Frequently asked questions

You’re eligible to open an OakNorth savings account if you:

• Are aged 18 or over
• Are a resident of the UK
• Have a personal UK bank or building society account to transfer funds from

If that sounds like you, take the first step and apply now.

You can apply for an account through our website or mobile app. We don’t accept applications by phone, post or in person.

To apply, you’ll need:

• A valid email and mobile number
• Your current home address details
• The sort code and account number of your main bank account (used to fund your savings)
• If applying for a Cash ISA, your National Insurance number and details of any existing ISA(s) you’re transferring from

We’ll run checks to verify your identity and address. In some cases, we may request that you provide supporting documents.

You can open as many accounts with OakNorth as you like. Just note that the total amount you can hold across all your OakNorth accounts must not exceed £500,000.

Once you’re approved for an account, you’ll receive an email with the account number and sort code you’ll need to make your deposit. These details are also available in the ‘Accounts’ section of the web platform and app. All payments must come from your linked bank account.

There are three ways to make a deposit:

1. Instant transfer
   Send money via the OakNorth app. It may take up to one business day for the funds to be applied to your account while we verify the payment.

2. Bank transfer
   Send money from your linked bank account. We’ll process the payment within one business day once received.

3. Cheque
   Send money via cheque – here’s how:

• Payable to: OakNorth Bank plc
• Post to: OakNorth Bank plc, 6th Floor, Ship Canal House, 98 King Street, Manchester, M2 4WU
• Reference: Write your full name and OakNorth account number on the back of the cheque

You can fund your account with multiple deposits, but they must all come from your linked account. You’ll receive an email confirmation when your first payment is received.

If you don’t fund your account in time, it will be closed. Most accounts must be funded within 14 days of approval; for Cash ISAs, you have 30 days.

You can open multiple accounts with OakNorth, but there are a few limits to keep in mind.

Minimum balances

• Most accounts: £1

Maximum balances

• £500,000 per individual across all OakNorth accounts
• £1,000,000 for joint accounts (i.e. £500,000 per account holder)

ISA subscription limit

If you’re opening a Cash ISA, the maximum you can subscribe in the current tax year is £20,000, as set by HMRC.

With an OakNorth account, you’ll earn interest on your savings and pay no monthly fees.

The only time a charge might apply is if you withdraw from a Fixed Rate Cash ISA before it matures.

For the full breakdown of each account, including the latest interest rates, we always recommend reading the Key Product Information and Terms and Conditions.

You can open multiple savings accounts with OakNorth. If you already have an account with us, simply log in to the web platform or app and tap ‘Open a new account’. Once you’ve submitted your application, we’ll review it and carry out our usual checks to confirm your details.

Just keep in mind that the total amount you can deposit across all your OakNorth accounts must not exceed £500,000 (this doesn’t include any interest you earn). For joint accounts, this means the maximum combined balance is £1,000,000 – that’s £500,000 per account holder across all accounts.

The interest rate on your OakNorth account depends on a few factors, including the account type, the rate available when you apply and broader market conditions. Rates can change, so it’s always a good idea to read through the Terms and Conditions of each account before applying.

You can view the interest rate of your account by logging in to the web platform or app. If you don’t have an account yet, rates are shown next to each account on our website.

For most accounts – including Easy Access, Notice and ISAs – interest is calculated on your minimum daily balance and applied monthly, on the first day of the following month. You’ll see it added to your OakNorth account balance each month.

For Fixed Term accounts, interest is calculated daily from the day your funds are received, compounded annually and paid at maturity – directly into your OakNorth account.

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.