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Paragon launches Wallet and Flexible features across Cash ISA range

SAVINGS
Thursday, 13/02/2020

  • ISA Wallet allows savers to spread their £20,000 annual ISA allowance with Paragon across multiple cash ISAs
  • The Flexibility feature allows cash to be withdrawn and replaced from Easy Access ISAs without savers using their tax-free entitlement

Paragon is helping savers make the most of their tax-free savings allowance by introducing two new features across its Cash ISA range - ISA Flexibility and the ISA Wallet.

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. Savers can invest their money across Paragon's range of Easy Access, Notice and Fixed accounts, enabling them to get the most from their ISA savings in a single tax year.

Meanwhile, the Flexibility feature allows cash to be withdrawn and replaced from Easy Access ISAs without savers using their tax-free entitlement and comes as an additional feature to Paragon's current Easy Access ISA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.

Derek Sprawling, Savings Director at Paragon, said:
"These features are a welcome addition to our cash ISA offering, giving savers even more choice to achieve their savings goals."

"Our Wallet feature allows savers to spread their cash between several Paragon products to suit their needs. For example, a saver maybe happy to lock some of their ISA allowance away in a two-year fixed rate, put some in a Notice Account and keep some cash readily at hand through an Easy Access account."

Savers can combine fixed and variable rate ISA products, accessing different rates and different types of product benefits.

He added:
"Combined with the Flexibility feature, which enables a saver to withdraw and replace money from their Easy Access ISA without it impacting their £20,000 ISA allowance, these features allow savers to make the most of their annual ISA allowance."

Paragon Bank's savings products are available online and some also offer the option to be opened and managed by post. Eligible deposits are protected by the Financial Services Compensation Scheme up to a maximum of £85,000.