Common use of Your Account Clause in Contracts

Your Account. 1.1. You must be at least 18 years of age to open an Account(s) with us. 1.2. We are obliged to confirm the true identity of all applicants. If we cannot confirm your true identity, we may refuse your application to open an Account and refuse to accept a deposit from you without giving a reason. 1.3. If you are an individual, you have the right to nominate an authorised third party to help with the administration of your Account(s). If you do this, we will need to confirm the true identity of the third party, as well. 1.4. The currency of the Account will be the Pound sterling and deposit(s) will only be accepted if they are in this currency. 1.5. The minimum deposit required to open your Account is £1. 1.6. The maximum deposit you may pay into any one Account is £500,000. Therefore, the maximum amount (excluding the interest) that you will be allowed to hold on deposit with us across multiple Accounts is £500,000. For a joint Account (joint accounts can only be opened through our online application on the website and not through our mobile app) this means that the maximum amount allowed to be held would be £1,000,000 i.e. £500,000 per Account holder. 1.7. You may not overdraw or borrow on your Account. 1.8. If your application to open an Account is approved, there will be a maximum period of 14 calendar days to fund your Account from the date of approval. If the Account is not funded within 14 days, it will be closed. 1.9. If you are required to send us further information, you will have 10 calendar days in which to do so. 1.10. Details of our current interest rates are available online or in the OakNorth mobile app (Please note, ISAs rates are not available on the mobile app) You can also refer to your deposit statement or contact us to find out more. 1.11. If the Account holder dies, the personal representative(s) of the deceased must notify us in writing and provide us with a Death Certificate, Grant of Probate, and other documents (which may need to be certified by a regulated entity) to close the Account. The Account will remain open and continue to accrue interest until it is closed. To view our deceased customer process in detail and understand the exact requirements please click here. 1.12. It is a condition of this Agreement that you will not: (a) act abusively, offensively or violently towards our staff; (b) become bankrupt; (c) act dishonestly with us; (d) use your Account for a dishonest, fraudulent or unlawful purpose; or (e) act in a way that gives rise to a reasonable suspicion of fraud. If you do any of these things, we will regard that as a serious breach of the agreement between us; and we may close your Account immediately. We may also close your Account immediately, if we reasonably consider that (a) it would be unlawful for us to keep; or (b) we would breach our obligations under the Regulatory System if we kept, your Account open. 1.13. If you breach this Agreement in a significant way, or you breach it repeatedly, we may also close your Account by giving you 14 days written notice of our intention to do so. Please refer to relevant section(s) of the Specific Terms & Conditions for more detail. 1.14. In the event that a petition for a bankruptcy or sequestration order is presented against you then you agree that we will accept instructions on the Account from the insolvency practitioner/appointed agent and comply with the court order.

Your Account. 1.1. You must be at least 18 years of age to open an Account(s) with us. 1.2. We are obliged to confirm the true identity of all applicants. If we cannot confirm your true identity, we may refuse your application to open an Account and refuse to accept a deposit from you without giving a reason. 1.3. If you are an individual, you have the right to nominate an authorised third party to help with the administration of your Account(s). If you do this, we will need to confirm the true identity of the third party, as well. 1.4. The currency of the Account will be the Pound sterling and deposit(s) will only be accepted if they are in this currency. 1.5. The minimum deposit required to open your Account is £1. 1.6. The maximum deposit you may pay into any one Account is £500,000. Therefore, the maximum amount (excluding the interest) that you will be allowed to hold on deposit with us across multiple Accounts is £500,000. For a joint Account (joint accounts can only be opened through our online application on the website and not through our mobile app) this means that the maximum amount allowed to be held would be £1,000,000 i.e. £500,000 per Account holder. 1.7. You may not overdraw or borrow on your Account. 1.8. If your application to open an Account is approved, there will be a maximum period of 14 calendar days to fund your Account from the date of approval. If the Account is not funded within 14 days, it will be closed. 1.9. If you are required to send us further information, you will have 10 calendar days in which to do so. 1.10. Details of our current interest rates are available online or in the OakNorth mobile app (Please note, ISAs rates are not available on the mobile app) . You can also refer to your deposit statement or contact us to find out more. 1.11. If the Account holder dies, the personal representative(s) of the deceased must notify us in writing and provide us with a Death Certificate, Grant of Probate, and other documents (which may need to be certified by a regulated entity) to close the Account. The Account will remain open and continue to accrue interest until it is closed. To view our deceased customer process in detail and understand the exact requirements please click here. 1.12. It is a condition of this Agreement that you will not: (a) act abusively, offensively or violently towards our staff; (b) become bankrupt; (c) act dishonestly with us; (d) use your Account for a dishonest, fraudulent or unlawful purpose; or (e) act in a way that gives rise to a reasonable suspicion of fraud. If you do any of these things, we will regard that as a serious breach of the agreement between us; and we may close your Account immediately. We may also close your Account immediately, if we reasonably consider that (a) it would be unlawful for us to keep; or (b) we would breach our obligations under the Regulatory System if we kept, your Account open. 1.13. If you breach this Agreement in a significant way, or you breach it repeatedly, we may also close your Account by giving you 14 days written notice of our intention to do so. Please refer to relevant section(s) of the Specific Terms & Conditions for more detail. 1.14. In the event that a petition for a bankruptcy or sequestration order is presented against you then you agree that we will accept instructions on the Account from the insolvency practitioner/appointed agent and comply with the court order.