Is Wise or OakNorth better for your small business?
Below we look at both Wise and OakNorth 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.
Wise vs OakNorth Trustpilot Reviews
| Wise | OakNorth | |
| Trustpilot Review Score (out of 5) | 4.2 | 4.8 |
| Percent 5-Star Reviews | 83% | 84% |
| Percent 1- Star Reviews | 7% | 3% |
| Total Number of Reviews | 207,506 | 8,904 |
https://www.trustpilot.com/review/wise.com
https://www.trustpilot.com/review/oaknorth.co.uk
Wise vs OakNorth App Reviews
| Wise | OakNorth | |
| iPhone Review Score (out of 5) | 4.8 | 4.8 |
| Number of iPhone Reviews | 85,400 | 1,600 |
| Android Review Score (out of 5) | 4.8 | 4.8 |
| Number of Android Reviews | 762,000 | 468 |
https://apps.apple.com/gb/app/wise/id612261027
https://apps.apple.com/gb/app/oaknorth-savings/id1476387507
Wise vs OakNorth Account Fees & Charges
| Wise | OakNorth | |
| Free Business Bank Account | No | No |
| Free Business Account Term Length | NA | NA |
| Cheapest Monthly Account Fee | Free | £25 |
| Most Expensive Monthly Account Fee | Free | £99.99 |
| Electronic Payment Cost (in/out) | 0.42% | Free |
| Cash Payments Cost (in/out) | 2% / 1.75% | 70p per £100 |
| Cheques (in/out) | Unknown | £1 per cheque |
| CHAPS Payments Cost | £25 | £17 |
| SEPA Payments Cost | No | No |
Wise vs OakNorth Business Savings Rates
| Wise | OakNorth | |
| Types of Business Savings Accounts | BlackRock ICS Sterling Government Liquidity Fund | Fixed Term, Notice Accounts, Easy Access |
| Lowest Savings Rate (AER) | 4.67% | 3.85% |
| Maximum Savings Rate (AER) | 4.67% | 3.85% |
| Minimum Savings Amount | £1 | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Wise vs OakNorth Account Opening Times
| Wise | OakNorth | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 2 Working days | Few minutes |
| Do They Check Your Credit? | No | No |
| Current Account Switch Service | No | No |
Wise vs OakNorth Features & Account Types
| Wise | OakNorth | |
| Business Current Account | Yes | Yes |
| Business Savings Account | No | Yes |
| Business Credit Card | No | No |
| Business Overdraft | No | Yes |
| Accounts For Startups | Yes | Yes |
| Accounts For Charities | Yes | Yes |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | No | Yes |
| Card Type | Visa/Mastercard | Mastercard |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In Person/Branch Banking | Yes | No |
| Branch Locations | None, online only | None, online and phone only |
Wise vs OakNorth Customer Support Options
| Wise | OakNorth | |
| Phone Support Available | Yes | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | Yes | Yes |
| Web Based Support | Yes | Yes |
| In person Customer Support | Yes | No |
Wise vs OakNorth Foreign Currency Accounts
| Wise | OakNorth | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Wise and OakNorth
| Wise | OakNorth | |
| Business Loans | No | Yes |
| Commercial Mortgages | No | Yes |
| Invoice Financing | No | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | No | No |
| Free Accounting Software | Yes | No |
Wise vs OakNorth Banking Basics
| Wise | OakNorth | |
| Bank Type | Challenger | Challenger |
| FSCS Protection | No, unless money is held in assets | Yes, up to £85,000 |
| FCA Number | 900507 | 629564 |
| Website | Wise Website | OakNorth Website |
Common Comparison Questions
Does Wise or OakNorth have better customer reviews?
Wise scores 4.2 out of 5 based 207,506 Trustpilot reviews. Of these reviews 83% are 5-star and 7% are 1-star.
Whereas, OakNorth scores 4.8 out of 5 based 8,904 Trustpilot reviews. Of which 84% are 5-star and 3% are 1-star.
Does Wise or OakNorth have a better App?
Wise’s iPhone App is rated 4.8 out of 5 based on 85,400 reviews. And it’s Android App is rated 4.8 out of 5 based on 762,000 reviews.
In comparison, 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.
Does Wise or OakNorth have better business savings rates?
Wise offers the following types of business savings accounts: BlackRock ICS Sterling Government Liquidity Fund with interest rates ranging from 4.67% to 4.67%. (AER)
In contrast, OakNorth offers Fixed Term, Notice Accounts, Easy Access accounts with interest rates ranging from 3.85% to 3.85% (AER).
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For other business bank accounts see our guide here.