Is it safe? / OakNorth Bank
Is OakNorth Bank safe?
Yes — OakNorth Bank is FSCS-protected. Deposits up to £120,000 per person (£240,000 for joint accounts) are covered under the OakNorth Bank plc banking licence (OakNorth Holdings Ltd). Important: that limit is shared with OakNorth — money across these brands counts as one pot.
Protection
FSCS to £120,000
Licence holder
OakNorth Bank plc
Parent company
OakNorth Holdings Ltd
The shared-limit catch
OakNorth Bank shares its banking licence with OakNorth. If you hold savings with more than one of these, the £120,000 FSCS limit applies to the combined total — not per brand. Spreading large balances across different licences keeps every pound protected. Check your spread →
The fine print (verified July 2026)
Deposits placed with OakNorth via savings platforms (e.g. Sidekick, Raisin) count toward the same limit as direct OakNorth accounts.
OakNorth Bank's current savings rates
- Fixed Term Savings Account4.76% AER
- 90 Day Notice Savings Account - Issue 394.15% AER
- Easy Access Tracker - Issue 134.14% AER
- 95 Day Notice Base Rate Tracker - Issue 224.12% AER
From the daily rates scrape. Compare every provider →
Worth knowing
FSCS also covers temporary high balances (house sale, inheritance) up to £1.4m for six months (raised December 2025). Compensation is automatic if a firm fails — typically paid within seven days.