Best Business

OakNorth Bank Business Banking

About OakNorth Bank

Editorial Team
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OakNorth Bank are a well known neobank founded in 2015 by entrepreneurs focused on serving established businesses that are overlooked by traditional banks. Since their launch, OakNorth have helped thousands by lending more than £10 billion in specialist finance and are now looking help simplify many of the complexities involved in business banking.

See our full OakNorth Bank business account review of features, fees and how they compare against other digital bank accounts.

OakNorth Bank pros & cons

Pros of OakNorth

  • Easy access savings vault that earns 3.85% AER variable
  • Access savings & interest in one working day
  • Connect to a dedicated OakNorth Business Partner
  • Offer specialist business finance options
  • Deposits protected by the FSCS, up to £85,000

Cons of OakNorth

  • Very little information available at the moment
  • Cash & cheques are not supported
  • No branches for in-person banking

OakNorth Bank business current account

OakNorth have launched a new business current account, with Business Earn Vault which earns 3.85% AER variable with next day access (unless a request is issued before 8am, then money can be withdrawn same-day).

There's not much else information available since the product is in beta.

Eligibility

To be eligible for an OakNorth business current account you must:

  • be a limited company, which has been incorporated in the UK;
  • delegate authority to an individual who:
    • is authorised by your business to set up a business current account;
    • has the capacity under your governing documents to enter into this agreement & operate your business current account;
    • is aged 18 years or over

Opening an account

Here's how to open an OakNorth business bank account:

  1. Download the app from the App Store, Google Play, or fill in this form
  2. Complete their digital application - OakNorth Bank will confirm your eligibility
  3. Verify your ID - you'll need to upload a picture ID and a video of yourself
  4. Once approved you can start banking

OakNorth Bank reviews

OakNorth Bank have an excellent 4.8 star rating on Trustpilot from more than 8,700 reviews, with 84% rating them 5-star.

The OakNorth app is rated 4.8 out of 5 stars, on the App Store, from over 1,500 ratings.

And another 4.8 stars on Google Play, from over 450 reviews.

Information correct as of 2nd January 2024.

Frequently asked questions

It's not uncommon to have questions when looking in to business banking, especially for the first time. These are some of the most relevant questions for OakNorth Bank:

OakNorth Bank is a business bank that offers current accounts, savings, and business loans.

Yes, all accounts offered by OakNorth are covered by the Financial Services Compensation Scheme (FSCS).