OakNorth Bank savings rates — compare every account, plus switch offers and guides

Who they are

OakNorth launched in September 2015 with a clear purpose: to serve businesses with turnovers between £1m and £100m that were routinely overlooked by traditional banks. The founders, Rishi Khosla and Joel Perlman, had lived that frustration first-hand - when they tried to borrow for their own profitable business, the computer said no. Their response was to build a digital bank for entrepreneurs, by entrepreneurs.

For savers, the story is a little different. OakNorth uses retail deposits to fund its business lending, which means the savings side of the bank tends to be genuinely competitive - they need your money, and they price accordingly. The bank offers a range of personal savings accounts including notice accounts, fixed-term bonds, and both easy access and fixed rate cash ISAs, all manageable online and via its mobile app. Deposits up to £120,000 are covered by the FSCS - notably higher than the standard £85,000 limit because OakNorth holds its own banking licence and does not share it with another brand.

Savings accounts

OakNorth's range is broad, and the minimum deposit is just £1 across the board, which is refreshingly accessible. The fixed-term bonds cover terms from 6 months all the way out to 60 months. At the time these rates were gathered, the 12-month fixed paid 4.50% and the 24-month fixed paid 4.55%, with the 36-month sitting just behind at 4.52%. Shorter terms - 6 and 9 months - currently sit at 3.60% and 3.85% respectively, while the longer 48 and 60-month bonds drop back to 3.25%.

On the ISA side, the 12-month fixed cash ISA pays 4.40% and the 24-month version pays 4.55%. The easy access cash ISA is available at 2.75% with next-day access, while the 36-month fixed cash ISA sits at 3.30%.

For savers who want flexibility without easy access, OakNorth's notice accounts are worth a look. The 90-day and 95-day notice accounts both show a headline rate of 4.15%, though it is worth knowing that rate includes a 1% bonus for the first 12 months - the underlying base rate is 3.15%, so diary a reminder before that bonus drops away. The 35-day notice account works similarly, with a headline of 3.35% built on a 2.35% base.

Is it right for you?

OakNorth tends to suit savers who know what they want and are comfortable doing everything online or in-app. There are no branches, and customer service is digital-first. The £1 minimum is a genuine plus for anyone starting out or wanting to park a small sum while they decide on a longer fix.

The FSCS cover of up to £120,000 - rather than the standard £85,000 - is a meaningful differentiator for savers with larger balances. And because OakNorth's own fixed ISA terms allow early withdrawal with an interest penalty rather than full account closure, you keep a degree of flexibility even inside a fix.

As always, the rates shown here are a snapshot. Check the live figures on this page before you open anything, as rates can and do move.