What do you get with an OakNorth easy access cash ISA?
An Easy Access cash ISA is a tax-free individual savings account, which means you won’t pay any tax on the interest that you earn. You can save up to £20,000 into one cash ISA in any one tax year.
With an OakNorth Easy Access Cash ISA your money is FSCS-protected, you get unlimited withdrawals and you can easily transfer your existing ISAs.
The simple, flexible choice
The Financial Conduct Authority is a financial services regulator. It requires us, OakNorth, to give you this important information to help you to decide whether our Easy Access Cash ISA Accounts are right for you. You should read this document carefully, together with the General Terms & Conditions and Specific Terms & Conditions for our Easy Access Cash ISA, so that you understand what you are buying, and keep it safe for future reference.
You should scroll down and read all information below carefully before you apply.
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| Term/Product | Gross rate (%) | AER (%) | |
|---|---|---|---|
| Next-day access | 3.69 | 3.75 |
Minimum deposit to open an Account: £
Maximum deposit: £500,000 across all OakNorth accounts
The Cash ISA allowance for 2021/2022 tax year is £20,000. Funds can also be transferred from existing ISAs as long as the total balance (excluding interest) of your OakNorth savings accounts does not exceed the £500,000 limit.
Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month.
Yes. Interest rates are variable and can be increased or reduced at any time at our sole discretion, as outlined in our Terms and Conditions.
lf we announce an increase to your interest rate on our website, the change will be effective from the 1st day of the subsequent month.
We will notify you personally of the increase within 30 days of the announcement. If we decrease your interest rate, we will notify you at least 14 calendar days prior to the decrease taking effect.
| Term/Product | Initial Deposit at account opening | Balance after 12 months |
|---|---|---|
| Next-day access | £1,000 | £1,037.50 |
This is only an example for illustrative purposes and does not take into account your individual circumstances. This example assumes that no further deposits or withdrawals are made, that the account remains open during the selected term, that any interest earned stays in the account, and that there is no change to the interest rate.
Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Any subsequent funding will add to the total balance, and interest will be calculated on the minimum daily balance.
The account is available to individuals, aged 18 or over, who are ordinarily resident in the UK (i.e. England, Wales, Northern Ireland and Scotland) and have a UK residential address. Also, you must have a personal UK bank or building society account that allows transfers to be made to and from it.
The maximum deposit for this account is the current tax year allowance for ISAs. In addition or alternatively, you may transfer existing Cash ISAs from other providers into this account. These limits are subject to HM Revenue & Customs rules. You may make additional deposits up to the current ISA tax year allowance. You can transfer Cash ISA balances from the current tax year as well as previous tax years via the online application.
Please note: If you have already contributed to your Cash ISA in the current tax year and would like to transfer from the current tax year’s allowance, you must transfer the full amount. The maximum amount that you may hold on deposit with us across all types of accounts is £500,000.
Upon account approval, you will have 30 calendar days to fund your account via a new deposit and/or Cash ISA transfer, otherwise your account will expire and be closed.
You have the right to cancel the account within 14 days from the day you fund your account. If you are transferring in a Cash ISA from an external provider and choose to exercise your right to cancel before the transfer is completed, the funds will stay with the original ISA provider; if you choose to exercise your right to cancel after the transfer, no interest will be paid on your funds and we will await your instructions on where to remit the funds.
Once you activate online banking, your account can be managed by logging into the OakNorth mobile app or the ‘My Account’ section of our website.
If for any reason you need to contact us, this can be done by email, by phone or by writing to us. Please refer to our website for our contact details.
Yes. You can withdraw funds from your Easy Access Cash ISA via online banking by going to the ‘My Account’ section of our website. Alternatively, if you are unable to access online banking, you may email us at [email protected] or call us at 0330 380 1181 to withdraw funds
If after withdrawing funds, the balance goes to £0, and remains £0 for a period of 6 months, the account will be closed.
There is no term for an Easy Access Cash ISA and no limitation on the number of withdrawals. Your money can be returned to your nominated account or transferred to another ISA provider without loss of interest. Please note, if you would like to transfer your ISA out, you will need to contact your new ISA provider and instruct them to request a transfer from us.
There is a minimum withdrawal amount of £1. 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.
We retain the right to pay a reduced rate of interest during any period when the account balance is below the minimum amount permitted for the product.
This is not a flexible Cash ISA, so any money withdrawn cannot be replaced.
Interest is tax-free, and doesn’t count towards your Personal Savings Allowance. The AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once a year.
Please note: The information provided in the summary box, is a summary of the key features of our Easy Access Cash ISAs. It should not be used as a substitute for our terms and conditions which can be found on our website.
We’re a fully regulated and licensed bank, which means your eligible savings are protected up to £85,000 with the Financial Services Compensation Scheme (FSCS).
If you’re over 18 years old and you’re a resident of the UK – i.e. you have a permanent UK address that you have had for three years or more – then you’re eligible for an OakNorth easy access cash ISA. You’ll also need to have a personal UK bank or building society to transfer funds into your account.
ISAs are individual savings, so we don’t offer joint ISA products.
Yes, the interest rates on your easy access account are variable. They can be increased or decreased at any time. We will communicate any changes to our interest rates to you via email. Increases to your rate will come into effect on the first day of the next calendar month.
