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OakNorth Bank: 90 Day Notice Account
- FSCS protects deposits up to £85,000 per person
About OakNorth Bank
Launched in September 2015, OakNorth Bank is the UK bank for entrepreneurs, by entrepreneurs, providing loans of £500k to £50m to the “Missing Middle” – high-growth businesses which are the most significant contributors of economic and employment growth, yet still struggle to access fast, flexible debt finance. To date, the bank has lent several billion pounds to hundreds of businesses across the UK who have collectively gone on to create tens of thousands of new homes and jobs across the country. OakNorth Bank’s lending is supported by its range of Financial Services Compensation Scheme (FSCS)-protected savings accounts, available to savers at all stages of life.
Find out more about OakNorth Bank as part of our ‘Meet the Bank’ series.
Product details
/ 4.75% Gross
AER is the Annual Equivalent Rate and represents what the interest rate would be if interest was realised and paid once each year.
Accrued interest is calculated daily, compounded monthly and paid gross without prior deduction of tax.
Interest is credited monthly on the first day of every subsequent month and paid to you on termination of your savings product.
The interest rate applicable to your deposit is variable.
Should the bank set a date to lower the interest rate, you will be given a minimum of 90 days’ notice. You may receive less notice if the rate increases.
Please review the Meteor Asset Management Terms and Conditions for more information.
The estimated balance over 12 months on a deposit of £10,000 is £10,485.00. This projection is for illustrative purposes only and does not take into account interest rate changes or individual circumstances.
To open this savings account, you must apply online through Raisin UK. Savings accounts at Raisin UK are only available through this online application process, and to be eligible to apply, you must
- Be a UK resident who is aged 18 or over
- Hold a UK bank or building society account from which you will fund your application
- Have a valid mobile phone number and email address
- Have a UK National Insurance Number
Your application acceptance will be subject to the successful completion of Anti-Money Laundering/Know Your Customer (AML/KYC) check conducted by Meteor Asset Management (MAM), who administers the deposit on your behalf.
The minimum amount you can deposit is £10,000, and the maximum amount you can deposit is £85,000 (per product and banking institution).
You can manage your savings account through Raisin by logging into your Raisin Account. You can contact Raisin by telephone, by email or in writing by using the contact details provided in the Raisin Terms & Conditions.
Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.
You may withdraw the full deposit amount only. This will be subject to a 90 day notice period. You are unable to add to the initial deposit or make partial withdrawals. Funds may be returned to your Raisin Account in two separate payments by MAM following the notice period expiry. For further information, please refer to clause 4.21 of MAM’s T&Cs.
Your notice of termination will start on the business day after your request to give notice.
Once notice has been given it can’t be revoked.
If a termination falls on a non-business day, then payment will be made on the next business day and interest will be paid for the additional days. e.g. If notice account terminates on a Saturday and funds returned on the Monday, interest will be paid for the Sunday.
Funds will appear in MIM’s account by the following business day from funding your application at the latest. Funds will be remitted to OakNorth Bank by MIM on the next business day after arriving in the MIM account. It can therefore take up to 2 business days for an ordered product to be set up and start earning interest.
Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.
You have the right to cancel your account without charge and without giving any reason, within 14 calendar days from the day of opening this savings account. For further information, please refer to clauses 1.18 and 1.19 of MAM’s Terms & Conditions.
Your deposits with OakNorth Bank plc, 90 Day Notice Account – are eligible for protection by the Financial Services Compensation Scheme (FSCS). 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 deposits of up to the £85,000 per person, per banking group limit.
Your deposit will be administered by MAM and Meteor Investment Management Limited (MIM) who will process your application and cash respectively. Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.
In the event that MIM or MAM cannot meet their obligations you will remain the beneficial owner of any deposits purchased for you, and also cash held on your behalf in MIM’s client account. In both cases, these will remain covered under the FSCS protection for the deposit taker or the banks holding client money to £85,000. For more details, please see our MAM Terms and Conditions.
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.