Is OakNorth or State Bank of India (UK) better for your small business?
Below we look at both OakNorth and State Bank of India (UK) reviews on Trustpilot along with their App reviews from Apple and Google.
We then look at typical fees, business savings rates, foreign currency options and a whole bunch of other account features to help you make up your mind.
.png)
OakNorth vs State Bank of India (UK) Trustpilot Reviews
| OakNorth | State Bank of India (UK) | |
| Trustpilot Review Score (out of 5) | 4.8 | 3.7 |
| Percent 5-Star Reviews | 84% | 33% |
| Percent 1- Star Reviews | 3% | 34% |
| Total Number of Reviews | 8,904 | 3 |
https://www.trustpilot.com/review/oaknorth.co.uk
https://www.trustpilot.com/review/sbiuk.statebank
OakNorth vs State Bank of India (UK) App Reviews
| OakNorth | State Bank of India (UK) | |
| iPhone Review Score (out of 5) | 4.8 | 2.4 |
| Number of iPhone Reviews | 1,600 | 253 |
| Android Review Score (out of 5) | 4.8 | 1.7 |
| Number of Android Reviews | 468 | 1,640 |
https://apps.apple.com/gb/app/oaknorth-savings/id1476387507
https://apps.apple.com/gb/app/yono-sbi-uk/id1454780358
OakNorth vs State Bank of India (UK) Account Fees & Charges
| OakNorth | State Bank of India (UK) | |
| Free Business Bank Account | No | No |
| Free Business Account Term Length | NA | NA |
| Cheapest Monthly Account Fee | £25 | £80 |
| Most Expensive Monthly Account Fee | £99.99 | £120 |
| Electronic Payment Cost (in/out) | Free | Free |
| Cash Payments Cost (in/out) | 70p per £100 | £3 / Free |
| Cheques (in/out) | £1 per cheque | £10.00 per cheque |
| CHAPS Payments Cost | £17 | £25 |
| SEPA Payments Cost | No | £25 |
OakNorth vs State Bank of India (UK) Business Savings Rates
| OakNorth | State Bank of India (UK) | |
| Types of Business Savings Accounts | Fixed Term, Notice Accounts, Easy Access | Instant Access, Notice Savings, Fixed Deposit, Limited Access |
| Lowest Savings Rate (AER) | 3.85% | 1.95% |
| Maximum Savings Rate (AER) | 3.85% | 5.00% |
| Minimum Savings Amount | £10,000 | £1 |
| Interest Paid On Foreign Currencies | No | Yes |
OakNorth vs State Bank of India (UK) Account Opening Times
| OakNorth | State Bank of India (UK) | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | Few minutes | 3 to 4 Working days |
| Do They Check Your Credit? | No | Yes |
| Current Account Switch Service | No | Yes |
OakNorth vs State Bank of India (UK) Features & Account Types
_F1.png)
| OakNorth | State Bank of India (UK) | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | No | Yes |
| Business Overdraft | Yes | Yes |
| Accounts For Startups | Yes | Yes |
| Accounts For Charities | Yes | Yes |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | Yes | Yes |
| Card Type | Mastercard | Mastercard |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In Person/Branch Banking | No | Yes |
| Branch Locations | None, online and phone only | Limited locations in London and Midlands |
OakNorth vs State Bank of India (UK) Customer Support Options
| OakNorth | State Bank of India (UK) | |
| Phone Support Available | Yes | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | Yes | Yes |
| Web Based Support | Yes | Yes |
| In person Customer Support | No | Yes |
OakNorth vs State Bank of India (UK) Foreign Currency Accounts
| OakNorth | State Bank of India (UK) | |
| US Dollar (USD) Bank Accounts | No | Yes |
| Euro (EUR) Bank Accounts | No | Yes |
| Other Currencies Available: | No |
|
Other Business Services From OakNorth and State Bank of India (UK)
_F2.png)
| OakNorth | State Bank of India (UK) | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | No |
| Card Machines | No | No |
| Free Accounting Software | No | No |
OakNorth vs State Bank of India (UK) Banking Basics
| OakNorth | State Bank of India (UK) | |
| Bank Type | Challenger | Foreign Bank |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 629564 | 757156 |
| Website | OakNorth Website | State Bank of India (UK) Website |
Common Comparison Questions
Does OakNorth or State Bank of India (UK) have better customer reviews?
OakNorth scores 4.8 out of 5 based 8,904 Trustpilot reviews. Of these reviews 84% are 5-star and 3% are 1-star.
Whereas, State Bank of India (UK) scores 3.7 out of 5 based 3 Trustpilot reviews. Of which 33% are 5-star and 34% are 1-star.
Does OakNorth or State Bank of India (UK) have a better App?
OakNorth’s iPhone App is rated 4.8 out of 5 based on 1,600 reviews. And it’s Android App is rated 4.8 out of 5 based on 468 reviews.
In comparison, State Bank of India (UK)’s iPhone App is rated 2.4 out of 5 based on 253 reviews. And it’s Android App is rated 1.7 out of 5 based on 1,640 reviews.
Does OakNorth or State Bank of India (UK) have better business savings rates?
OakNorth offers the following types of business savings accounts: Fixed Term, Notice Accounts, Easy Access with interest rates ranging from 3.85% to 3.85%. (AER)
In contrast, State Bank of India (UK) offers Instant Access, Notice Savings, Fixed Deposit, Limited Access accounts with interest rates ranging from 1.95% to 5.00% (AER).
See Other Comparisons:OakNorth vs Charity Bank
OakNorth vs Cumberland Building Society
OakNorth vs Redwood Bank
OakNorth vs Amaiz
OakNorth vs ICICI Bank UK
For other business bank accounts see our guide here.