Independent BankAdvisor review
OakNorth Overview
OakNorth's business offering is reviewed separately from its personal banking. This page focuses on business eligibility, pricing, payments, cash handling, integrations, international use, finance and protection.
Quick facts
FSCS protection
Protected up to £120,000
Trust score
4.8 / 5
Account type
Business banking
Account summary
Key features
| Business account | OakNorth business bank account |
| Monthly pricing | Not published — OakNorth quotes rates and pricing directly rather than listing a tariff online |
| Eligible businesses | Aimed at mid-market and scaling companies. OakNorth states eligible businesses need turnover above £1m, or £50,000 or more to deposit, so it is not designed for sole traders or early-stage firms. |
| Access and support | App and online banking with a dedicated Business Partner reachable by phone or email; no branch network |
| Payments | A payments hub covers direct debits, Faster Payments, Bacs and bulk payments to as many as 250 recipients in one go, with approval rules set to match your own authorisation policy. |
| Cash and cheques | No branch network is advertised, and OakNorth does not publish cash or cheque handling arrangements on its business banking pages. Cash-reliant businesses should confirm what is possible before applying. |
| International banking | OakNorth Visa debit cards can be used in more than 40 countries with no FX charges. International payment services and charges are not published and should be confirmed directly. |
| Protection | Eligible deposits held with OakNorth Bank plc can receive FSCS protection up to £120,000. |
OakNorth at a glance
- OakNorth business bank account are available to aimed at mid-market and scaling companies. OakNorth states eligible businesses need turnover above £1m, or £50,000 or more to deposit, so it is not designed for sole traders or early-stage firms. The account should be assessed as a working financial tool rather than simply by its brand or headline fee.
- Pricing starts from not published — OakNorth quotes rates and pricing directly rather than listing a tariff online. The meaningful cost depends on payment volumes, cash and cheque handling, extra cards, international transfers and any paid tools the business actually uses.
- App and online banking with a dedicated Business Partner reachable by phone or email; no branch network. A payments hub covers direct debits, Faster Payments, Bacs and bulk payments to as many as 250 recipients in one go, with approval rules set to match your own authorisation policy.
- Worth comparing for established, mid-market companies that want a named banker rather than a call centre, run several entities, or hold a large cash balance they want earning a competitive rate. The principal point to check before applying is that the eligibility bar is high, day-to-day pricing is not published online, and there is no branch or published cash-handling route. Business savings rates are quoted per issue, so confirm the current issue rather than relying on a headline.
OakNorth services
OakNorth's main business-banking tools include manage multiple companies from a single login, payments hub covering direct debit, faster payments, bacs and bulk pay to up to 250 recipients, payment approvals configurable to your own policy, team access with custom roles and permissions per user, xero, sage and netsuite sync, oaknorth visa debit cards issued to team members, with per-card monthly and transaction limits.
A payments hub covers direct debits, Faster Payments, Bacs and bulk payments to as many as 250 recipients in one go, with approval rules set to match your own authorisation policy.
No branch network is advertised, and OakNorth does not publish cash or cheque handling arrangements on its business banking pages. Cash-reliant businesses should confirm what is possible before applying.
OakNorth Visa debit cards can be used in more than 40 countries with no FX charges. International payment services and charges are not published and should be confirmed directly.
Business lending is the core of the bank rather than a bolt-on. OakNorth says it has lent more than £15.1bn since 2015, across childcare and education, healthcare, hospitality, real estate, senior living and speciality finance. All lending is subject to assessment.
May suit
- OKWorth comparing for established, mid-market companies that want a named banker rather than a call centre, run several entities, or hold a large cash balance they want earning a competitive rate.
- OKManage multiple companies from a single login
- OKPayments hub covering direct debit, Faster Payments, Bacs and bulk pay to up to 250 recipients
- OKPayment approvals configurable to your own policy
- OKTeam access with custom roles and permissions per user
- OKXero, Sage and NetSuite sync
May not suit
- !The eligibility bar is high, day-to-day pricing is not published online, and there is no branch or published cash-handling route. Business savings rates are quoted per issue, so confirm the current issue rather than relying on a headline.
- !No branch network is advertised, and OakNorth does not publish cash or cheque handling arrangements on its business banking pages. Cash-reliant businesses should confirm what is possible before applying.
- !Business lending is the core of the bank rather than a bolt-on. OakNorth says it has lent more than £15.1bn since 2015, across childcare and education, healthcare, hospitality, real estate, senior living and speciality finance. All lending is subject to assessment.
- !People who need regular branch or counter service
- !Anyone choosing mainly on one headline rate without checking the latest terms
Our Assessment of OakNorth
Worth comparing for established, mid-market companies that want a named banker rather than a call centre, run several entities, or hold a large cash balance they want earning a competitive rate. Its practical value comes from manage multiple companies from a single login, payments hub covering direct debit, faster payments, bacs and bulk pay to up to 250 recipients, payment approvals configurable to your own policy, team access with custom roles and permissions per user, xero, sage and netsuite sync, oaknorth visa debit cards issued to team members, with per-card monthly and transaction limits rather than one headline feature. The eligibility bar is high, day-to-day pricing is not published online, and there is no branch or published cash-handling route. Business savings rates are quoted per issue, so confirm the current issue rather than relying on a headline.
Continue Reading
Continue with the Complete OakNorth Review
You've read the summary. Our Complete Review examines the account in much greater detail, helping you understand how it performs in everyday banking before you decide.
- Detailed feature analysis
- Fees and charges explained
- Everyday banking experience
- Account strengths and limitations
- Protection and eligibility
- Comparison with similar UK banks
How OakNorth compares
Compare OakNorth with the full alphabetical business-banking directory. App and online banking with a dedicated Business Partner reachable by phone or email; no branch network. A payments hub covers direct debits, Faster Payments, Bacs and bulk payments to as many as 250 recipients in one go, with approval rules set to match your own authorisation policy. No branch network is advertised, and OakNorth does not publish cash or cheque handling arrangements on its business banking pages. Cash-reliant businesses should confirm what is possible before applying. The closest alternative depends on business structure, transaction volume, physical cash use, international activity and whether finance or human support may be needed later. BankAdvisor does not treat one provider as a universal winner.
Financial Information Disclaimer
The information on this website is provided for general guidance only and may not always reflect the latest fees, rates, or terms offered by each bank. While we do our best to keep content accurate and up-to-date, you should always check the bank's official website or app before applying for an account. Nothing on this site constitutes financial advice.
Finished reading about OakNorth?
Read the full review, compare similar banks, or check the provider's latest account details before applying.