Whether you’re already a long-time saver or at the start of your savings journey, a Fixed Term savings account can help your money grow, so you can reach your long-term goals.
A Fixed Term savings account, sometimes referred to as a Fixed-Term deposit account or a Fixed Bond account, allows you to lock away a sum of money for an agreed time period.
This could be six months, nine months, 12 months or up to five years. It’s important to know that once you’ve put your savings away, you won’t be able to access them until the end of the agreed time period. So, make sure you choose the right account that works for you.
You’ll know what you’ll get back – and that won’t change. We’ll let you know how much interest you’ve earned throughout.
You’ll earn money on your savings, and we won’t take any fees from you. It’s as simple as that.
We won’t make you deposit a large amount just to create an account. You can open an OakNorth Fixed Term savings account with just £1.
How long can you lock your savings away?
Loyalty bonus rates of up to 0.10% extra for reinvesting Fixed Term savings customers can be found here.
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 Fixed Term Accounts are right for you. You should read this document carefully, together with the General Terms & Conditions and Specific Terms & Conditions for our Fixed Term Accounts, 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 (%) | |
|---|---|---|---|
| 6 months | 4.00 | 4.00 | |
| 9 months | 4.00 | 4.00 | |
| 12 months | 4.15 | 4.15 | |
| 15 months | 4.10 | 4.10 | |
| 18 months | 4.00 | 4.00 | |
| 24 months | 3.75 | 3.75 | |
| 30 months | 3.75 | 3.75 | |
| 36 months | 3.50 | 3.50 | |
| 48 months | 3.50 | 3.50 | |
| 60 months | 3.50 | 3.50 |
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 and interest is calculated daily from the business day your funds are applied to your savings account.
No. The interest rate is fixed during the term.
| Term/Product | Initial Deposit at account opening | Balance after maturity |
|---|---|---|
| 6 months | £1,000 | £1,020.05 |
| 9 months | £1,000 | £1,030.03 |
| 12 months | £1,000 | £1,041.50 |
| 15 months | £1,000 | £1,051.37 |
| 18 months | £1,000 | £1,060.65 |
| 24 months | £1,000 | £1,076.41 |
| 30 months | £1,000 | £1,096.13 |
| 36 months | £1,000 | £1,108.72 |
| 48 months | £1,000 | £1,147.52 |
| 60 months | £1,000 | £1,187.69 |
*These are only examples for illustrative purposes and do not take into account your individual circumstances.
These estimates assume that the account remains open for the duration of the stated term, deposits are made in a single payment, and interest is accrued daily and applied to the account on the maturity date of your 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, 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 with us 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.
You can fund your account with multiple deposit payments within 14 calendar days from the day your account is approved. The minimum deposit is £1. Once the 14-calendar day period expires, you will not be able to make any further deposits into the account. In the event you do not fund your account within the 14-day period, your account will automatically be closed.
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.
No, our Fixed Term Deposit Accounts do not allow for funds to be withdrawn during the term of the deposit. We may at our discretion allow it in cases of hardship at our sole discretion, which would require suitable documentary evidence. Interest will be calculated on the total amount until, but not including the day of the withdrawal.
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 receive your instructions before the account maturity date, the total amount including interest will be automatically transferred to a variable rate Easy Access Deposit account with us. See our Easy Access Deposit account page on our website for the current interest rate.
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 Fixed Term Deposit accounts. It should not be used as a substitute for our Terms and Conditions which can be found on our website.
With an OakNorth Fixed Term Savings Account you could earn up to 4.15% interest to help your savings grow.
Opening a Fixed Term Savings Account with us is easy. You can apply in minutes and won’t need to fill out long forms.
You can keep track of your money and watch your earnings increase from our 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.
When you lock up your savings, you won’t be able to access them until your maturity date, when you can redeem the interest you’ve earned. This means it’s important that before you apply you choose the right account for you.
We have Fixed Term savings accounts that start from six months and go up to 60 months, so you can save for as long as you’re comfortable. If you’ve chosen your account, apply online or through the OakNorth app. You’ll be asked to select the account you want to open and fill out a few details. From there you can deposit into your account, then you’re all set to save.
When you’re putting your money away for a life event – like your first home or retirement – it’s important to know your savings are in safe hands.
We’re a fully licensed and regulated bank so your eligible savings are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.
Fixed Term savings accounts aren’t for everybody. If you’d prefer quicker access to your money, view our other savings products, including our Easy access or Notice accounts.
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 two years – then you’re eligible for an OakNorth fixed term savings account. You’ll also need to have a personal UK bank or building society account to transfer funds into your account
Yes. You can open a joint savings account online from our website. We currently don’t offer joint account applications via the app. Joint accounts exclude ISA products.
To apply you will need:
● A valid email address and phone number
● Your UK address details
● Details of the bank account you will be transferring your funds from
