The design of Offshore Wind Turbines (OWT) is a complex process involving several stages: wind turbine selection, tower and sub-structure design, as well as foundation design and installation. A successful design requires close interaction between these components in order to satisfy the main design requirements, name-ly the capacity and accumulated rotation for the foundation and dynamic response and fatigue for the whole system. Recent research has revealed that the current design methods for laterally loaded piles, when ap-plied to short and stubby OWT monopiles, underestimate their initial stiffness and capacity. Advanced Fi-nite Element (FE) analysis, with realistic modelling of the ground conditions can accurately reproduce soil response around a monopile, and hence improve the design, ultimately leading to cost reduction of monopile foundations. In the present paper, the impact of economies in foundation design on the overall design of a realistic OWT is explored. The NREL 5 MW baseline wind turbine is modelled through FE analysis under several characteristic design load cases. The advantages of using FE analysis when compared to traditional methods, in particular with respect to capacity and dynamic response, are demonstrated and discussed.