1. Select the account you’d like to move money from. Select view in online banking or click on the tile in the app.
2. If the account is eligible to move money from, you will be shown a ‘Move Money’ icon. Click on this.
3. You’ll then need to select from the drop-down which account you’d like to move money to. You will be presented with a list of all eligible accounts when you select the drop-down.
4. You can then choose to either do a full balance transfer or partial balance transfer.

There are no charges for any withdrawals or deposits relating to Easy Access and Notice Accounts. There are penalties associated with withdrawals relating to Fixed Rate ISA accounts as per below:

• 12 Months – 90 days of interest on the amount withdrawn
• 24 Months – 180 days of interest on the amount withdrawn
• 36 Months – 270 days of interest on the amount withdrawn

If your application to open an Account is approved, there will be a maximum period of 14 calendar days (30 calendar days in case of Cash ISAs) to fund your Account from the date of approval. If the Account is not funded within 14 days, it will be closed.

All deposits will be processed no later than one business day from when we receive your funds. For Easy Access, Notice Accounts, Fixed Rate Cash ISAs and Easy Access Cash ISAs, deposits into your account will begin to accrue interest from the business day that they are received and applied to your OakNorth Bank account. Interest will be calculated on a minimum daily balance of your account. For Fixed Term Deposit Accounts, interest will be calculated daily from the business day that they are received and applied to your account on maturity. Interest will be calculated based on the end of day balance of your account. If you’re funding your OakNorth account for the first time, we’ll need to process your payment. Once confirmed, we’ll email you a link to register for Online Banking (if not already registered). Once registered, you’ll be able to see the funds in your account via online banking or the mobile app.