OakNorth Bank launches 9-month fixed bond account

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OakNorth – the bank for entrepreneurs, by entrepreneurs – has today launched a 9-month fixed bond deposit account providing savers with competitive rates, and the added thrill of potentially winning a share of the lottery. The bank currently offers a number of FSCS-protected fixed bond accounts ranging from 12 months to five years, as well as easy access accounts. Since its launch in September 2015, it has raised over £280m in retail deposits from more than 7,000 savers.

Savers who apply for and fund a 9-month fixed bond deposit account with the bank, will automatically be entered into a specific Lottery Group depending on the day they fund their account, and will be eligible to win a share of the National Lottery. The number of tickets bought each month will depend on the amount of deposits raised between today and when each Lottery Group closes. Savers can deposit a minimum of £1,000 and a maximum of £100,000. OakNorth will buy 1 ticket for every £4000 invested in the bond.

The Lottery Group will depend on the date the account is funded:

Lottery group

Funding opened

Funding closed

Lottery group 1

22/03/2017

17/04/2017

Lottery group 2

18/04/2017

12/05/2017

Lottery group 3

13/05/2017

06/06/2017

Lottery group 4

07/06/2017

03/07/2017

Lottery group 5

04/07/2017

28/07/2017

Lottery group 6

29/07/2017

22/08/2016

Lottery group 7

23/08/2017

18/09/2017

Lottery group 8

19/09/2017

13/10/2017

Lottery group 9

14/10/2017

07/11/2017

For example:

If total amount raised is…

Then the number of tickets bought over the 9 month period will be…

£1,000,000

250

£2,500,000

625

£4,500,000

1,125

Any winnings which the syndicate should receive will be shared in proportion to the amount invested in that syndicate.

OakNorth will confirm the exact share of any potential winnings upon the closure of the first Lottery group funding period and before the first draw on the 22nd April 2017 once it has confirmation of the total amount of investors and total funds raised.

Each unique lottery ticket bought has the odds of winning the lottery as follows:

National Lottery – One Draw per Month

Criteria

Chances

Typical Prize

6 numbers

1 in

45,057,474

£5,000,000

5 numbers + bonus number

1 in

7,509,579

£50,000

5 numbers

1 in

144,415

£1,000

4 numbers

1 in

2,179

£100

3 numbers

1 in

96

£10

2 numbers

1 in

10

Free Lucky Dip Worth £2

Raffle Draw

£20,000 – £1,000,000

The tickets will be bought electronically for the monthly draw, and the numbers will be updated onto OakNorth’s website one day before the draw. Any winnings will be disbursed to customers once cleared funds are received from the National Lottery. For winnings of less than £100 – which would not be viable to disburse between all customers – the funds will be used to buy additional lottery tickets in the next draw. In the last draw, if there are any winnings less than £100, the winnings will be disbursed to a charity of the Banks’ choice.

Joel Perlman, Co-founder and Chief Strategy Officer at OakNorth Bank, said:

“Our customers already benefit from competitive savings rates, but we thought this would be a fun way to make saving a bit more exciting. We’ll be keeping our fingers crossed for all those who open an account and hope this lottery syndicate will make their savings go a little further!”