Paragon Bank is pleased to announce new, increased rates for both its Fixed Rate ISAs and Fixed Rate Savings accounts.

The new rates, for both Fixed Rate ISAs and Fixed Rate Savings accounts, are available from today, Friday 21 October.

The rate increases for Fixed Rate ISAs are:

• 1 Year Fixed Rate ISA increasing from 3.51% AER to 3.80% AER*
• 18 month Fixed Rate ISA increasing from 3.55% AER to 4.00% AER*
• 2 Year Fixed Rate ISA increasing from 3.65% AER to 4.25% AER*
• 3 Year Fixed Rate ISA increasing from 3.66% AER to 4.26% AER*
• 5 Year Fixed Rate Savings Account to 3.67% AER to 4.27% AER*

The 1, 2, 3, and 5 Year Fixed Rate ISAs are available both online and by post. The 18 month Fixed Rate ISA is only available for existing Paragon customers and only available online.

Account holders will also have the freedom to spread their tax-free ISA allowance across multiple ISAs with Paragon’s ISA Wallet and have the option of managing their account easily online or by post.

For Fixed Rate Savings Accounts, the increases are:

• 1 Year Fixed Rate Savings Account increasing from 3.75% AER to 4.30% AER*
• 18 month Fixed Rate Savings Account increasing from 3.95% AER to 4.55% AER*
• 2 Year Fixed Rate Savings Account increasing from 4.11% AER to 4.60% AER*
• 5 Year Fixed Rate Savings Account to 4.13% AER to 4.65% AER*

The FTSE 250 financial provider, which has over £10 billion of savers’ deposits, has also increased the return on its Green 3 Year Fixed Rate Savings account, the proceeds of which are used to fund energy efficient homes.

3 Year Green Savings increasing from 4.12% AER to 4.61% AER*

Full details of Paragon’s savings accounts can be found here.

Derek Sprawling, Savings Director at Paragon Bank, said:

“Providing savers with a range of options allows them the opportunity to research and select what is best for them and their circumstances, and I am delighted that we are today making these new rates available.  

“Whether it be a Paragon Fixed Rate ISA or Fixed Rate Savings account, savers can choose a timeframe and product that could help them grow their savings and plan for the future.”

For further information contact:

Tom Frew
Media Relations Manger
Paragon
E: [email protected]
www.paragonbank.co.uk 
 

Notes to editors:

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.

Paragon Bank PLC a subsidiary of the Paragon Banking Group PLC which is a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group PLC has over £13 billion of assets under management and manages over 450,000 customer accounts.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551.