OakNorth Bank: Easy Access 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.
/ 4.47% 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 will begin accruing from the business day on which we receive your funds from Raisin UK and will be applied to the account on the first day of every subsequent month.
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 14 days’ notice. You may receive less notice if the rate increases.
Please review the Meteor Asset Management (MAM) Terms and Conditions for more information.
The estimated balance after 12 months on a deposit of £20,000 is £20.912.00. This projection is for illustrative purposes only and does not take into account 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 an Anti-Money Laundering/Know Your Customer (AML/KYC) check.
The minimum amount you can deposit is £20,000. You can top up your account with the minimum amount of £500 per transaction and the maximum balance you can have is £85,000 (per product and banking institution).
You can manage your savings account through Raisin UK by logging into your Raisin UK Account. You can contact Raisin UK by telephone, by email or in writing by using the contact details provided in the Raisin UK Terms & Conditions.
Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.
Yes. There is no limit to the number of withdrawals a customer can make. Minimum withdrawal amount is £500 in a single withdrawal transaction and a withdrawal will not be authorised if it leaves the balance below £20,000. To withdraw below your minimum balance you may close your account at any time by requesting closure from within Raisin UK.
In the event you have requested to close your account fully, funds may be returned to your Raisin UK Account in two separate payments by MAM and can take up to two business days to be returned to your Raisin UK Account. For further information, please refer to clause 4.21 of the MAM Terms and Conditions.
If termination is received on a non business day (either weekend or OakNorth Holiday), the termination will be initiated on the next business day.
Once termination has been requested it can’t be revoked.
Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.
Funds will be remitted to OakNorth Bank by MIM on the business day after they arrive 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.
All cash in transit and deposits once established, 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 the MAM Terms and Conditions.