OakNorth Bank plc: 120 Day Notice Account

The interest rate applicable to your deposit is variable. Should the bank set a date to lower the interest rate, you will be given a minimum of 120 days’ notice. You may receive less notice if the rate increases. Please review the Meteor Asset Management Terms and Conditions for more information.

The estimated balance after 12 months on a deposit of £1000.00 is £1,042.00. This projection is for illustrative purposes only and does not take into account individual circumstances.

To open this savings account, you must apply online through Aviva plc. Savings accounts at Aviva plc are only available through this online application process, and to be eligible to apply, you must: ●      Be a UK resident who is aged 18 or over ●      Hold a UK bank or building society account from which you will fund your application ●      Have a valid mobile phone number and email address ●      Have a UK National Insurance Number Your application acceptance will be subject to the successful completion of Anti-Money Laundering/Know Your Customer (AML/KYC) check. The minimum amount you can deposit is £1000.00, and the maximum amount you can deposit is £85000 (per product and banking institution). You can manage your savings account through Aviva plc by logging into your Aviva plc Account. You can contact Aviva plc by telephone, by email or in writing by using the contact details provided in the Aviva plc Terms & Conditions. Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.

You may withdraw the full deposit amount only. This will be subject to a 120 day notice period. You are unable to add to the initial deposit or make partial withdrawals. Funds may be returned to your Aviva plc Account in two separate payments by MAM following the notice period expiry. For further information, please refer to clause 4.21 of MAM’s T&Cs. Once notice has been given it can’t be revoked. If a termination falls on a non-business day, then payment will be made on the next business day and interest will be paid for the additional days. e.g. If notice account terminates on a Saturday and funds returned on the Monday, interest will be paid for the Sunday.

Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf,  whilst Meteor Trustees Limited (MTL), a wholly owned subsidiary of MAM will act as Bare Trustee. Funds will appear in MTL’s account by the following business day from funding your application at the latest. Funds will be remitted to OakNorth Bank plc by MTL on the next business day after arriving in the MTL account. It can therefore take up to 2 business days for an ordered product to be set up and start earning interest. All cash in transit and deposits once established, will be administered by MIM and held by MTL in trust for you. You have the right to cancel your account without charge and without giving any reason, within 14 calendar days from the day of opening this savings account. For further information, please refer to clauses 1.18 and 1.19 of the MAM’s Terms and Conditions.

The FSCS is the United Kingdom's statutory deposit guarantee scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your deposit account deposit up to the £85,000 per person, per banking group limit. Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.