Frequently asked questions

An ISA (Individual Savings Account) is a tax-efficient way to save. You won’t pay tax on the interest you earn, so more of your money stays with you.

For the current tax year (6 April to 5 April), the total ISA allowance is £20,000. You can spread this across different types of ISAs – such as Cash ISAs, Stocks & Shares ISAs and others – but your combined contributions must stay within that £20,000 limit.

To see the ISAs we offer, go to our website. To learn more about ISAs in general, head to the UK Government website.

Transferring to OakNorth

We only accept transfers from Cash ISAs. That means we’re not able to accept Stocks and Shares ISAs – even if the funds are currently held as cash.

You can transfer up to six existing Cash ISAs from different providers, as long as they use the electronic ISA transfer service. Transfers usually take up to 15 business days. We’ll email you once it’s complete.

If you’re transferring from a Fixed Rate ISA before maturity, your existing provider may charge an early withdrawal fee. This varies, so it’s best to check directly with them before requesting a transfer.

If you change your mind within 14 days of transferring, the funds will be moved into an Easy Access ISA so you can withdraw or transfer them without penalty. You’ll still retain your full ISA allowance for the current tax year, as long as the cancellation happens within the same year.

Transferring out of OakNorth

To move your ISA away from OakNorth, just ask your new provider to start the process. They’ll contact us and we’ll take care of the rest. To keep your ISA’s tax benefits, don’t withdraw the money yourself.

If your ISA was funded directly from your linked account and you cancel within the 14-day cooling-off period, we’ll return the funds to that account. Your full annual ISA allowance will remain available, as long as the cancellation happens within the same tax year.

Once your ISA application is approved, you have 30 calendar days to fund the account. You can do this with a new deposit, a transfer from another Cash ISA or a combination of both.

For Fixed Rate Cash ISAs, you can only make deposits during this 30-day window. After that, no further funding is allowed. For Easy Access Cash ISAs, you can keep making deposits at any time, up to the annual ISA limit.

Remember: your ISA allowance is based on when we receive your deposit – not when you apply. Any funds received after 6 April will count toward the new tax year’s allowance.

As your OakNorth account nears maturity, we’ll email you at least 14 days in advance with your options and next steps. You can select your maturity option through the web platform or app.

Depending on your account type, you’ll be able to reinvest all or some of your funds in a new OakNorth account, or withdraw everything to your linked account. If you don’t select your preferred option by the maturity date – or if we’re unable to carry it out (for example, if your linked account is closed) – your funds will be moved into a Simple Saver account.

If you choose to withdraw your funds, the money will be sent to your linked account on your maturity date and arrive by the end of the day.

If you have a Fixed Term Cash ISA, your funds will be moved into an Easy Access Cash ISA. And if you have an Easy Access Cash ISA, there’s no maturity date – your money will stay where it is.

How to select your maturity options

You can only open a savings account on someone else’s behalf if you have legal authority to do so – specifically, Power of Attorney over their financial affairs.

To get started:

1. Apply for the account in the Donor’s name.
2. Once the application is complete, email us at [email protected] so we can register you as the Attorney on the account.

We’ll guide you through the remaining steps and let you know what documentation we need.

A Junior ISA (Individual Savings Account) is a tax-free savings account for children. The money belongs to your child, but it’s managed by a parent or guardian until they’re old enough to manage it themselves.

The Junior ISA allowance is currently £9,000 per tax year. This is shared between one Junior Cash ISA and one Junior Stocks & Shares ISA, if your child has both.

Money paid into a Junior ISA belongs to your child and can’t be withdrawn until they turn 18. To learn more about Junior ISAs, including rules around which accounts your child can hold, head to the UK Government website.

You’ll need to fund your child’s Junior Cash ISA within 30 days of opening it with a deposit of at least £1. If you’re transferring an existing Junior Cash ISA, you’ll need to choose this option when you apply and transfer the existing account in full.

After that, you can keep adding money as often as you like, up to the annual Junior ISA allowance, which is currently £9,000. This allowance is shared across one Junior Cash ISA and one Junior Stocks & Shares ISA, if your child holds both.

At the moment, only the parent or guardian managing the account can pay money in, using their linked account.

Remember: any money paid into the account belongs to your child and can’t be repaid, reversed or reclaimed. They’ll be able to withdraw the money when they turn 18.

Transferring to OakNorth

You can only transfer a Junior Cash ISA to OakNorth when you apply for a new Junior Cash ISA with us. This is because your child can only hold one Junior Cash ISA at a time, so their existing account needs to be transferred in full. Once the account is open, you can’t transfer one in.

We don’t accept transfers from Junior Stocks & Shares ISAs or Child Trust Funds.

Money transferred from previous tax years doesn’t count towards your child’s Junior ISA allowance for the current tax year.

Transferring out of OakNorth

Your child’s Junior Cash ISA can be transferred to another Junior ISA provider. To do this, ask the new provider to start the transfer process.

Your child can choose to take over managing their Junior Cash ISA when they turn 16. If they don’t, you’ll continue to manage it until they turn 18.

On their 18th birthday, the Junior Cash ISA will automatically become an adult Easy Access Cash ISA. The money will stay tax-free. Once your child has completed our due diligence checks, they’ll be able to manage the account and make withdrawals.

We’ll contact you before their 16th and 18th birthday to explain what happens next.