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The OakNorth 12 month notice cash deposit account pays 1.25% interest per annum (variable).

You need to give 360 days notice to withdraw your money without any penalty. You can get your money faster by paying a withdrawal penalty of 90 days of interest on the amount withdrawn. For example, withdrawing £500 without giving notice would cost £1.54p.

Your account is fully managed via Smarterly and we will arrange for your money to be deposited with OakNorth. The Financial Services Compensation Scheme protects your savings up to £85,000.

Your deposit will be held in a separate cash pot within your Smarterly ISA. You can organise your savings and investments across as many pots as you like within your Smarterly ISA because they all sit in one account behind the scenes.

You do not pay the normal Smarterly platform charge on cash deposits held within your Smarterly account, because our banking partners pay the charges for you!

OakNorth Bank PLC

Want to transfer an existing ISA instead? Use our simple transfer wizard

Key facts

What is the interest rate?

The interest rate is 1.25% Gross / AER (Variable). Interest is calculated daily and paid monthly. If you withdraw mid-month you will lose any interest that has not already been paid.

Can OakNorth change the interest rate?

OakNorth has the right to change the interest rate at their sole discretion. Smarterly does not have the right to change the interest rate.

If the interest rate is increased then this will normally happen immediately and you will be notified within 30 days. If the interest rate is to be reduced then you will be notified by email at least 390 days beforehand.

The current rate of interest is always visible within your Smarterly account.

What would the estimated balance be after 12 months based on a £1,000 deposit?

The estimated balance would be £1,013 based on the interest rate of 1.25%.

How do I open and manage my account?

Your account is fully managed via Smarterly. You create your account with us and we will arrange for your money to be deposited with OakNorth.

The minimum you can save is a £100 lump sum or a monthly amount of £50 by direct debit, or £10 via payroll. The maximum you can save is £20,000 which is the total ISA allowance for the tax year 2019/20.

You can set up as many separate ISA pots as you like within Smarterly and they all sit in one main ISA account behind the scenes. You can use this to ring-fence different pots for different savings goals, or to spread your money across different banks, or to invest with different risk profiles.

Smarterly will always set up your account as a Stocks and Shares ISA, even if you are only holding cash deposits within it. This provides you with additional flexibility to hold other types of assets without needing to set up a separate account.

To open this account you must:

  • Be aged 18 or over
  • Be a UK resident (or otherwise eligible for an ISA)
  • Have a National Insurance Number

The maximum you can hold across all deposits with OakNorth via Smarterly is £500,000.

Can I withdraw money?

You need to give 360 days' notice in order to withdraw money from your account for free. It is possible to withdraw your money faster but you will incur a withdrawal penalty of 90 days' of interest (ie 0.308%) on the amount withdrawn.

The minimum withdrawal amount is £1 and there are no limits on the number of withdrawals.

This is a Flexible ISA, which means that if you withdraw money and then put it back in within the same tax year, it does not count towards your annual ISA allowance

FSCS Protection

Your money is protected by the Financial Services Compensation scheme (FSCS) up to total deposits with OakNorth of £85,000. This limit applies based on the total deposits you have with OakNorth and any other banks which share the same banking license.

Performance projection

Everything online, safe and secure

With our easy to use online account you get everything in one place. No more lost paperwork. No more hassle.

From your account you can do all the standard things you'd expect to be able to do like:

  • View your balance and recent transactions
  • Pay money in, take money out and change direct debits
  • Update your address, bank and other details

But, because you're with Smarterly, you'll also find thing you might not expect like:

  • Up-to-date projections of what your savings might be worth in future
  • All your documents in one, easy-to-find, place
  • Tools to help you open an investment ISA if you decide to

And our robust security measures mean you can be confident your money is safe and secure.

If you choose to invest via your bank account this will not connect your investment choice to any contributions made via payroll deduction. Are you sure you want to continue with this selection?

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