Savings Interest Rates, Switch Offers and Guides for OakNorth Bank

Who they are

OakNorth launched in September 2015 with the aim of serving and funding businesses in the lower mid-market that were routinely underserved or overlooked by traditional banks. Its founders, Rishi Khosla and Joel Perlman, had experienced that frustration first-hand while scaling their own company - and responded by building a digital bank for entrepreneurs, by entrepreneurs. For savers, the connection matters: your deposits help fund UK businesses, and OakNorth has built a solid, profitable track record doing exactly that. Savings accounts can be managed online and via its mobile app. Deposits up to £120,000 are covered by the UK's deposit guarantee scheme - the FSCS - at OakNorth Bank. Note that this protection limit is higher than the standard £85,000 you see at most banks, so it is worth bearing in mind if you are depositing a larger sum.

Savings accounts

OakNorth keeps things straightforward with no minimum balance requirement beyond £1 across its full range. The bank offers fixed term savings accounts, notice accounts, easy access accounts, and both fixed rate and easy access cash ISAs.

The fixed rate bonds cover a wide spread of terms - from 6 months all the way out to 60 months - so you can pick a term that suits your plans. The 12-month fixed bond carries the highest rate in the current data, and rates step down gradually as you lock away for longer. If you want some flexibility without leaving money in easy access, the notice accounts are worth a look - OakNorth offers 35-day, 90-day, 95-day, and 120-day options. The 90-day and 95-day notice accounts both include a 1% introductory boost for the first 12 months, after which the rate reverts to a lower base rate, so set a diary reminder before that anniversary arrives.

On the ISA side, OakNorth's fixed cash ISAs stand out - one and two-year options in particular have attracted favourable attention in the savings market, and importantly, the accounts are not automatically closed if you need to withdraw early (though an interest penalty applies). The easy access cash ISA pays a variable rate and gives next-day access, which is handy if you need a fallback.

Is it right for you?

OakNorth suits savers who are comfortable managing their money online and want a proper bank - not a marketplace - behind their account. The FSCS cover of up to £120,000 makes it a particularly comfortable home if you have a larger pot to place. The range of fixed terms is one of the broadest you will find from a single provider, and the low £1 minimum means there is no awkward threshold to hit before you can open an account.

The main things to weigh up: notice accounts revert to lower base rates after 12 months, and fixed bonds allow no access until maturity, so be honest with yourself about your timeline before committing. There are no current account switch offers in the data, so OakNorth is purely a savings play rather than a full banking relationship for most people.

Rates move frequently, so check the live figures shown on this page before making any decisions - what you see here reflects the position at a point in time.