We are often asked for more information on various savings providers that are less well-known or new to the savings market. In this regular series of articles, we aim to turn the spotlight on these providers to give you more information about their background and history and why they are of particular interest in today’s savings market.
The provider chosen this time is one of the UK’s newer banks – OakNorth Bank, following a number of requests for more information and the regular inclusion of the provider in our Best Buy Tables.
OakNorth Bank is a UK-based bank which specialises in lending to small and mid-sized businesses and entrepreneurs and also provides property finance and savings accounts. By saving with the provider, OakNorth Bank states that you are supporting UK growth businesses in addition to the returns you receive.
OakNorth Bank was founded by entrepreneurs Rishi Khosla and Joel Perlman, securing a full banking licence in March 2015 and then commencing operations in September 2015. The bank has offices in London and Manchester.
OakNorth Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). In addition, OakNorth Bank is a member of the Financial Services Compensation Scheme (FSCS), so funds placed with the provider would be covered up to £85,000 per person, should the provider go out of business.
For more information on the FSCS, please take a look at our handy guide or call us on 0800 011 9705 to speak to one of our expert savings advisers.
Application Process and Customer Service
You can apply for the accounts offered by OakNorth Bank online only, with a minimum deposit of £1,000, up to a maximum of £250,000.
The application process is clear and straightforward and the feedback so far from our Cash Advice Service department has been positive.
We certainly have not been made aware of any negative experiences so far from any of our clients or from our own dealings with the provider. Of course, as mentioned earlier, your thoughts and experiences about providers’ customer service are invaluable for us, so please get in touch to share any feedback you have.
A final word…
It is tempting to stick to the well-known brands when it comes to savings accounts, but in doing so, you may be missing out on some of the best rates on the market. Whilst there are some exceptions, for example High Interest Current Accounts, you can no longer rely on the larger brands and high street names to offer the best interest rates. Providers like OakNorth Bank and other less well-known providers continue to drive competition in the savings market and offer some of the best rates available at the moment. The best strategy is to look at all options and take each provider on its own merits, considering alternative providers to get the best returns for your money. As long as you do your research (or ask us for more information!) and are comfortable with the provider, there is no reason not to consider them.
As mentioned earlier, if there is a provider that you would like to see featured in a future article, please let us know. We are also keen to hear from you if you have any feedback about any provider’s customer service, good or bad! Please contact us at [email protected] to share your experiences.