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on the amount withdrawn.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