OakNorth Bank savings accounts review

OakNorth Bank was founded by two entrepreneurs, Rishi Khosla and Joel Perman, and gained regulatory approval in 2015. The bank offers a range of savings accounts for both individuals and businesses.

West Brom Building Society's top savings rate of 4.4% is available on one of its notice accounts.

Cash ISAs

West Brom Building Society's best cash ISA rate of 4% is slightly lower than today's market-best rate of 5%. Compare more ISAs up to 5%

Fixed-rate bonds

West Brom Building Society's best fixed-rate bond rate of 4.05% is slightly lower than today's market-best rate of 5%. Compare more fixed-rate bonds up to 5%

Notice savings accounts

West Brom Building Society's best notice savings account rate of 4.4% is very slightly lower than today's market-best rate of 4.84%. Compare more notice savings accounts up to 4.84%

Business savings accounts

West Brom Building Society's best business savings account rate of 4.25% is very slightly lower than today's market-best rate of 4.55%. Compare more business savings accounts up to 4.55%

What is West Brom Building Society's best savings account with the highest interest rate?

The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.

Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts West Brom Building Society offers, plus the highest interest rate currently available.

Savings account types include	Cash isas, fixed-rate bonds, notice accounts, business
Best cash ISA rate	4%
Best fixed-rate bond rate	4.05%
Best notice account rate	4.4%
Best business savings account rate	4.25%
Fixed bond terms	6 months - 5 years
Notice account periods available	35 days - 120 days
Opening options	Website, mobile app, telephone
FSCS protection

How to open an OakNorth savings account

You can open a personal savings account online or via the app, provided you are over 18 years old and a UK resident. Simply fill in the application form and provide a few personal details including your name, date of birth, address, email address and phone number as well as the details of the bank account you’re transferring funds from. You will also need your National Insurance number if you’re opening a cash ISA.

Business savings accounts can only be applied for online. Accounts are available to businesses that have been registered in the UK for at least 3 years and are registered with HMRC to pay tax. You will need to provide personal details including your name and date of birth as well as the residential address for all applicants. All applicants must be aged 18 or over, UK residents and liable to pay tax in the UK.

What docs do I need to open an OakNorth account?

When you apply for a savings account with OakNorth Bank, your identity and address will be checked through electronic databases. However, you might also be asked to provide the following:

• A good quality photo or scan of a valid passport or valid UK driving licence, sent via email
• A good quality photo, scan or downloaded PDF of a valid proof of address document such as a utility bill, bank statement, council tax statement or HMRC notification, sent via email

Alternatively, you can send original or certified copies by post.

Is OakNorth Bank safe?

Yes, OakNorth Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and PRA. All eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS). This rises to £170,000 for joint accounts.

Pros and cons

Our verdict: Is a savings account from OakNorth Bank worth it?

OakNorth Bank offers a huge variety of both personal and business savings accounts and, unlike many of its competitors, you can choose from a wide range of terms for its fixed rate bonds. The interest rates on its personal savings accounts are competitive too, making it a very attractive option. But remember that OakNorth Bank does not have any branches so you’ll need to be happy banking digitally.

Frequently asked questions

• Can I open a joint savings account with OakNorth Bank?

  Yes, OakNorth Bank offers joint savings accounts, provided you apply online. However, joint accounts exclude ISA products.

• How can I contact OakNorth Bank?

  You can email businessdesk@oaknorth.co.uk or phone the Business Desk on 0330 380 1181 (Monday to Friday 9am to 5pm).

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.