Meet our new easy access limited edition account
A new Easy Access account that rewards serious savers with serious interest rates
Easy Access accounts aren’t just for loose change. If you’re serious about stretching your savings but don’t want to lock them up, this account could be for you. You can save from £20,000 up to £500,000 and be rewarded with our highest Easy Access interest rates. And the best part? You can still access your money the next working day.*
*You must retain a balance of at least £20,000 in your account to access the higher interest rates.
Unlike our regular Easy Access, if you can put aside £20,000 as a minimum, you’ll earn a higher interest rate.
Opening an Easy Access account with us is simple. You can apply using our app or online in minutes.
You can keep track of your money and watch your savings grow from our mobile app, or your online account.
You work hard for your money, now make it work hard for you
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 Limited Edition 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 | 4.24 | 4.32 |
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 Limited Edition Account.
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 | £20,000 | £20,864.00 |
*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.
The minimum deposit required to open your account is £1. We require you to deposit sufficient funds into your account within a period of 14 calendar days of opening such that the balance of your account is equal to or greater than £20,000 and you can make more than one payment into your account to give effect to the above. Subject to the above, we require you to maintain a minimum balance of £20,000 in your account at all times unless you wish to close your account, in which case you should notify us in accordance with our terms and conditions. If any withdrawal or withdrawals are made such that the balance in your account falls below £20,000 on any business day, we may close your account and we will send any money credited to your account to your nominated bank account within 2 business days of the account closure. 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.
You can deposit funds into your account up to the maximum principal account balance as set out above even if the product is withdrawn. We may withdraw an Easy Access Limited Edition product at any time and without notice 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 Limited Edition 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.
Subject to OakNorth’s rights to close an account if the balance in your account falls below £20,000, 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 Limited Edition accounts. It should not be used as a substitute for our Terms and Conditions which can be found on our website.
The easiest way to open an account is by downloading the OakNorth app available on the Apple or Google Play Stores. From there you can open an account as either a new or returning customer in just 5 minutes.
It’s quick and simple to keep track of your savings, withdraw or top-up your account and watch your interest add up. Or, if you’d prefer you can open an account online using online banking.
We’re a fully licensed and regulated UK bank, which means when you save with us, you’re protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.
This account is only for customers looking to save £20,000 or more. Visit our Easy Access accounts page to save with as little as £1. Or see our full range of accounts designed to suit different saving styles.
If you’re a customer with an Easy Access account with £20,000 or more, you can transfer your savings over to an Easy Access Limited Edition account, while it’s on offer, to make the most of higher interest rates.
You should only move your savings over to the new Easy Access Limited Edition account if you are transferring £20,000 or more. To open a new Easy Access Limited Edition and transfer your savings:
The main difference in Easy Access and Easy Access Limited Edition is the minimum deposit criteria and interest rate. Customers able to save a minimum of £20,000 can now earn a higher interest rate. There is no change to the time-period for which you can access your funds, it will remain as next business day access.
Limited Edition means that this product is only going to be on offer for a limited time period, at the discretion of OakNorth. This means it may only be available for customers for just a few days.
We already have an Easy Access account that has a minimum deposit of £1 for savers that can’t commit to higher savings amounts and want total flexibility. This is a new take on Easy Access accounts for savers with £20,000 up to £500,000 that want higher rates without compromising next-day access.
You have 14 days to fund your account with £20,000 in line with your Specific Easy Access Terms & Conditions. You will be required to always maintain a minimum balance of £20,000 in your account. If one or more withdrawals reduce your Account balance to an amount lower than £20,000, we will have the right to close your Account and the remaining money will be sent back to your nominated bank account on the following business day.
Nothing will happen to your account once you’ve signed up and transferred the minimum deposit limit. When the Easy Access Limited Edition account is withdrawn from the market, it will no longer be available for new customers to sign up. If you’re an existing customer with an Easy Access Limited Edition account, your account will remain open, and you will continue to earn interest. You can continue to add funds at any time once the account is opened even when it’s no longer available for new customers.
Yes, like any Easy Access account, your interest rates will be variable and can increase or decrease at any time. We will always communicate any changes to our interest rates to you via email.
No, this account is only available for sole accounts currently.