ISAs

Frequently asked questions

ISAs

Types of ISAs

No, we currently only provide Cash ISAs (Fixed Rate Cash ISAs and Easy Access Cash ISAs)

Eligibility

No, the application received near the end of the tax year will only be regarded as opened in that tax year if we have accepted the application before the end of the tax year and your funds are deposited and the subscription is made before the end of the tax year.

Opening and funding your ISA

You can have multiple ISAs, but you can open only one cash ISA in each tax year. So, if you have opened a cash ISA since April 6, 2023, you cannot open another one until after April 5, 2024. Note, however, that transfers from previous years’ ISA funds don’t count.

Only if you have Power of Attorney over their financial affairs.

Upon account approval of your Fixed Rate ISA, you will have 30 calendar days to fund your account via a new deposit and/or Cash ISA transfer before your account will expire and be closed. After this period, no further funding is permitted.

In the case of ISAs, the nominated account referred to during the application form is the account that withdrawals will be sent to. It is also the account that you will deposit new contributions to this tax year’s ISA allowance from (if you choose to). This account is separate to the ISA account you may transfer your accumulated ISA balance from.

Once your application is complete you will receive an email with the account number and sort code, and you can then deposit funds into your account. If you are just funding with an ISA transfer, we’ll email you to let you know if we require anything further. If you are topping up your ISA, you must send the payment from your nominated bank account which you will be asked to specify during your online application. You will receive an email confirmation when your funds are received and your new OakNorth account is activated. The email will be sent in the evening on the day your new account is activated.

Transferring ISAs

No, we can only accept funds transferred from a Cash ISA account.

Yes, you can transfer in up to three ISAs.

It can take up to 15 business days from account approval or from the notice period or maturity date of your existing ISA. You can check your account balance online for any completed transfers from other ISA providers. However, if you are just transferring in, we will email you when we receive your funds.

Your existing ISA manager may make administration charges for the transfer, such as for supplying information. Unfortunately, we’re not able to refund any charges made by your existing provider or refund any interest and/or bonus you may lose by transferring. You’ll need to check with your existing ISA provider. The same applies if you request a transfer out from an OakNorth Fixed Rate Cash ISA to another provider, where you will be charged a penalty if you transfer funds prior to the maturity date:

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

Yes. You can transfer existing Cash ISAs that you hold with other providers into your OakNorth Cash ISA with a minimum transfer amount of £1,000. We will contact your existing Cash ISA provider and arrange the transfer on your behalf. As per HMRC and industry guidelines: Transfers may take up to 15 business days If you hold a Cash ISA with another provider from the current tax year, you will have to transfer your entire balance including interest to your OakNorth Cash ISA as part of your application If you would like to transfer in your Cash ISAs from previous years, you can transfer all or part of your balance to your OakNorth Cash ISA. These funds will not count towards your ISA allowance for the current tax year. To arrange a transfer in to your OakNorth Cash ISA account from your existing provider please submit an application for the OakNorth Cash ISA that you would like to open. You will be able to provide the details of the existing Cash ISA you would like to transfer to OakNorth within the application. Please note, ISA transfers can only be submitted through our website.

To ensure that you do not lose the tax benefits of your ISA, you must not close or withdraw funds from your account. To transfer funds between ISAs, you must contact the provider that you want to transfer the funds to. Your new provider will then contact your provider to have the funds transferred for you.

If the Cash ISA has been transferred in, the funds will be sent back to the previous provider. This cancellation will not count towards your Cash ISA subscription.

Withdrawals

If you withdraw funds prior to the maturity date of your Fixed Rate Cash ISA, the money the money withdrawn will lose its tax-free wrapper; you will not be able to replace the money withdrawn and count it towards your ISA allowance for the current tax year; and you will be penalised with a loss of interest as shown 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

There is no penalty if you access your funds in your Easy Access Cash ISA account.

Yes. You can withdraw at any time from your OakNorth Cash ISA.

Easy Access Cash ISA: There are no penalties if you withdraw funds. No notice of withdrawal is required and withdrawal requests can be made at any time. The funds will be credited back into your nominated account the next business day.
Fixed Rate ISA: You will be charged a penalty 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

The OakNorth Cash ISA is not flexible, meaning that you cannot replace the money withdrawn, with the replacement counting towards your annual ISA subscription limit.

No. For example, If you open a Cash ISA on 28th March 2022 and cancel the ISA account within the cooling off period of 14 days (i.e. after 5th April 2022 but before 12th April 2022) then you will not be eligible for the £20,000 allowance for the 2021-2022 tax year.

Thirty (30) days before your account matures, we will send you an email asking if you want to:

Reinvest the full or partial balance in a new OakNorth Cash ISA. Any remaining balance will be transferred back to your nominated account.
Return your full original principal investment and interest earned back to your nominated account.
Transfer your ISA to another ISA provider

If we do not hear from you before the account maturity date, the total amount will be automatically transferred to an OakNorth Easy Access Cash ISA. See our Easy Access Cash ISA deposit account page for the current interest rate.

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