OakNorth has announced its entrance into the Isa market with the launch of two products: a 12-month fixed rate cash Isa offering 1.35% and an easy access cash Isa offering 1.05%.
The minimum balance for the Isa is £1,000, while the maximum balance in the current year is £20,000 in accordance with the HMRC’s 2017/18 tax year Isa allowance, however, previous years’ Isas can be transferred in with no upper limit.
The specialist bank is offering these as portfolio Isas, which means that customers can open one of each Isa and split this year’s allowance between the two.
The bank – which has built a loan book of over £900m – is hoping to lend a further £1.5bn to SMEs in 2018.
“Since our launch [in September 2015], we have attracted over 15,000 deposit customers whose savings have helped fund our lending and enabled us to support numerous UK businesses in achieving their growth ambitions,” said Joel Perlman, co-founder of OakNorth (pictured above).
“As we look ahead to 2018, we are keen to continue building our high-quality loan book, lending a further £1.5bn to SMEs, so we felt now was the right time to expand our product range and hopefully attract even more customers.”
OakNorth offers a range of savings products to both individuals and businesses.
“The UK’s largest banks continue to offer pitiful returns – 0.51% on average for 12- and 24-month fixed rate cash Isas – and many savers have been disillusioned by the fact that these banks have not passed on the recent interest rate rise to them,” added Joel.
“The launch of our new competitive fixed rate and easy access cash Isas will hopefully be a step in the right direction towards rectifying this, giving both our existing and prospective customers the opportunity to make their savings go further.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Masthaven teams up with Intrinsic Financial Services
Masthaven has announced a new partnership with Intrinsic Financial Services as the bank looks to enable more brokers to access its range of residential mortgages.
Cambridge & Counties refinances Oxfordshire nursery
Cambridge & Counties has refinanced an Oxfordshire nursery, which is creating 50% more places for local children.
How important are brokers in the specialist banking market?
Brokers are an important channel for newly launched banks, a number of industry professionals have claimed.
BFC Bank enters UK market
BFC Bank has launched into the UK banking market offering financial services to UK SMEs.
Liam Fox launches GREAT Innovation in Action Awards
International trade secretary Liam Fox has launched the GREAT Innovation in Action Awards to find the best partnerships between UK and Asia-Pacific companies.
Teachers Building Society names new board of directors chair
Teachers Building Society has named Julie Nicholson as the new chair of its board of directors.
Church of England introduces contactless payments
The Church of England has introduced contactless, virtual terminal and SMS mobile payments to over 16,000 churches, cathedrals and religious sites across England.
FIBA workshops to feature live deal room
The Financial Intermediary & Broker Association (FIBA) has announced that its upcoming regional workshops will give brokers the chance to interact with partner lenders in a live deal room.
Metro Bank to enter Scottish mortgage market
Metro Bank has announced that from 5th April it will be expanding its mortgage business into Scotland.
Do challenger banks need to collaborate on Open Banking?
Collaboration between challenger banks on Open Banking could be a powerful message to consumers and the established players, according to an expert at a recent event.