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Paragon Bank expands savings portfolio with new  defined access products

Paragon Bank is launching two new defined access products for those customers looking for a competitive savings rate for their rainy day funds.

The FTSE 250 financial provider is launching the Triple Access Saver and the Triple Access ISA from 26 August 2020. Both accounts are offering an interest rate of 0.80% AER* variable and are available to manage through online banking.

To receive the rate, savers can make up to three withdrawals a year, which means the account is a good choice for people who are saving for the long-term but want the flexibility of accessing funds if they need to.

This is the first time Paragon Bank has launched a defined access product, following an increase in prominence of these products over the last 24 months. This new addition complements an existing range of award winning savings products that provide stand-out value.

Derek Sprawling, Savings Director at Paragon Bank, said: “This addition to the range positions Paragon as one of the most competitive providers in the market.

“We remain committed to adding value in the savings market, which is why we recently upped the rates across all of our fixed rate bonds and ISAs. We offer a broad range of saving products to suit all requirements that are straightforward to open and manage, and we will continue to look at ways we can innovate to offer great saving solutions for our customers.

“Whilst we’d love to maintain market leading rates all of the time, we aren’t able to guarantee availability so it’s important that savers act quickly to make the most of these rates.”

The Triple Access ISA is eligible for Paragon’s ISA Flexibility and ISA Wallet features. These features were launched earlier this year to help savers make the most of their tax-free savings allowance.

The ISA Wallet allows savers to spread their £20,000 annual ISA allowance with Paragon across multiple cash ISAs, rather than just open one specific account. Meanwhile, the Flexibility feature allows cash to be withdrawn and replaced from Easy Access ISAs without savers using their tax-free entitlement and comes as an additional feature to Paragon’s current Easy Access ISA products.

  

For further information contact:

Leila Taleb

Media Relations Manager

leila.taleb@paragonbank.co.uk 

 

 

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