OakNorth Bank Sucks Customer Reviews and Feedback

From Everything.Sucks

OakNorth Bank is a UK bank for small and medium sized companies that provides business and property loans. The bank, which gained regulatory approval in early 2015, was founded by entrepreneurs Rishi Khosla and Joel Perlman, who had previously founded Copal Amba.In 2018, the bank’s pre-tax profit was £33.9m. In 2019, the bank increased pre-tax profits by 95% to £65.9m.

An angry customer said this in a review "My wife and I both opened an account on OakNorth Bank early March, with a request to transfer funds from another bank. The first thing we heard from Oaknorth, was an email to my wife to say that her account had been closed as no funds had been deposited. She replied to say that Oaknorth had to transfer the funds, and that details had been provided in the application process. They responded to say that she had not supplied a bank account statement they had requested. No such request was ever received, but they insisted that now the account had been closed, she would have to re-apply. In the meantime their fixed interest rates had been lowered, so this would be pointless and with no guarantee that the same thing would not happen again. I Have heard nothing from them at all, despite emailing them to ask for a status update on my application. The funds have not been transferred from the other bank, so I can only assume they have closed my account too. I have since opened a fixed rate ISA with Barclays, a process which was simplicity itself. The account number and sort code were provided at the end of the application, and funds were transferred within 3 days! Take my advice, choose a well known, reputable provider."

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Former Employee - Software Developer says

"I worked at OakNorth Bank full-time for more than 3 years Cons: Leadership doesn't care about your health and mental wellbeing Unnecessary pressure, impractical timelines Employee's personal time offs are not appreciated Business teams not at all supportive High attrition rate Thankless job Zero motivation"

Former Employee - Senior Associate says

"I worked at OakNorth Bank full-time for less than a year Cons: Work life balance is very hectic"

Current Employee - Credit Manager says

"I have been working at OakNorth Bank full-time for more than 5 years Cons: Visionless management, act as though they own your life, work life imbalance, FIRING is their policy"

Former Employee - Anonymous Employee says

"I worked at OakNorth Bank full-time Cons: Venkat sr direct at bangalore, he has no sense how to talk to his coworkers. He is egoist and rude. He thinks he is the king of the world. No matter how hard you work, you will be treated like useless. They have zero appreciation policy. Just avoid this company and you will be better off. Its daily grind and also on weekend. Zero personal life."

Current Employee - Intern says

"I have been working at OakNorth Bank full-time for less than a year Cons: Loads of office politics, do as you are told, don't speak up, no progression, get treated like a child, a few very good colleagues asked or told to leave immediately, no compassion, just in for profit"

Former Employee - Assistant Vice President says

"I worked at OakNorth Bank full-time for more than 3 years Cons: Erratic work culture Non existent HR Extremely hectic Experience useless in the undustry"

Former Employee - Anonymous Employee says

"I worked at OakNorth Bank full-time for less than a year Cons: From point of view of timing, you need to work till long hours which will affect your personal life."

Current Employee - Instrumental Supervisor says

"I have been working at OakNorth Bank full-time for more than a year Cons: Job safety and terrible work culture."

Former Employee - Associate says

"I worked at OakNorth Bank full-time for more than a year Cons: I can write an essay on this: - as you see in all reviews, CEO just approves the positive ones and discard the negative ones. Actually the positive ones are fake postings created by the HR dept and senior management - no employee friendly culture - no work life balance - no work from home policy (for non copalites) - parking issues, they are proud to have approx 20 parkings for 150 employees - no cab facility - no food facilities - they never try to build a good company culture - all the senior management is from copal, taking the company back to past - they make false promises when offering you a job and forget everything later on - no one is treated as human; for the management, employees are like slaves whom they bought and they can treat them in whatever way they want - they consider themselves the best, thus ignoring all scopes of improvement"

Current Employee - Anonymous Employee says

"I have been working at OakNorth Bank full-time for less than a year Cons: so lazy persons unprofessional guys no vision every time they do unethical, they do not have any ethics"

Ian Iveson says

"I had the same experience as sb of Essex. In march this year, 2020,tried to open an account, with their good shown interest rate. Filled in all the relevant information on line, thought i had transferred the money, waited several days, email from them to say no funds received, then they put down the interest rate. SO after checking no money had left my account, closed it."

SB -Essex says

"My wife and I both opened an ISA early March, with a request to transfer funds from another bank. The first thing we heard from Oaknorth, was an email to my wife to say that her account had been closed as no funds had been deposited. She replied to say that Oaknorth had to transfer the funds, and that details had been provided in the application process. They responded to say that she had not supplied a bank account statement they had requested. No such request was ever received, but they insisted that now the account had been closed, she would have to re-apply. In the meantime their fixed interest rates had been lowered, so this would be pointless and with no guarantee that the same thing would not happen again. I Have heard nothing from them at all, despite emailing them to ask for a status update on my application. The funds have not been transferred from the other bank, so I can only assume they have closed my account too. I have since opened a fixed rate ISA with Barclays, a process which was simplicity itself. The account number and sort code were provided at the end of the application, and funds were transferred within 3 days! Take my advice, choose a well known, reputable provider."

Paul says

"Painful experience, reasonable rates but everything else... so slow to respond and release funds unless Monday to Friday 9-5, can;t even transfer ISAs digitally

Not worth the hassle for the extra 0.5%"

Barry Molloy says

"The website and interface is awful!! Very clunky and just leaves you with a feeling of why bother. Metro Bank offer better rates and at least have an app. Can't be arsed with Oak North.
Emptied my accounts."

biffo1987 says

"Chose to open a fixed one year cash ISA and transfer funds in from my matured ISA with Virgin. Application was straight forward, they asked for details in relation to a nominated account and I submitted details of our current account, which we've had for 35 years. Following day received an e-mail which stated they couldn't verify our bank details. Concerned we rang their customer services. We were then informed that we had to send a copy of our statement or a void cheque. This had to be done via our on-line bank account and in a format called PDF. You might as well speak to me in double dutch because I'm no computer expert. We only deal in paper base statements & correspondence. (It's an age & trust thing)
I offered to scan a bank statement but they said that this could not be accepted. Having moved ISA's on numerous occasions never experienced some much faff.
Their loss.We are going else where.
INVESTOR BEWARE."

Honest Review says

"Strung along for months on a business refinance, provided figures time and time again. Clearly do not grasp the concept of business and numbers. Wasted time and resources. Business owners may consider looking at the mainstream instead of second tier lenders. A very disappointing outcome from a positive discussion."

Lionel, East Sussex says

"All over the place "no controls" & Rude Staff. They lent over 40 million to. a developer who has now gone bust. Questionable what checks and controls they had in place to manage them. A simple search would show this developer has done it before. They couldn't have complete any of the usual checks for nearly a year. Their failure to do the right thing has impacted on suppliers and consumers of their Client. They have tried to come up with a rescue mission to recover the 40 million which has to involve selling off houses and land on a number of estates. Their staff who we have met have been extremely rude to residents. Good marketing but they do not seem to have the support infrastructure of a leading bank. 40 million is a lot of money to lend with what seems to be no controls."

Terence says

"Tried to open a fixed term ISA account with this bank, received an email back telling me that they were unable to verify my details despite the fact that I have used the same bank for my current account for over 35 years. Appear to have a could not care less attitude, so I have adopted the same one with them, I am sure that there are people out there that love them, sadly the worst bank I have ever dealt with in the past few years. Took my savings elsewhere and opened the account in five minutes."

Marcus Hants says

"Over a 10 day period I have tried to get an activation code for my newly opened bond account despite 4 phone calls & an email to date nothing!! Its apparently an "I.T" issue? They have emailed me to tell me there is a message in my account inbox?? As I can't log on what use is that. Staff (Amber, James, Tom... If that's their real names) all very polite & apologetic but that's not the point as I still cant access my account.
Called again today... So this has now being going on for over 2 weeks, advisor suggested putting Oaknorth in my safe mail list... Still no activation code!"

Wendy peters says

"I am in total shock with the bank. their security of your account means nothing to them. I asked them to change my address for communication purposes as I am moving out of my own house for a year, with renters to move in and a month to month basis,
They refused to change my address without proof from a lawyer!
The address given was a totally safe address which is my mothers,
Thus bank refused to change the address and prefer that anything to do with my account to be sent to the address I was no longer in, after several email and phone call. They would,not budge,
Due to this security breach of my account with them. I have out my notice in on the account. I will never use or recommend them to anyone, once is notice period is up. I will be able to breath again knowing that my personal details and money is safe.
I having to dealing with 9 other banks and this is the only one where your security is compromised.
I found this a a famous and well used money recommendation site,
They are must be unaware of their security policy, which is they don't have one,"

nina bloom says

"Having had several accounts with them, when latest came up, decided a good rate to re-invest. They quoted me wrong interest rate in an e mail. If I had opened this, would not have known was getting wrong rate. All they said "was human error" and sorry !!! How may other people has this happened too ?"

C.M.Bremner says

"I’m in the process of opening fixed term accounts for a cash ISA and personal savings with OakNorth but after reading the reviews am having doubts about proceeding. Previously, I’ve never been asked to make out a cheque for a large sum of money to the bank where l’m investing it, but to myself as an account-holder. It may be perfectly safe, but when l rang the Customer Care line to ask for clarification, a recording informed me that nobody was available to take my call, and that l should try again later. Sorry, but l’m pulling out due to loss of confidence in this bank."

Ray says

"Fixed term account opened ok, however, unlike other online banks, all is done by emails initially, including receiving account number where to pay into. This is of concern in times of email interception fraud. Other banks set up direct debit on account numbers that you give them, much safer. Sure, they allow you to transfer online but on high values this incurs high cost by your bank. Admin and online procedure is otherwise great."

ANN HOWELL says

"I have also had problems with Oaknorth's emails not getting through to my inbox. The advisers on the 'phone were all very pleasant but the IT issue remained unresolved and so I have decided to close the account on maturity and will not re-invest."

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