OakNorth Bank plc: Easy Access 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 14 days’ notice. You may receive less notice if the rate increases. Please review the Meteor Asset Management (MAM) Terms and Conditions for more information.

The estimated balance after 12 months on a deposit of 20000 is £20,770.27. 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 OakNorth Bank 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 an Anti-Money Laundering/Know Your Customer (AML/KYC) check. The minimum amount you can open and operate this account with is £20000.  You can top up your account with the minimum amount of £500 per transaction and the maximum balance you can have 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 Terms & Conditions. Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.

Yes. There is no limit to the amount of withdrawals you can make; however, you are unable to withdraw less than £500 in a single withdrawal transaction and a withdrawal will not be authorised if it leaves your balance below £20000. To withdraw below your minimum balance you may close your account at any time by requesting closure from within OakNorth Bank plc. In the event you have requested to close your account fully, funds may be returned to your OakNorth Bank plc Account in two separate payments by MAM and can take up to two business days to be returned to your OakNorth Bank plc Account. For further information, please refer to clause 4.21 of the MAM Terms and Conditions. If termination is received on a non business day (either weekend or public Holiday), the termination will be initiated on the next business day. Once termination has been requested it can’t be revoked.

Meteor Asset Management (MAM), through 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, and up to 2 business days for withdrawals and closures to be processed and funds received back in your Aviva Save account. 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 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.