Meet OakNorth Bank
As part of our Meet the Bank series, we find out more about our partner banks, and hear more about their values, the challenges they face, and what makes them different.
About OakNorth Bank
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible and accessible debt finance to the UK’s Missing Middle.
The bank offers a range of savings accounts to both individuals and businesses, as well as loans.
🕰️ Established in: 2015
🏠 Based in: UK
🏢 Offices: Manchester, London, Leeds, Birmingham, East Anglia
❤️ Raisin UK partner since: 2019
🏆 Awards: Moneyfacts Awards 2021 – Shortlisted for Best Fixed Account Provider, Best Internet Account Provider, and Best Bank Savings Provider
🦮 Charity work: Since 2018, we’ve committed to donating 1 percent of our group-level profits to support charitable causes and social enterprises with a focus on: the conservation of natural resources, female empowerment, education particularly in STEM subjects, social mobility, entrepreneurship and mentorship, and inclusive development of underprivileged communities.
What makes OakNorth Bank unique?
At OakNorth Bank, our customers are at the heart of everything we do. We’re constantly striving to delight and exceed their expectations, and this sets us apart from other banks.
What are OakNorth Bank’s values?
- One team: working collaboratively to achieve the best results for our customers.
- Momentum: ensuring that we put energy and drive into everything we do.
- Saying it as it is: being open and transparent with all of our stakeholders
- Right ambition: understanding our purpose and conducting our business in an ethical way
- Zero Base: our hunger for excellence and means we constantly zero-base, adapt to our changing environment and are not captive to outdated thinking
What are the biggest changes and challenges OakNorth Bank has faced in the last few years?
At OakNorth Bank, we’re no stranger to navigating through unprecedented events. In September 2015, OakNorth Bank launched and just nine months later, the UK made the decision in the Referendum vote to leave the EU, so COVID-19 is the second unprecedented event we’ve experienced in our fairly short history. However, we’ve continued to lend to businesses and support deposit customers with their savings goals throughout both events.
What are the benefits of OakNorth Bank working in partnership with Raisin UK?
One of the major benefits is that Raisin offers a one-stop-shop experience for UK savers, allowing them to open savings accounts easily with FSCS-protected banks such as OakNorth Bank.
An example of this is with Raisin UK’s savings marketplace for AJ Bell Youinvest, the award-winning investment platform for DIY investors. With the launch of the Cash savings hub, AJ Bell customers can seamlessly open savings accounts with partner banks like OakNorth Bank to effectively manage their cash savings, while enabling them to take advantage of our competitively priced Fixed Term and Notice Accounts. Additionally, OakNorth Bank savings accounts are available through Aviva Save, the new cash savings platform from leading savings and retirement specialist, Aviva, which is powered by Raisin UK’s Savings as a Service technology.
What new trends in banking and finance do you predict we will see in 2021?
The pandemic has changed our lives and shed light on the importance of long-term savings. We’re already starting to see shifts in the way people are spending and saving. Over the next year, we predict that we’ll continue to see individuals, particularly younger generations, place a higher importance on building a nest egg, so that they have a “rainy day” fund should they need it.
We also think we’ll see more people placing an importance on where they save. At OakNorth Bank, we take our role in society very seriously – in addition to supporting the Missing Middle, we also donate 1 percent of our Group profits to supporting charitable causes and socially-minded enterprises, and in 2019, became one of the first banks globally to be net carbon zero for Scope 1 and 2 emissions.
Finally, tell us something about OakNorth Bank that people might not know?
Here are a few fun facts about our savings customers. More than three quarters of our customers are above 50 years old, and customers are saving for a variety of reasons: 11% are saving for a holiday, 10% are saving for a new home, 7% for retirement and 4% for a new car.
Published April 2021
OakNorth Bank is FSCS protected, meaning your deposit is protected up to £85,000 per person. All Raisin UK partner banks are FSCS protected (or the European equivalent) so you always have peace of mind that your money is safe and secure.
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