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  • FSCS protects deposits up to £85,000 per person

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60 day

About OakNorth Bank

OakNorth Bank is the UK bank powered by OakNorth – the next-generation credit platform.

The bank was launched in September 2015 and offers a range of savings accounts to both individuals and businesses, as well as mortgages for people with a-typical sources of income, and loans for businesses seeking debt finance of £0.5m to £45m.

To date, the bank has lent c.£4bn to businesses across the UK and has attracted deposits from tens of thousands of savers across the UK. Its savings products have won numerous awards thanks to its 4.5-star Feefo rating, its FSCS protection and its competitive interest rates.

Find out more about OakNorth Bank as part of our ‘Meet the Bank’ series.

Bank details

Headquarters: London
Year established: 2015
Number of customers: 55000

Security and deposit guarantee

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.

Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.

Timescales for the return of your money can vary between different banks and banking groups. This bank holds funds under a trust model. Funds held under a trust model can take up to three months to be returned, but in most cases will be returned sooner than this.’ and vice versa.

Who is Raisin?

At Raisin UK, we have one mission; to help you save time and make money. In Europe, Raisin has already helped over 150,000 consumers get competitive rates on their savings and now we're shaking up the UK savings market.

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By registering for a Raisin UK Account, you'll only ever need to fill in one application form to enjoy simple one-click funding on a range of savings products from our partner banks.