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OakNorth Bank savings accounts review
OakNorth offers a broad range of savings accounts with interest rates up to 5.03%.
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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.
OakNorth's top savings rate of 5.03% is available on one of its fixed-rate bond accounts.
Easy access savings accounts
Table: sorted by interest rate
OakNorth's best easy access rate of 4.35% is lower than today's market-best rate of 6%.
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Cash ISAs
Table: sorted by interest rate
OakNorth's best cash ISA rate of 4.82% is very slightly lower than today's market-best rate of 5.25%.
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Fixed-rate bonds
Table: sorted by interest rate
OakNorth's best fixed-rate bond rate of 5.03% is very slightly lower than today's market-best rate of 5.33%.
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Notice savings accounts
Table: sorted by interest rate
OakNorth's best notice savings account rate of 4.15% is slightly lower than today's market-best rate of 4.75%.
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Business savings accounts
Table: sorted by interest rate
OakNorth's best business savings account rate of 4.25% is slightly lower than today's market-best rate of 4.87%.
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What is OakNorth'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 OakNorth offers, plus the highest interest rate currently available.
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds, notice accounts, business |
|---|---|
| Best easy access rate | 4.35% |
| Best cash ISA rate | 4.82% |
| Best fixed-rate bond rate | 5.03% |
| Best notice account rate | 4.15% |
| 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.
The business easy access savings account opens automatically when you apply for a business current account. To open a business current account, your company must have an annual turnover of more than £1 million or you must be able to deposit more than £100,000.
Your business must be registered in the UK with Companies House and you must be a director of a limited company, private unlimited company, limited liability partnership, public limited company or an overseas company. You will need to provide personal details including your name and date of birth as well as the residential address for all applicants. To open a business notice savings account, you’ll need to email joinbusinessbanking@oaknorth.co.uk – you can’t apply in-app.
What documents 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 £120,000 by the Financial Services Compensation Scheme (FSCS).
Pros and cons
Pros
- Flexibility. OakNorth Bank offers a range of savings accounts, whether you're looking for easy access or long-term gains.
- FSCS protection. Money in accounts will be protected up to £120,000 per person.
- Low deposit requirement. Personal savings accounts can be opened with just £1.
Cons
- Better rates elsewhere? OakNorth Bank offers competitive rates for its personal accounts, but its business account rates are pretty poor.
- No branches. You will need to open your account online or via the app.
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
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 is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
Sources
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