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Paragon Bank hits £10 billion savings deposits milestone

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Paragon Bank has reached the £10 billion customer savings deposits milestone, eight years after launching its first savings account.

Award-winning Paragon is a regular feature of the best buy tables for UK savers and today has nearly 250,000 direct savings customers and well-established partnerships with third parties offering savings products to their customers.

The company has also won awards from Moneyfacts, Savings Champion, Money Age and MoneyNet for its savings products. Paragon uses savings deposits to support British businesses across a range of sectors, from asset finance for SMEs through to development finance, funding the construction of much-needed new housing.

The company also specialises in providing finance for landlords, helping to provide homes for the UK private rented sector. Savings milestones including the launch of ISAs in 2016, from which Paragon has become a recognised industry leader, building a network of partnership propositions with the likes of Hargreaves Lansdown and Monzo, supporting an underserved segment by offering postal accounts and supporting the Government backed Lifetime ISA since 2019.

Paragon’s specialisation in ISAs continued in with the introduction of the ISA Wallet and Flexible ISA features in 2020.

Commenting on Paragon passing £10 billion in savings deposits Nigel Terrington, Chief Executive of Paragon, said: “Passing £10 billion in savings deposits is an important milestone for Paragon, not only because it speaks to the trust our customers place in us to look after their savings, but also highlighting the benefit Paragon brings to wider economic growth.

“With over £329 billion resting in accounts offering rates of 0.1% and below, we aim to continue offering rates more competitive than those available on the high street – and as the overall value of our savings deposits has grown, so has the support we’ve been able to provide to businesses in expanding their operations.”

He added: “Through financing assets we’ve enabled SMEs to increase both the range of services available to their customers and the business they can undertake, and by supporting the rented accommodation sector Paragon has played a leading role in improving the availability and quantity of high standard properties.”

Derek Sprawling, Savings Director, commented: “Right from the start, we’ve put the customer at the heart of our approach and committed ourselves to continuous improvement. From customer surveys to competitor benchmarking, we’re always looking for the incremental gains that will enhance the customer experience.

“It’s great to see that represented in the scale of the business today, with much more to come.”

 

For further information contact:

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

Notes to editors:

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. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ.