Grow your savings without locking them away
Want to save for the future, but don’t want to lock your money away? An OakNorth Easy Access account lets you save and withdraw, on your terms.
When it comes to saving, it’s important to go at your own pace. Our Easy Access accounts allow you to save for your goals, without restricting access to your money when you need it. What’s more, they have competitive interest rates, so you’ll still grow your savings over time.
You can access your money as and when you choose. You aren’t charged for withdrawals, and they won’t impact your interest rate.
You’ll earn money from us, and we won’t take any fees from you. It’s as simple as that.
We won’t make you deposit a large sum just to create an account. You can open an OakNorth Easy Access Account with as little as £1.
Competitive rates, next-day access
The Financial Conduct Authority (FCA) is a financial services regulator in the UK. It requires OakNorth Bank to give you this important information to help you decide whether our Personal Easy Access Acounts are right for you. You should read this document carefully, together with the General Terms & Conditions and Specific Terms & Conditions for our Easy Access Accounts, so 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 | 3.20 | 3.25 |
Your account will start generating interest no later than one business day from when we receive and apply your deposit to your OakNorth Bank account.
Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month.
If a withdrawal request has been made, interest will be calculated on the total amount until, but not including the day of the withdrawal.
Yes. Interest rates are variable and can be increased or decreased at any time at our sole discretion as outlined in clause 1 of our Specific Terms and Conditions – Easy Access Accounts.
If we increase your interest rate, we will notify you within 30 calendar days of the increase. The change will take effect on the 1st day of the next calendar month (in certain cases, with immediate effect). If we decrease your interest rate, we will notify you at least 14 calendar days prior to the decrease.
| Term/Product | Initial Deposit at account opening | Balance after 12 months |
|---|---|---|
| Next-day access | £1,000 | £1,032.50 |
*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 interest is accrued daily and applied to the account monthly, that any interest earned stays in the account, and that there is no change to the interest rate.
Our accounts are available to individuals, aged 18 or over, who are UK residents (i.e. England, Wales, Northern Ireland and Scotland). Also, you must have a personal UK bank or building society account that allows transfers to be made to and from it.
Applications to open an account must be completed through our website here or via the OakNorth mobile banking app. Please note, joint accounts can only be opened through our online application on the website and not through the mobile app; the maximum number of account holders in a joint account is two.
The minimum deposit required to open your account is £1. The maximum deposit you may pay into any one account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with us across multiple accounts is also £500,000. For a joint account the maximum amount allowed to be held would be £1,000,000 i.e. £500,000 per account holder.
There is no limit on the number of deposits made into your account. The minimum deposit is £1. The account can continue to receive deposits up to the maximum principal account balance even if the product is withdrawn. We may withdraw an Easy Access product at any time which means that the product will be closed to new deposit applications.
Once you activate online banking, your account can be managed by logging into the OakNorth mobile banking app or through the ‘My Account’ section of our website. Alternatively, you can contact us by email, by phone, or by writing to us. Please refer to our website for our contact details.
Yes. There is no term for a Personal Easy Access account and no limitation on the number of withdrawals.
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, or within 2 business days if the request is received on a non-business day such as a Saturday, Sunday, or a Bank holiday.
Withdrawals can be triggered via Online Banking or the mobile app. You can also contact us by email or phone.
If after withdrawing funds where the balance goes to £0, and remains £0 for a period of six months, we can also close your savings account. We will contact you at least 6 weeks before we close it using the email address you gave us. If the account is closed it cannot be reopened, and you will have to create a new account next time.
Interest will be paid gross.
We do not deduct tax from the interest we pay to you. This information is based on our understanding of current taxation which may change in the future.
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 Personal Easy Access accounts. It should not be used as a substitute for our Terms and Conditions which can be found on our website.
With an OakNorth Easy Access Account you could earn up to 3.25% interest to grow your savings.
Opening an Easy Access account with us is simple. You can apply online or via the OakNorth app in minutes.
You can keep track of your money and watch your savings grow from our mobile app, or your online account.
Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme, so your savings are secure.
We’re a fully licensed and regulated bank, so we take your security seriously, and look after your hard-earned savings. When you open an OakNorth account, your eligible savings are protected up to £85,000 by the Financial Services Compensation Scheme.
An Easy Access account favours flexibility over high interest rates. If you’re willing to lock your savings away without immediate access, you could earn more with a Fixed Term savings account or a Notice savings account.
As the name suggests, an easy access account allows you to access your funds within one business day, and top up at any time.
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 account. You’ll also need to have a personal UK bank or building society to transfer funds into your account.
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.
