How long can you wait to withdraw your savings?
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 Notice Accounts are right for you. You should read this document carefully, together with the General Terms & Conditions and Specific Terms & Conditions for our Personal Notice 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 (%) | |
|---|---|---|---|
| 35 days | 3.54 | 3.60 | |
| 90 days | 4.60 | 4.70 | |
| 120 days | 4.65 | 4.75 |
To view the current interest rates for all the Issues of our Notice Accounts, please visit the Notice Account Rate Table on our website.
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 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 – Notice 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 in addition to the notice period as per the type of account opened, prior to the decrease.
| Term/Product | Initial Deposit at account opening | Balance after 12 months |
|---|---|---|
| 35 days | £1,000 | £1,036.00 |
| 90 days | £1,000 | £1,047.00 |
| 120 days | £1,000 | £1,047.50 |
*These are only examples for illustrative purposes and do not take into account your individual circumstances.
These examples assume 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 a Notice Account issue 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 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. Although, it is subject to giving us notice as per the type of account opened. Withdrawals from your Notice Account to your nominated bank account can be triggered via Online Banking or the mobile app. You can also contact us by email or phone. It is not possible to withdraw money from the account without providing the mandatory period of notice.
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.
There are no limitations on the number of withdrawals. There is a minimum withdrawal amount of £1. After providing notice the funds will be credited back into your nominated account the next business day after the notice period has passed.
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 Notice Accounts. It should not be used as a substitute for our Terms and Conditions which can be found on our website.
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 notice account. You’ll also need to have a personal UK bank or building society to transfer funds into your account.
You can request to withdraw your savings through online banking or your mobile app. You can also get in touch about this or any other OakNorth Bank account by emailing us at OakNorth Savings or calling on 0330 3801 181.
You’re unable to access your funds without waiting the minimum notice period set out in the terms of your account.
Yes, the interest rates on your notice account are variable. They can be increased or decreased at any time. We’ll 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. If we decrease your interest rate we will notify you at least 14 calendar days in addition to the notice period as per the type of account opened.
