OakNorth Bank

OakNorth Bank

Oaknorth is a UK bank founded in 2015 by Joel Perlman and Rishi Khosia, founders of Copal Amba. They were inspired to start the company after coming up against challenges in gaining debt finance for that business from high street banks.

Reviews Rating
60%
Review Score
This figure is an average of the reviews score, taken from customer reviews and the overall rating of the bank.
53%
BankRank® Score
This figure is the average of the bank’s total sentiment score and the review scores.
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Matt Crabtree
Senior Editor
Matt Crabtree
Matt Crabtree is a publisher at CompareBanks. He specialises in personal finance and is passionate about helping consumers make informed decisions about their money.
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Overview

First Glance

Oaknorth is a UK bank founded in 2015 by Joel Perlman and Rishi Khosia, founders of Copal Amba. They were inspired to start the company after coming up against challenges in gaining debt finance for that business from high street banks.

Features

Contact Info

Email
BusinessDesk@oaknorth.com
Address
Alexandra Bldg, 28 Queen St, Manchester M2 5HX, UK
Phone
0161 713 4071

About Oaknorth Bank

Oaknorth is a UK bank founded in 2015 by Joel Perlman and Rishi Khosia, founders of Copal Amba. They were inspired to start the company after coming up against challenges in gaining debt finance for that business from high street banks.

Oaknorth was only the third new retail bank to be licensed in the UK in 150 years, and the first new bank to turn a profit inside a year, reporting a £10.6 million pre-tax profit in 2017.

Oaknorth lends between £500,000 and £40 million to businesses and property developers as well as property development finance, investment loans and savings accounts for businesses and individuals. In 2016 it became the first UK bank to have its core system hosted entirely on the cloud after partnering with Amazon Web Services.

To date, Oaknorth has supported the development of 8500 homes. It has offices in London, Manchester and New Delhi.

Oaknorth Bank Products and Services

Oaknorth is unusual amongst banks as clients can discuss their lending requirements, and their ambitions for that lending, directly with the Oaknorth Credit Committee. This process can allow deals to be finalised in weeks, instead of taking several months as is the norm.

Oaknorth loans are secured against a range of business assets, including:

  • Intellectual property
  • Stock
  • Debtors
  • Real estate
  • Plant and machinery

Oaknorth funds management buyouts, management buy-ins, mergers, working capital, expansion, acquisitions and more. To date, it has lent more than £2billion to UK businesses.

Oaknorth also offers personal and business savings accounts that offer a higher rate of interest than most high street banks. Clients can choose from instant access, notice and fixed term accounts. Customers can apply online in as little as ten minutes.

Oaknorth Bank Security

OakNorth is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority.

OakNorth Bank Contact Details

1st Floor
Alexandra Buildings
28 Queen Street
Manchester
M2 5HX

Telephone: 0161 713 4071

Email: BusinessDesk@oaknorth.com

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OakNorth Bank Reviews

Nicola Kelly
July 19, 2022

“Having 2 accounts with them I asked as they are both variable saving notice accounts, why the new interest rate isn't applied automatically as other lenders”

Having 2 accounts with them I asked as they are both variable saving notice accounts, why the new interest rate isn't applied automatically as other lenders…. Again I have another 2 seperate accounts with 2 other banks, who emailed me to tell me they had done this, nothing was required from me.

Was told no I had to open another account with them at new rate, and then wait the required 120 days to be able to transfer this money, once it had been transferred to my designated account, back to the new one!!!!!

Wellllllllllll if that isn't a whole heap of stupid then my name is Norman Wisdom….. REALLY come on guys get a grip. So only NEW and not exhisting customers can have the new rate ????

So have given notice now to close both my accounts and deal with a company that doesnt talk such utter nonesense!

8 persons found this helpful
Vanessa McDermott
April 25, 2022

“We’ve set up several fixed term accounts over a couple of years as well as a 30 day notice account”

We’ve set up several fixed term accounts over a couple of years as well as a 30 day notice account. Very easy to set up the accounts online and always give good interest rates compared to the normal high street rip off banks.

Spoke to them once when we first became customers and got excellent service; they were very helpful and very friendly; it was also very quick to get through to an actual person instead of a recorded message.

Highly recommend.

5 persons found this helpful

OakNorth Bank Accounts

Easy Access Accounts
Easy Access Accounts
Business, Savings
Monthly Fee
0.15%
Interest Rate
Overdraft
Overdraft Rate
Personal Fixed Term Savings
Personal Fixed Term Savings
Personal, Savings
Monthly Fee
0.75%-1.29%
Interest Rate
Overdraft
Overdraft Rate
35 Days Notice Account
35 Days Notice Account
Personal, Savings
Monthly Fee
0.55%
Interest Rate
Overdraft
Overdraft Rate
90 Days Notice Account
90 Days Notice Account
Personal, Savings
Monthly Fee
0.72%
Interest Rate
Overdraft
Overdraft Rate
120 Days Notice Account
120 Days Notice Account
Personal, Savings
Monthly Fee
0.81%
Interest Rate
Overdraft
Overdraft Rate
Easy Access Deposit Account
Easy Access Deposit Account
Personal, Savings
Monthly Fee
0.20%
Interest Rate
Overdraft
Overdraft Rate
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