OakNorth Bank

Security and deposit guarantee

The United Kingdom of Great Britain and Northern Ireland is the largest island state in Europe and is one of the most populous nations in the European Union with around 64 million people. The national currency is the British Pound (GBP). The United Kingdom has one of the strongest privatized economies in the world, evidenced by the fact that it has the third largest Gross Domestic Product in Europe – and the sixth largest globally. The UK is one of the few states with the highest rating (AAA), as assessed by the credit rating agency Standard & Poor’s, amongst others. London, Britain’s capital city and metropolitan area, has been the world’s top financial center for decades.

Deposits are eligible for protection by the Financial Services Compensation Scheme (FSCS) http://www.fscs.org.uk/. The FSCS is the United Kingdom’s statutory deposit guarantee scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your deposit account deposit up to the £85,000 per person, per banking group limit.