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How £5 billion deposits have helped fund business in Britain

How £5 billion deposits have helped fund business in Britain

Paragon’s award-winning savings division has reached £5 billion deposits, four years after launching its first savings product. Customer deposits are re-invested into the economy by Paragon’s asset finance division, helping businesses in Britain covering a diverse range of industries, including:

how £5 billion deposits have helped fund business
  • Manufacturing, printing, business equipment, technology, media, agriculture, construction and transportation.
  • Legal practice financial support through Iceberg, who provide unsecured loans to law firms towards partners’ tax, professional indemnity insurance and capital expenditure along with litigation finance for their divorce and probate clients.
  • Aviation industries and technology, together with businesses with aircraft requirements.
  • Operational businesses in Specialist Fleet Services.

Paragon have been instrumental in supporting many businesses such as Emerson Care Ltd with their five-year plan to grow their business. They purchased two new Liebherr Cranes – 130 tonne and 450 tonne machines which enabled the company to expand its current fleet range. This helped them to enter new markets and remain competitive in the crane industry. Other deals include enabling DSR Demolition in Rotherham to equip its business with excavators.

Richard Doe, Managing Director - Savings at Paragon

This is another milestone for the savings side of the business and we feel honoured that in a short time so many people have trusted us with their savings. We have not only reached £5 billion in deposits but also become a trusted name with consumers who want consistency. That matters to us as a smaller, specialist bank that cares about its customers.

We also feel proud that money from our savings accounts can fund a wide variety of businesses and play a part in supporting Britain’s economy.

Paragon’s savings division in numbers:

  • There was only one week where Paragon did not have any savings product in the top five in its respective segment, according to Moneyfacts data for the 2017 financial year. Across 12 different savings products, Paragon held a No1 rank for 63% of the time.
  • Nearly 34,100 ISAs have been transferred to Paragon since it launched its ISA range in May 2016. Paragon has never lowered the interest rate on its variable rate ISAs.
  • Out of 972 verified Feefo customer reviews, 695 are five-star ratings, 110 are four-star and the average rating is 4.4 out of 5.
  • Customer satisfaction levels have been consistently high with 88% of customers either quite or very satisfied with our level of service, and 90% that would consider taking out another savings account with us in future, in the Paragon Bank Savings customer satisfaction survey for year September 2017 to August 2018.
  • 77% of maturing balances have stayed with Paragon when their term product came to an end.

Iceberg and Specialist Fleet Services are both entities of Paragon Banking Group.

Paragon Banking Group PLC.  Registered in England number 2336032.  Registered office 51 Homer Road, Solihull, West Midlands  B91 3QJ.