OakNorth Bank

OakNorth Bank: 60 Day Notice Account

Up to £100 Bonus
1.37
%
AER
60 day | GBP
  • FSCS protects deposits up to £85,000 per person

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.

Product details

Account name
60 Day Notice Account
What is the interest rate?
1.37 % AER

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 applied to the account on the first day of every subsequent month.

Can OakNorth Bank change the interest rate?

Yes. The interest rate applicable to your deposit is variable.

Should the bank increase your interest rate, we will notify you within 30 calendar days of the increase and apply the change on the 1st day of the next calendar month (and in certain circumstances apply the change immediately).

Should the bank decrease your interest rate, we will notify you at least 5 calendar days plus the notice period (60 days) in advance.

Should the bank set a date to change the interest rate before you have fully funded your Raisin UK Account, you will be given a minimum of 60 days notice of this change.

If a rate change occurs after a termination is requested then the rate will still change for the remainder of the notice period.

What would the estimated balance be after 12 months based on a £1,000 deposit?

The estimated balance over 12 months on a deposit of £1,000 is £1013.79. This projection is for illustrative purposes only and does not take into account interest rate changes or individual circumstances.

How do I open and manage my account

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 an 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 £1,000, and the maximum amount you can deposit is £85,000.

You can manage your savings account through Raisin UK by logging into your Raisin UK Account, where you can contact us by using the secure messaging feature. Alternatively, you can contact us by telephone, by email or in writing by using the contact details provided in the Terms & Conditions. Raisin UK will only provide instructions relating to your savings account through email and the Raisin UK Account secure messaging feature.

Can I withdraw money?

You may withdraw the full deposit amount only (no partial withdrawals), this will be subject to a 60 day notice period. You are unable to add to the initial deposit or make partial withdrawals.

If termination is received on a non a non business day (either weekend or public Holiday), the notice period will start from the next business day.

If a withdrawal request is made, interest will be calculated on the total amount until, but not including, the day of the withdrawal.

Once notice has been given it can’t be revoked.

You will receive two payments following the termination of your 60 Day Notice Account.

Payment 1 will be returned to your Raisin UK account within 2 business days of your termination date and will consist of capital including interest earned from account opening until the last day of the previous month.

Payment 2 will be returned to your Raisin UK account within 2 business days of the end of the month in which your 95 Day Notice Account terminated and will consist of interest accrued from the first day of the termination month until the termination date.

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.

Additional information

For your order to complete, transfers of funds must be received within 60 days (the funding window) of the date you apply for this account. Any funds received after this period will be held in your Raisin UK Account, awaiting your instruction. The rate offered may change during this period until you fund your account.

Funds must be transferred to your Raisin UK Account from a UK bank or building society account solely in your name by electronic bank transfer only, and to the exact amount pledged when you applied for the savings account.

Should you not transfer the amount you pledged before the funding window closes, your application will be cancelled. Should you transfer more than you pledged, the amount that exceeds your original pledge will be held in your Raisin UK Account pending your instruction.

Typically, your funds will be transferred to OakNorth by MIM so that your deposit will be in place on the second business day after the full amount of the application is received by MIM. Depending on how your money is transferred, it can take up to 2 business days for your money to appear in MIM’s account. Depending on the partner bank’s processes, it can typically take around four business days for a savings account to be set up and start earning interest. The same process applies to maturing funds, which can typically take between 2 to 4 business days to appear in your Raisin UK Account at the end of the term.

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.

You have the right to cancel your account without charge and without giving any reason, within 14 calendar days from the day of opening the account.

Deposit guarantee

Your deposits with OakNorth Bank plc, 60 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.

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.