OakNorth increases rates on savings accounts

OakNorth increases rates on savings accounts

OakNorth has increased interest rates on its fixed-term accounts to meet demand for business loans, and property development and investment loans.

The challenger bank is targeting interest rate sensitive savers who want to support these businesses via the bank’s range of fixed-term deposit accounts. 

The bank’s 12, 15, 24 and 30-month fixed-term deposits, have interest rates of 1.62%, 1.66%, 1.92% and 1.96% respectively, with a minimum deposit of £1,000 and a maximum of £100,000.
Rishi Khosla, CEO and Co-Founder of OakNorth, said demand for the bank’s loan products since their launch in September had been “phenomenal”.
“Our loan book is now looking very healthy, so despite the £66m equity capital injection we received from Indiabulls last November, we’re keen to increase deposits and continue working towards our goal of supporting UK mid-market growth companies,” said Rishi. 
“Many businesses are still struggling to secure the finance they need to grow. By saving with OakNorth, savers get competitive rates and help Britain’s growth companies.”
To find out more about OakNorth’s fixed-term deposit accounts, click here.

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