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
Trustpilot rating
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 (6–60 months): 4.00% AER at 6 months, 4.25% at 9 months, 5.13% at 12 months, 4.50% at 15 and 18 months, 5.20% at 24 months, 4.52% at 30 months, 5.20% at 36 months, and 4.25% at 48 and 60 months. Also available: Fixed Rate Cash ISA at 3.30%–4.74% AER on its dedicated product page; Notice Tracker at 4.12% AER (95 days, base rate +0.37); Easy Access Tracker at 3.00% AER standard or 4.35% AER with the three-month new-customer boost; Notice Accounts at 2.25%–3.15% AER plus a 1.00% new-customer boost for 12 months; and Easy Access Cash ISA at 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 | A broad savings range with fixed terms up to 5.20% AER, alongside easy-access, notice and Cash ISA options |
OakNorth at a glance
- OakNorth lends to established businesses and funds that lending with retail deposits. That is the whole logic of the place, and it explains both the competitive savings rates and the very narrow range: the accounts exist to raise money for the loan book.
- For a personal customer it is a deposit-taker rather than a bank. There is no current account, no debit card and no overdraft, and OakNorth's own terms require you to hold a UK bank account elsewhere to move money in and out — so it sits alongside your main account, never in place of it.
- One thing to weigh before depositing a large sum: OakNorth accepts balances well above the FSCS limit. Anything held over that limit is unprotected, so a big balance here means choosing rate over cover on the excess.
OakNorth services
Personal savings only: fixed-term deposits, notice accounts, easy-access and fixed-rate cash ISAs, plus variable-rate tracker products. Accounts open online from a nominal minimum, interest is calculated daily and paid monthly.
The 95-day Notice Tracker currently states its spread against the Bank of England base rate. The Easy Access Tracker page currently publishes the payable rate but not a numeric spread, so compare the rate shown rather than trying to infer its pricing formula.
Separately, OakNorth runs business banking and business lending, but the business account is aimed at established mid-market companies and carries a high eligibility bar.
May suit
- OKFixed Term pays up to 5.20% AER at 24 and 36 months
- OKFull FSCS protection up to £120,000 under its own banking licence
- OKAccounts open from £1 with no monthly fee
- OKA mix of easy-access, notice and fixed-term choices
- 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
- !Variable rates can change, and the Easy Access Tracker page does not currently state a numeric spread
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 range is broad, accounts open from £1, and the product pages set out each account's rate and access conditions clearly.
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 24-month and 36-month fixes currently pay the range's 5.20% AER ceiling, 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.
Finished reading about OakNorth?
Read the full review, compare similar banks, or check the provider's latest account details before applying.