OakNorth Bank Savings Accounts & ISAs

When was OakNorth Bank established?

OakNorth launched in September 2015, founded by entrepreneurs Rishi Khosla and Joel Perlman. Their experience of obtaining finance for a growing business helped shape the bank’s approach to lending and its focus on businesses that may be underserved by traditional banking providers.

OakNorth was established as a digital bank, using technology and financial analysis to support its banking operations rather than relying on a traditional high-street branch network.

Who owns OakNorth Bank?

OakNorth Bank PLC is an independent UK banking company rather than a subsidiary of one of the established high-street banking groups. Its founders remain closely associated with the bank’s development and strategic direction.

What does OakNorth specialise in?

OakNorth specialises in providing finance to established, growing businesses. Its lending activities support companies across a range of industries, including businesses seeking funding for expansion, investment and property-related projects.

Personal savings form another part of its business model. Deposits from savings customers contribute to the funding available for the bank’s lending activities.

What savings products does OakNorth offer?

OakNorth offers personal savings accounts designed for different savings needs, including accounts that provide access to money and others intended for customers saving over longer periods. Its range includes notice and fixed term savings alongside tax-efficient ISA products.

Available products and account conditions can change, so customers should review the current savings range when considering an account.

Where can I learn more about OakNorth?

Further information about the bank’s history, activities and approach to banking is available on OakNorth’s official website. Details of its personal savings services can be found on the OakNorth savings page.

How do you open an OakNorth savings account?

Customers can apply for OakNorth savings accounts through the bank’s website or mobile app. Applications require personal information and identity verification, together with details of a nominated UK bank account used to manage payments.

Eligibility criteria and opening requirements vary between savings products. Customers should review the relevant account information before applying, including any minimum deposit or funding requirements.

How are OakNorth savings accounts managed?

OakNorth provides online and mobile account management facilities, allowing customers to view balances, monitor interest and manage transactions available under their account terms.

As a digital bank, OakNorth does not operate a traditional high-street branch network for personal savings customers. Support is available through its customer service channels, including telephone and email.

How do deposits and withdrawals work?

Customers generally transfer money electronically between their nominated bank account and their OakNorth savings account. The ability to make further deposits depends on the product selected.

Withdrawal arrangements also vary. Some savings accounts provide relatively straightforward access to funds, while notice accounts require advance instructions and fixed term accounts are designed for money that can remain deposited for an agreed period.

What happens when an account reaches maturity?

For fixed term savings accounts, OakNorth provides information about the arrangements available when the agreed savings period ends. Customers should review their maturity instructions and any deadlines that apply to their account.

How can customers contact OakNorth?

OakNorth provides customer support for account applications, access, deposits, withdrawals and other savings enquiries. Current contact information and guidance are available through OakNorth’s personal savings website.

Is OakNorth Bank regulated in the UK?

Yes. OakNorth Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Its Financial Services Register number is 629564.

Customers can verify the bank’s regulatory status through the Financial Services Register.

Are OakNorth savings protected by the FSCS?

Eligible deposits with OakNorth Bank PLC are protected by the Financial Services Compensation Scheme. The standard deposit protection limit is £120,000 per eligible person, per authorised firm.

Protection applies to qualifying deposits across the bank’s savings range, including eligible cash deposits held within ISAs. Different account types do not automatically receive separate compensation allowances.

How is protection calculated across multiple accounts?

The FSCS generally combines an eligible customer’s deposits held under the same banking authorisation when calculating compensation. Customers with several OakNorth accounts should therefore consider their total eligible balance rather than treating each account separately.

Different arrangements can apply to qualifying joint deposits and certain temporary high balances, subject to the FSCS eligibility rules.

Where can customers check their protection?

OakNorth publishes information about its deposit protection arrangements on its FSCS protection page. Further guidance on compensation limits and eligibility is available from the Financial Services Compensation Scheme.