OakNorth Bank

OakNorth Bank: digital banking for businesses and savers in the UK

OakNorth Bank is a UK-based digital bank that combines business financing and personal savings accounts. Founded by entrepreneurs, it positions itself as an alternative to traditional banking, with a model supported by data analytics technology and personalised service. Its offering targets both businesses looking to grow and savers wanting to make the most of their funds.

Business financing: loans from £1 million

The bank offers business loans starting at £1 million and reaching into the tens of millions. The financing is designed to support the growth of ambitious businesses, with a process the bank describes as fast and flexible. Sectors served include childcare and education, healthcare, hospitality, real estate, specialist finance and others. The bank also provides business banking services including accounts, debit cards, accounting integrations, payments and rewards.

Personal savings accounts

For individuals, OakNorth Bank offers several savings options: easy access accounts, fixed term accounts, notice accounts, tracker notice accounts, and cash ISAs, both easy access and fixed rate. Accounts can be opened online or via the mobile app in minutes. The app also allows you to manage savings goals, move money between accounts, manage cards and track spending.

Track record and funding volume

Since its launch in 2015, OakNorth Bank has provided over £15 billion in financing. According to the bank's own data, this activity has helped create over 61,000 jobs and more than 36,000 new homes. Another section of the site mentions 70,000 jobs and 40,500 homes, figures that reflect the evolution of its activity over time. The bank states that its commitment to carbon neutrality and a prosperous UK economy supports employment growth and local communities.

Deposit protection and licence

OakNorth Bank operates as a fully licensed digital bank. Eligible deposits are protected up to £120,000 by the Financial Services Compensation Scheme (FSCS). The bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, with Financial Services Register number 629564.

Customer experiences

The site includes testimonials from business customers and savers. A former CFO of LEON highlights that the financing process was similar to that of traditional lenders in some respects, but notably different in speed, transparency and personalised service. The CEO of Bruntwood SciTech notes that the team's experience in the real estate sector was decisive during the loan process. The chairman and founder of Dandi Group emphasises the collaborative and commercial nature of the team, as opposed to automated decisions. A savings customer with three accounts at the bank values the ease of use and the speed of withdrawals.

Origins and approach

The bank was founded by entrepreneurs who in 2005 faced difficulties obtaining financing for their data analytics company. According to their account, major UK banks used criteria based on past financials rather than future potential. OakNorth Bank was created with the idea that savers could invest in businesses that create jobs in their communities, combining data technology with a service dedicated to every stage of the business.

Location and contact

57 Broadwick Street, London W1F 9QS