A Fixed Rate 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 Fixed Rate Cash ISA, you’ll earn a set interest rate throughout, so you’ll know what your returns are upfront – and they won’t change. So, if you’re looking to make your money go further, see our range of ISAs with terms from 12 to 36 months.
Enjoy tax-free earnings on your interest. You can save up to £20,000 in any one tax year.
The interest rate you start with won’t change for the duration of your term. You can also track your earnings on the app or online.
We won’t make you deposit a large amount just to create an account. You can open an OakNorth Fixed Rate Cash ISA with just £1.
How long can you lock your savings away?
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 Fixed Rate Cash ISAs are right for you. You should read this document carefully, together with the General Terms & Conditions and Specific Terms & Conditions for our Cash ISAs, 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.
|Term/Product||Gross rate (%)||AER (%)|
Your savings account will start generating interest no later than one business day from when we receive and apply your first deposit to your savings account.
Interest will be calculated on the minimum daily balance and applied monthly to your OakNorth Cash ISA.
No. The interest rate is fixed during the term.
|Term/Product||Initial Deposit at account opening||Balance after maturity|
*These are only examples for illustrative purposes and do not take into account your individual circumstances.
These estimates assume that no further withdrawals are made, the account remains open during the selected term, that the interest is accrued daily and applied to the account monthly and that any interest earned stays in the account.
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, in case of transfers from another ISA provider, the applications must be completed through our website.
The minimum amount required for the account to remain open is £1. The maximum deposit for this account is the current tax year allowance for ISAs set by HM Revenue & Customs, which for the tax year 2023/24 is £20,000. In addition, or alternatively, you may transfer existing Cash ISAs from other providers into this account. We’re only able to accept electronic Cash ISA transfers from the ISA providers listed in our online application. These limits are subject to HM Revenue & Customs rules.
In line with HMRC Guidelines, if you did not fund your Cash ISA in the previous tax year, you will need to submit a fresh ISA Declaration Form by logging into your Account online or via our mobile app before you can resume paying into your Cash ISA for that tax year.
You can transfer Cash ISA balances from the current tax year as well as previous tax years. 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 (excluding interest) 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.
Once you activate online banking, your account can be managed by logging into the OakNorth mobile banking app or 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. You can withdraw funds (partial or full) from your Fixed Rate Cash ISA by logging into the OakNorth mobile banking app or through the ‘My Account’ section of our website.
Your money can be returned to your nominated account or transferred to another ISA provider. 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.
There will be a withdrawal charge depending on the term taken, as shown below.
|ISA Deposit Term||Early Withdrawal Charge|
90 days of interest on the amount withdrawn
180 days of interest on the amount withdrawn
270 days of interest on the amount withdrawn
We will contact you 30 days and 14 days by email before your account matures to inform you of the options available as follows:
You can close or transfer your balance to another ISA provider at the end of the fixed term with no penalty.
This is not a flexible Cash ISA, so any money withdrawn cannot be replaced.
We will write to you at least 14 calendar days before your maturity date to explain your options. We may also send you additional reminders during this time to inform you of the options available as follows:
If we do not hear from you before the account maturity date, the total amount will be automatically transferred to an OakNorth Easy Access Cash ISA. Please see our Easy Access Cash ISA deposit account page on website for the current interest rate
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.
The treatment of your account for tax purposes will depend on your individual circumstances. All tax information is based on our understanding of current law and HM Revenue & Customs practice, both of which may change. For more information visit www.hmrc.gov.uk.
Please note: The information provided in the Summary Box, is a summary of the key features of our Fixed Rate Cash ISAs. It should not be used as a substitute for our Terms and Conditions which can be found on our website.
With an OakNorth Fixed Rate ISA, you could earn up to 5.20% interest to help your savings grow.
Sign up for your account in a few minutes either online or via our app.
Open new accounts, manage existing ones and watch your money grow from your online account or our app.
Eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme.
We’re a fully regulated and licensed bank, which means if you’re eligible to open an OakNorth account, your money is protected up to £85,000 with the Financial Services Compensation Scheme (FSCS).
Whether it’s moving money or opening new accounts, everything you need to keep track of your savings is on the OakNorth app.
Like an OakNorth Fixed Term savings account, a Fixed Rate Cash ISA requires you to lock your savings away for an agreed time. Except with a Fixed Rate Cash ISA, you can withdraw money at any point if you really need to.
If you choose to withdraw your money before your term has ended, you’ll be charged a penalty fee on the amount withdrawn – equivalent to an interest deduction of 90 days for a 12-month term, 180 days for a 24-month term and 270 days for a 36-month term.
You should keep this in mind when choosing this option, as you’ll want to make sure you have a savings account that gives you the flexibility you need. Once you’ve chosen the right Fixed Rate ISA for you, either apply online or download the OakNorth app to open your new account.
A Fixed Rate Cash ISA means putting away your savings to earn competitive interest rates and avoid penalty fees. Although we allow you to withdraw your money at any time, this comes with a penalty – equivalent to an interest reduction. So, if you think you’ll need regular access to your savings an Easy Access savings account may be a better fit for you.
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’ve had for over three years – then you’re eligible for an OakNorth fixed rate cash ISA. You’ll also need to have a personal UK bank or building society account to transfer funds into your account.
ISAs are individual savings, so we don’t offer joint ISA products.
No, your interest rate will remain the same throughout the duration of your fixed term ISA.