Independent BankAdvisor review
OakNorth Overview
OakNorth Bank is a UK bank that lends to established businesses and funds that lending with retail savings deposits. For personal customers it is a savings provider only — there is no current account, debit card or overdraft.
Quick facts
FSCS protection
Protected up to £120,000
Trust score
4.8 / 5
Monthly fee
£0
Account type
Digital bank
Account summary
Key features
| FSCS Protection | Yes — eligible deposits protected up to £120,000 per person under OakNorth's own banking licence. Note deposits are accepted up to £500,000, so anything above the FSCS limit is unprotected. |
| Monthly Fee | £0 — there is no monthly fee on any OakNorth personal savings account |
| Current Accounts | Not offered to personal customers. A business bank account is available, but only to firms with turnover above £1m or £50,000 to deposit. |
| Savings Accounts | Fixed Term up to 4.86% AER (12 months); Fixed Rate Cash ISA 3.30%–4.70% AER; Notice Tracker 4.12% AER (95 days, base rate +0.37); Easy Access Tracker 3.50% AER (base rate −0.25); Notice Accounts 2.25%–3.15% AER plus a 1.00% new-customer boost for 12 months; Easy Access Cash ISA 2.75% AER variable. |
| Credit Card | Not offered — OakNorth does no personal lending of any kind |
| Spending Abroad | Not applicable — there is no personal debit card and no spending function |
| App Features | Savings administration only: apply for accounts, set savings goals, move money to and from your linked UK bank account, and view interest. No card controls, spending categorisation or budgeting tools. |
| Loans | No personal loans. Business lending to established companies is the core of the bank, with more than £15.1bn lent since 2015. |
| Overdraft | Not offered — there is no current account to overdraw |
| Top Feature | Base-rate trackers that publish their spread — easy access at base rate minus 0.25 and 95-day notice at base rate plus 0.37 — so you can see how the rate will move rather than relying on the bank's discretion |
OakNorth at a glance
- OakNorth Bank plc has held a UK banking licence since 2015 and is authorised by the PRA and regulated by the FCA and PRA under Financial Services Register number 629564. Eligible deposits are FSCS protected up to £120,000, although OakNorth accepts deposits up to £500,000 across all accounts. The personal range is savings only: Fixed Term deposits paying up to 4.86% AER at 12 months, an Easy Access Tracker at base rate minus 0.25, a 95-day Notice Tracker at base rate plus 0.37, notice accounts at 35, 90 and 120 days, and easy access and fixed-rate cash ISAs.
OakNorth services
OakNorth provides personal savings accounts only: Fixed Term deposits from 6 to 36 months, a Fixed Rate Cash ISA, an Easy Access Cash ISA, an Easy Access Tracker and Notice Tracker linked to the Bank of England base rate, and notice accounts at 35, 90 and 120 days. Accounts open from £1, interest is calculated on the minimum daily balance and applied monthly, and money moves only between OakNorth and a UK bank account held in your own name. Separately, OakNorth offers business banking and business lending to established companies.
May suit
- OKFixed Term pays up to 4.86% AER at 12 months
- OKFull FSCS protection up to £120,000 under its own banking licence
- OKAccounts open from £1 with no monthly fee
- OKBase-rate trackers publish their spread, so rate movements are predictable
- OKEasy access and fixed-rate cash ISAs available
- OKEstablished UK bank, licensed since 2015
May not suit
- !No personal current account, debit card, overdraft or personal loans
- !You must already hold a UK bank account to pay money in and out
- !Notice account headline rates rely on a 1.00% AER boost that expires after 12 months and is not offered to existing customers
- !The 120-day notice account pays less than the 90-day one
- !Deposits accepted up to £500,000, but only £120,000 is FSCS protected
- !Tracker spreads can be changed at OakNorth's discretion
Our Assessment of OakNorth
We like OakNorth for what it is honest about being: a rate-led savings bank rather than somewhere to run your day-to-day money. The fixed-term rates are competitive, accounts open from £1, and the tracker accounts publish an explicit spread against the Bank of England base rate, so you can see how your rate will move rather than relying on the bank's discretion.
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
OakNorth is not comparable with Monzo, Starling or Chase on everyday banking, because it offers no current account, card or overdraft. It is worth comparing against Atom, Zopa and other savings-led providers on rate, access and protection. Its 12-month fix at 4.86% AER is competitive against that group, but the money is locked for the term, and its notice accounts should be judged on the underlying rate rather than the boosted rate a new customer first sees.
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.
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Read the full review, compare similar banks, or check the provider's latest account details before applying.