Provider review
OakNorth Bank
The highest business deposit rates in the UK, no charges on any payment type, and a named human being who answers the phone. You just have to be big enough to qualify.
Who holds your money
OakNorth Bank plc is authorised by the Prudential Regulation Authority and regulated by the FCA and PRA, Financial Services Register number 629564. Registered office 57 Broadwick Street, London W1F 9QS.
Eligible deposits protected up to £120,000 per eligible depositor. OakNorth holds a standalone banking licence, so the limit is not shared with any other brand — which is worth more than it sounds if you already bank with a group like Lloyds or NatWest.
Verify the firm reference number on the FCA Financial Services Register before relying on this.
Scorecard
Seven criteria, each weighted. Every score below says what drove it.
Below the size threshold for the CMA-mandated survey, so there is no independent service data. This score rests on public review platforms alone and should carry less weight than a surveyed provider’s.
Multi-entity management under one login, payment approvals, and Xero, Sage and NetSuite sync.
FSCS to £120,000 on a standalone licence, not shared with any other brand.
No published monthly fee, and no charge on Faster Payments, Bacs or CHAPS. Free CHAPS is close to unique.
2.35% AER with no plan fee to reach it, worth about £588 a year on £25,000.
No cash, no cheques — but no charge on Faster Payments, Bacs or CHAPS either.
Turnover above £1m, or £50,000 to deposit. The narrowest bar of any account we cover.
Weighted total 4.0 / 5. Weightings published on how we rate.
Service quality evidence
This provider is not included in the CMA's independent business banking survey, which covers the 17 largest business current account providers. Its service score is drawn from public review platforms only, which is a weaker evidence base than a regulator-mandated survey.
Interest on balances
Verified from provider site| Rate on the free tier | 2.35% |
| Best sustainable rate | 2.35% |
| Extra cost to reach it | None |
| Access | Instant access |
| Net on £25,000 | £588 |
The Easy Access account (Earn Vault) pays 2.35% AER from £1 with no maximum, unlimited withdrawals and money in your current account the next business day — same day if you request before 8am. This is the only OakNorth savings product available below £50,000. The headline notice and fixed rates all require a £50,000 minimum, and critically the notice accounts pay 0.00% AER on balances of £0 to £49,999 — not a reduced rate, nothing at all. Notice pays 3.20% (30 day), 3.60% (95 day) and 3.65% (125 day) above £50,000, tracking Bank of England base rate minus a spread; fixed term pays 4.00% to 4.25% from £50,000. Verified against oaknorth.co.uk, 6 August 2026.
Affiliate note
Where we hold a commercial arrangement with a provider, this box says so and every link on the page is marked. Commission never affects the score or the ranking.
Fees are checked against the provider’s published tariff. If a page has not been re-checked within 60 days, it says so at the top.
The verdict
OakNorth is not really competing with the accounts most of this site covers. It is a commercial bank built for mid-market and scaling companies, and its business account exists mainly to sit alongside its lending, which has run to more than £15bn since 2015.
The deposit rates are the headline and they are not close. Notice accounts pay 3.20% at 30 days, 3.60% at 95 days and 3.65% at 125 days. Fixed term pays 4.00% over six months and 4.25% over one, two or three years. Against a high street clustered around 1% on instant access, that is a different category of return.
The catch is the £50,000 threshold, and it is sharper than it looks. Every headline rate — all three notice periods and all four fixed terms — requires a balance of £50,000 or more. Below that, the notice accounts pay 0.00% AER. Not a reduced rate. Nothing.
What OakNorth does offer below £50,000 is the Easy Access account, branded Earn Vault, paying 2.35% AER from £1 with unlimited withdrawals and money back in your current account the next business day. That is a genuinely competitive instant-access rate — better than every high-street bank we track and second only to Virgin Money — and it is the rate that actually applies to most businesses.
The current account is genuinely well built for its market: multiple companies under a single login, payment approvals matching your internal policy, bulk payments to up to 250 recipients, custom roles per user, and Xero, Sage and NetSuite sync. Notably, OakNorth charges nothing on Faster Payments, Bacs or CHAPS — free CHAPS is close to unheard of, and for a business making large payments that alone can outweigh a monthly fee elsewhere.
Every account comes with a named Business Partner rather than a call centre. That is the traditional relationship-banking proposition, delivered without the traditional wait — one customer quotes an account opened in 27 hours.
What you do not get: cash handling, cheques, or a branch. And OakNorth is well below the threshold for the CMA's independent service survey, so unlike Monzo or Starling there is no regulator-mandated evidence for its service quality. The testimonials on its own site are not the same thing.
Who it suits
- Companies with turnover above £1m, which is the primary eligibility route.
- Businesses with £50,000 or more to deposit, who qualify on that basis alone even below the turnover threshold.
- Groups running multiple entities — single login across companies is rare and genuinely useful.
- Anyone making large or frequent CHAPS payments, where free CHAPS is a real and unusual saving.
- Businesses holding a reserve with a known date — a tax bill, a deferred payment — where notice or fixed term costs nothing in practice.
Who should look elsewhere
- Sole traders, freelancers and start-ups. You will not meet the eligibility criteria.
- Anyone expecting the headline rates on a smaller balance. Under £50,000 the notice accounts pay 0.00% and you are limited to the 2.35% Easy Access account.
- Cash-handling businesses. No cash deposit facility.
- Anyone paid by cheque.
- Businesses that want independently measured service evidence — OakNorth is not covered by the CMA survey.
Every tier, priced
What each plan includes, and what the step up actually costs over a year.
| Plan | Monthly | Per year |
|---|---|---|
| Business Bank AccountMulti-entity management under one login, payments hub covering Direct Debit, Faster Payments, Bacs and CHAPS with no charges, bulk payments to up to 250 recipients, payment approvals, custom user roles, Xero, Sage and NetSuite sync, debit cards, and a named Business Partner. | No monthly account fee published | Verify current tariff |
| Easy Access (Earn Vault)2.35% AER from £1 with no maximum and unlimited withdrawals. Money reaches your current account the next business day, or the same day if you request before 8am. App only. This is the only OakNorth savings product available below £50,000. | £0 | £0 |
| Business Notice Account3.20% AER at 30 days’ notice, 3.60% at 95 days, 3.65% at 125 days — but only on balances of £50,000 and above. Below that the rate is 0.00% AER. Rates track Bank of England base rate minus a spread. | £0 | £0 |
| Business Fixed Term4.00% AER over six months; 4.25% AER over one, two or three years, on deposits from £50,000 to £10m. A single deposit only, locked for the term, with no early withdrawal outside the 14-day cooling-off period. | £0 | £0 |
Pricing must be verified against the provider's own site before publication. Providers reprice without notice.
The fees that are not in the headline
The monthly fee is what gets advertised. These are the charges that decide what you actually pay.
| Charge | Cost | Who it affects |
|---|---|---|
| Monthly account fee | Not published on the site | Confirm directly — OakNorth does not advertise a headline monthly fee. |
| Faster Payments, Bacs and CHAPS | No charge | Businesses making large or frequent payments. Free CHAPS is close to unique. |
| Cash deposits | Not supported | Retail and hospitality — this rules OakNorth out entirely. |
| Cheques | Not supported | Anyone still paid by cheque. |
| Easy Access savings | 2.35% AER from £1 | The only product available below £50,000 — and a genuinely competitive instant-access rate. |
| Notice account below £50,000 | 0.00% AER | Anyone assuming the headline 3.65% applies to a smaller reserve. It pays literally nothing under £50,000. |
| Eligibility | Turnover above £1m, or £50,000+ to deposit | The narrowest bar of any account we cover. |
Applying
Applications are made online, with a call-booking route for businesses that want to talk first. OakNorth advertises account opening in days rather than weeks, and one published customer testimonial claims 27 hours.
Expect the usual documentation plus evidence supporting the eligibility route you are using — turnover figures, or the deposit you intend to make. Because the bank is oriented around lending relationships, expect more interest in what your business actually does than an app-based provider would show.
Where applications fail
- Below the eligibility threshold — turnover under £1m and less than £50,000 to deposit means you do not qualify, regardless of anything else.
- Sector outside appetite — OakNorth lends into defined sectors and its appetite reflects that.
- Companies House mismatch — standard requirement, and more closely checked here than at app-based providers.
- Complex ownership without explanation — expect questions rather than an automatic decline.
Alternatives worth costing
- Allica Bank — The closest comparison — established SMEs, strong rates, relationship manager, but with instant access.
- Virgin Money — 3.50% AER instant access with no eligibility bar and no notice period.
- Barclays Business — If you need cash handling and branches alongside a lending relationship.
- Monzo Business — If you do not qualify for OakNorth and want the best-rated service in the market.
OakNorth questions
What are OakNorth business savings rates?
The Easy Access account pays 2.35% AER from £1. Notice accounts pay 3.20% at 30 days, 3.60% at 95 days and 3.65% at 125 days, and fixed term pays 4.00% to 4.25% — but all of those require a balance of £50,000 or more. Below £50,000 the notice accounts pay 0.00% AER.
Does OakNorth have an instant access savings account?
Yes — the Easy Access account, branded Earn Vault, paying 2.35% AER from £1 with unlimited withdrawals. Money reaches your current account the next business day, or the same day if you request it before 8am. It is app-only and linked to your current account.
Who can open an OakNorth business account?
Businesses with turnover above £1m, or with £50,000 or more to deposit. That is the narrowest eligibility of any UK business account we cover — sole traders, freelancers and most start-ups will not qualify.
Does OakNorth charge for payments?
No. OakNorth states there are no fees on Faster Payments, Bacs or CHAPS. Free CHAPS is unusual and, for a business making large payments, can be worth more than a monthly fee saving elsewhere.
Is OakNorth FSCS protected?
Yes, up to £120,000 per eligible depositor. OakNorth Bank plc holds a standalone banking licence (FCA reference 629564), so the limit is not shared with any other brand.
Does OakNorth accept cash or cheques?
No. There is no cash deposit facility and no cheque handling. Cash-taking businesses need a high-street account alongside, or instead.
Is OakNorth in the CMA service survey?
No. It is below the size threshold for the independent survey UK banks must publish under the CMA’s Retail Banking Order, so there is no regulator-mandated evidence of its service quality — only its own testimonials and public review platforms.