These additional terms and conditions apply in addition to the General Terms and Conditions unless stated otherwise. “Account” in these additional terms and conditions refers to a Notice Account only.
1. Interest Rates
1.1. Interest rates are variable and can be increased or reduced at any time at our sole discretion, for one or more of the following reasons:
1.2. Deposits into your Account will begin to accrue interest from the day that they are received by us and applied to your Account. The interest will be calculated on a minimum daily balance and will be applied to your Account on the first day of every month. For example, for a new Account if you initially fund your Account with two transactions on the same day, the first transaction amounting to £1,000 and the second transaction amounting to £2,000, interest will begin to accrue on the day we receive and apply your funds on the minimum daily balance of £1,000; and from the next day the minimum daily balance would be £3,000 and your interest would be calculated on that balance, subject to no further transactions taking place in the Account during this period. In the event there is initially only one transaction amounting to £3,000 on a particular day, interest will begin to accrue on the day we receive and apply your funds on the minimum balance of £3,000, subject to no further transactions taking place in the Account during this period. For existing Accounts, if there is an existing balance of £5,000 in the Account on a particular day, and there is also a deposit of £3,000 on that very day, the interest will be calculated on £5000, and from the next day the interest would be calculated on £8,000 subject to no further transactions taking place in the Account during this period.
1.3. To view the current interest rates for all the Issues of Notice Accounts, please visit the Notice Account Rate Table on our website.
2. Notification of changes
2.1. If we increase the interest rate on your Account, the change will take effect on the 1st day of the next calendar month (in certain cases, with immediate effect). We will also send you a notification of the increase via email within 30 calendar days of publishing the announcement.
2.2. If we decrease your interest rate, we will notify you via email at least 14 calendar days in addition to the notice period as per the type of Account opened, prior to the decrease. For example, for a 35 days’ Notice Account, we will notify you at least 49 days (35 days’ notice as per Account type + 14 days’ notice) before the rate change.
2.3. Where we reduce the interest rate on your Account, you have the option to close your Account at any time before the change without incurring charges or loss of interest subject to the Account’s terms and conditions (i.e., in line with the respective notice period requirements). If you wish to close your Account, please refer to Clause 5 of these Specific Terms & Conditions.
3. Withdrawal of funds
3.1. Withdrawals from your Notice Account to your nominated bank Account can be triggered via Online Banking, email, the mobile app, or telephone requests.
3.2. The minimum withdrawal amount is £1. If you make a withdrawal and the balance falls to £0, and remains at £0 for 6 months, your Account will be closed. The closed Account cannot be reopened, and you will have to open a new Account.
3.3. The maximum withdrawal amount is your Account balance.
3.4. If your withdrawal request is received (as per Clause 3.1), and when your notice period is completed, the money will be sent back to your nominated bank account on the following business day.
3.5. It is not possible to withdraw money from this Account without waiting out the mandatory minimum notice period as per the type of Account opened. We may at our discretion allow it in cases of hardship. There may be exceptional circumstances, due to events outside your control that you could not have reasonably foreseen when you opened the Account, where we may allow your Account to be closed early. Such events of ‘hardship’ may include the diagnosis of a terminal illness, bankruptcy, insolvency, or sequestration. In such circumstances, you will need to contact us in writing, provide suitable documentary evidence of hardship, and we will consider each case at our sole discretion. If you do not provide suitable documentary evidence of hardship, or the documentation you provide does not evidence hardship, or if the events that took place were within your control, or the events could have reasonably been foreseen when you opened your Account, or the events took place before you opened your Account, you will not be able to close the Account without waiting out the mandatory minimum notice period. Please note that a house purchase is not classified as a case of hardship.
3.6. If a withdrawal request has been made, interest will be calculated on the total amount until, but not including the day of the withdrawal.
4. Transferring Money between your OakNorth accounts
4.1. You can request to transfer funds from an existing OakNorth Notice Account to a new issue OakNorth Notice Account without serving the applicable notice period of your existing Notice Account. This is providing that the destination Issue Notice Account has the same or longer notice period. For example, if you have a 35-day Notice Account you can transfer funds from it to the latest Issue 35-day, 90-day or 120-day Notice Account. However, if you have a 90-day Notice Account you can only transfer funds from it to another 90-day or 120-day Notice Account without serving the notice period.
Once the transfer is completed, your existing Notice Account may need to remain open for at least 14 calendar days in case you choose to cancel your new Notice Account (rules stipulated in section 5 below) within the cooling off period to allow funds to be returned to your originating Notice Account.
You can request this by logging into your Account Online or via our Mobile App. There may be instances where this transfer request may not be available to you in Online Banking or the Mobile App, this may include but is not limited to, if you have different nominated bank accounts linked to your Notice Accounts. In this instance you can contact us using the details provided on our website here.
5. Right to cancel
5.1. You have the right to cancel the Agreement via email/phone (our contact details are available here) and close your Account, without penalty or notice, within 14 calendar days from the date of your initial Account funding, or within 14 days of first receiving the Specific Terms and Conditions (if later).
5.2. If you have opened your OakNorth Notice Account by transferring funds from another Notice Account with OakNorth without serving the required notice period (see section 4.1), should you wish to cancel within the 14 calendar days from the date of the transfer, we will return your transferred funds back to the original Notice Account from which you had transferred the funds from. In the event of such a cancellation, you will not receive any interest and the funds will be deposited back to your original Notice Account on the date of cancellation and not backdated to the date of transfer.
5.3. To cancel a joint Account, we will accept instructions to cancel the Agreement from either joint Account holder. Where we receive separate instructions, a joint decision will be required, and no action will be taken until both parties have confirmed that they wish to cancel the Account. This must be confirmed by both Account holders within 14 calendar days from the date of your initial Account funding, or within 14 days of first receiving the terms and conditions (if later).
5.4. If you exercise your right to cancel, we will return any money you have deposited with us back to your nominated bank account, except where you have transferred funds from another Notice Account (please refer to section 5.2 of these Specific Terms & Conditions). In the event of such a cancellation, you will not receive any interest. If we receive your request to cancel the Agreement and close your Account on a business day, the money will be sent back to your nominated bank account on the following business day. If we receive the request on a non-business day such as a Saturday, Sunday or a Bank holiday, the money will be sent back to your nominated bank account within 2 business days. If you do not cancel within this period, you will be treated as being bound by the Agreement and you will have to serve the relevant notice period that applies to your Account before a withdrawal can be made; please refer to Clause 3 of these Specific Terms & Conditions.
6. Closure of Accounts
6.1. Please notify us via email/phone in case you would like to serve notice to withdraw funds back to your nominated bank account and close your Notice Account. We will send you (both joint Account holders in case of a joint Account) an Account closure statement when you close your Notice Account.
6.2. If we receive your request to close your Account, the money will be sent back to your nominated bank account on the following business day after your notice period is completed.
7. How to contact us
You can contact us using the details provided on our website here.