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OakNorth review

Updated September 30, 2026 · VaultCue Editorial Team · Facts checked September 30, 2026

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Our verdict

OakNorth suits savers who want flexible easy access with licensed cover and modest entry requirements. The headline rate is 4.35% with rate type variable, minimum deposit of £1, monthly fee of £0 and access described as Next business-day access with unlimited withdrawals for planned withdrawals.

Key facts

Best for
Savers seeking variable easy access with licensed deposit cover
Headline rate
4.35%↗
Rate type
Variable↗
Minimum deposit
£1↗
Deposit protection
FSCS up to GBP 85,000↗
Access terms
Next business-day access with unlimited withdrawals↗
Monthly fee
£0↗
Account kind
Easy access↗
Regulators
Prudential Regulation Authority↗
Legal entity
OakNorth Bank plc↗
Headquarters
United Kingdom↗
Founded
2015↗
Support channels
Email, Phone, Help-centre↗
Pricing model
No monthly fee
Official website
oaknorth.co.uk

Everyday accounts

Currency conversion fee
0%↗
Currencies
1↗
Transfer fee
None↗
Audience
Business
Features
Free ATM withdrawals

Facts checked September 30, 2026, 6 sources

Apps and profiles

Get the app
Google Play
Elsewhere
WikidataWikipediaXTrustpilotLinkedIn

Pros and cons

Pros

  • Headline rate of 4.35% with rate type variable for flexible saving
  • Minimum deposit of £1 keeps entry accessible compared with eToro balance terms at 3.8%
  • Monthly fee of £0 with transfer terms of none keeps account holding costs contained
  • Access described as Next business-day access with unlimited withdrawals supports withdrawals without a fixed lock

Cons

  • Variable structure tied to variable means the return can move rather than stay fixed through the holding period
  • Support runs on email, phone and help centre only, which limits choice for readers who prefer chat based help
  • Currency choice is narrow with 1 alongside transfer terms of none for business use

Ready to try OakNorth?

Scored 8.8 / 10 by VaultCue.

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Who it suits

  • Savers seeking easy access income tied to variable with cover of FSCS up to GBP 85,000
  • New savers starting with £1 who value access described as Next business-day access with unlimited withdrawals

Who should look elsewhere

  • Readers seeking fixed certainty rather than movement tied to variable should consider Plazo and its stated terms
  • Readers seeking broader currency handling beyond 1 should consider eToro and its stated balance terms

Fees and currency costs

OakNorth sets a minimum deposit of £1 for the savings account, which leaves entry accessible for readers starting with a modest balance. The monthly fee stands at £0, so holding the account does not add a recurring charge on top of the balance. Together, those terms keep the cost of opening and maintaining the account contained, with attention left on the return and on access timing rather than on layered charges.

Rates and terms

OakNorth pays a headline rate of 4.35% on the tracked savings account. The rate type is variable, so the return can move over time rather than remaining locked for a set period. That structure suits readers who accept movement in exchange for access, while readers who want certainty may wish to compare fixed structures elsewhere before placing funds.

Safety of your money

Deposits are covered as FSCS up to GBP 85,000, which states the scheme and the limit that applies to eligible balances. Supervision comes from Prudential Regulation Authority, the authority named in the licence record. The licence entry is shown as 629564, which identifies the authorisation that underpins the deposit cover described here.

Where it sits among rivals

On headline rate, OakNorth is placed at 78 among 289 brands compared on this measure. On minimum deposit, the placement is at 161 among 247 brands compared on that measure. Taken together, those placements show a mid range return position paired with accessible entry, rather than outlier pricing or restrictive thresholds.

Access to your money

Access is described as Next business-day access with unlimited withdrawals, which provides withdrawals without a fixed term while following business day timing. The rate type remains variable, so flexibility on access sits alongside movement in the return. Readers who need funds at short notice should plan around processing days, while readers who can leave balances untouched may compare whether a fixed structure offers different value.

How OakNorth compares

Where OakNorth is available

Available
United Kingdom
Licence in United Kingdom
Prudential Regulation Authority (629564), checked September 30, 2026

Countries from the brand (Source, checked September 30, 2026)

Frequently asked questions

What does OakNorth charge to hold savings?+

OakNorth charges a monthly fee of £0 for the savings account, so there is no recurring charge to hold the balance. Opening starts with a minimum deposit of £1. That combination keeps entry low while leaving the return to move with the variable rate.

What return does OakNorth pay on easy access?+

OakNorth pays a headline rate of 4.35% on the easy access tracker. The rate type is variable, so the amount earned can rise or fall over time. Readers who want certainty should compare this structure with fixed alternatives before committing funds.

Is money with OakNorth protected?+

Money is held by OakNorth Bank plc under supervision by Prudential Regulation Authority. Eligible deposits are covered as FSCS up to GBP 85,000. The licence record is listed as 629564. That framework defines who supervises the bank and how cover applies.

How quickly can savings be withdrawn?+

Access is described as Next business-day access with unlimited withdrawals, which allows withdrawals without locking funds for a set term. The account kind remains easy access, while the rate type stays variable. Savers should plan around business day timing when moving larger sums.

Who is OakNorth suitable for?+

The account is aimed at savers who value flexible access plus licensed cover, alongside business users noted in business. It suits readers who accept a rate of 4.35% that can change. Those seeking fixed certainty or broader currency support may prefer another provider.

Can businesses use OakNorth?+

Yes, business use is noted within business, with currency conversion cost stated as 0% and transfer terms of none. Available currencies are counted as 1. Firms needing wider currency coverage should compare specialist business accounts before choosing.

How can customers contact OakNorth?+

Help is available through email, phone and help centre, covering email and phone contact plus a help centre. There is no mention of chat within that set. Readers who prefer messaging support should check hours and response times before relying on assisted service.

Sources

Compiled from 7 source pages, checked September 30, 2026. We did not open an account.

Not confirmed yet: Term.

OakNorth

Savers seeking variable easy access with licensed deposit cover

8.8/10Visit