Summary
What it is: an additional 0.60% AER paid on top of the standard interest rate on your Easy Access savings account with OakNorth Bank.
Who it is for: new and existing customers who open an Easy Access savings account with OakNorth Bank through our platform and make an initial deposit of at least £5,000.
How long it lasts: 12 months from the date of your first deposit into the Bonus Qualifying Savings Product.
How it is applied: by paying an additional amount into your Wallet each month, on top of the interest paid by OakNorth Bank.
Promotion Period
This bonus is available to customers who open a qualifying account and make a qualifying deposit from 20 March 2026, unless we withdraw the promotion earlier under 'Withdrawal of this promotion'.
Eligibility
You are eligible for this Bonus Rate if you open an Easy Access savings account with OakNorth Bank through our platform (a Bonus Qualifying Savings Product) and make an initial deposit of at least £5,000 into that account.
This offer is available to both new and existing customers.
Qualifying action
You qualify for the Bonus Rate by opening a Bonus Qualifying Savings Product and making an initial deposit of at least £5,000.
The Qualifying Date is the date of your first deposit into the Bonus Qualifying Savings Product.
Bonus Rate
If you qualify, we will pay you an additional 0.60% AER on top of the standard interest rate on your Bonus Qualifying Savings Product. This is on top of - not instead of - the standard rate paid by OakNorth Bank.
The Bonus Rate:
accrues daily, calculated as 0.60% per annum on the previous day’s closing balance of your Bonus Qualifying Savings Product;
is paid monthly into your Wallet, rounded up to 2 decimal places;
applies to balances up to £60,000 - above this limit, your savings earn the standard OakNorth Bank rate only.=
The current percentage is variable and can be found on our website and throughout our App.
Bonus Rate Period
The Bonus Rate applies for 12 months starting on the Qualifying Date (the Bonus Rate Period), unless it ends earlier.
Minimum balance
The Bonus Rate is not conditional on maintaining a minimum balance. You can make withdrawals from your account without losing the bonus.
When it ends early
The Bonus Rate ends early if:
you close your Bonus Qualifying Savings Product; or
we withdraw or withhold the Bonus Rate in line with "When we may withhold, withdraw or correct".
Withdrawal of this promotion
We may withdraw this promotion at any time. If we withdraw the promotion, it will not affect any Bonus Rate already accrued before the withdrawal date, unless we are entitled to withhold, withdraw or correct it under the section below.
Limits
The Bonus Rate can only be earned on one Bonus Qualifying Savings Product. It is not payable on additional savings products you may open through the platform.
When we may withhold, withdraw or correct
We intend to pay the Bonus Rate where you meet the conditions in this Schedule. However, we may withhold, withdraw or correct the Bonus Rate (including reclaiming any overpayment) if we reasonably believe:
you are not eligible;
the qualifying deposit was not made during the applicable period;
there has been an error in calculation or application;
there is actual or suspected misuse, fraud, gaming or attempted circumvention (for example creating multiple accounts to obtain multiple rewards); or
we need to do so to comply with law or regulation, or for operational or risk management reasons.
Investment risk
Savings held with OakNorth Bank are deposits, not investments. Your money is not at risk in the same way as investments. You may be entitled to compensation from the Financial Services Compensation Scheme (FSCS) if OakNorth Bank is unable to repay your deposit. Please see the Bondsmith Terms for more information.
Tax
The Bonus Rate is generally subject to income tax. Because it does not count as savings interest, the personal savings allowance does not apply. We will pay the Bonus Rate without withholding or deduction. You are responsible for calculating and paying any tax you owe on Bonus Rate income you receive. You should seek specialist advice if you are unsure.