OakNorth launches market leading 9 month fixed term deposit account
OakNorth – the bank for entrepreneurs, by entrepreneurs – today announces the launch of its market-leading 9-month fixed term deposit account offering 1.85%. The minimum balance is £1,000 while the maximum is £250,000. Interest is calculated daily and paid gross in full on the maturity date of the customer’s account, so on a 9-month fixed term deposit of £1,000, the saver would make £13.89 in interest by the time their account matures, and £3,471.92 in interest on a deposit of £250,000.
Since its launch in September 2015, OakNorth has built its deposits customer base to more than 30,000 customers, offering a range of savings products to both individuals and businesses. OakNorth offers competitive rates with its products usually appearing in the top five positions of best-buy tables. The bank which focuses on lending between £0.5m-£40m to fast-growth businesses and established property developers, has built a loan book of £2bn with no defaults to date.
Stella Demades, Director of Product at OakNorth, said:
“Since our launch, we have attracted over 30,000 deposit customers whose savings have helped fund our lending and have enabled us to build a profitable £2bn SME loan book here in the UK. As we look ahead to 2019, we are keen to continue building on this, lending a further £3bn to SMEs next year, so we felt now was the right time to expand our product range and hopefully attract even more customers.
We decided to launch a 9-month fixed term deposit account as our research shows that many customers feel uncomfortable locking their money away for a full year but still want to earn better interest than they can get with a 3 to 4-month notice account or a 6-month fixed term account. Hopefully this product provides these customers with a happy medium and will enable them to make their money go further.”