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Paragon Bank increases rates across raft of savings products

Paragon Bank has increased rates across a range of savings products, including its popular Triple Access ISA and Triple Access Account.

Both are paying a competitive rate of 0.80% AER variable. The accounts will be available to both new and existing customers from today, Friday 18 March.

In addition to increasing the rate on its Triple Access accounts, it has boosted rates across eight other ISA and non-ISA accounts, including its new Green savings account.

These include:

Non-ISA

  • One-year fixed rate bond increasing from 1.20% AER to 1.25% AER
  • Two-year fixed rate bond increasing from 1.50% AER to 1.85% AER
  • Five-year fixed rate bond increasing from 1.70% AER to 2.00% AER

Green

  • Green three-year fixed rate bond increasing from 1.60% AER to 1.90% AER

ISA

  • One-year fixed rate ISA increasing from 1.15% AER to 1.20% AER
  • Two-year fixed rate ISA increasing from 1.45% AER to 1.50% AER
  • Three-year fixed rate ISA increasing from 1.50% AER to 1.55% AER
  • Five-year fixed rate ISA increasing from 1.55% AER to 1.60% AER

Paragon’s Triple Access Account allows savers to make up to three withdrawals a year without it impacting the interest rate, which will reduce to 0.25% after the third withdrawal. The account is offering a variable rate and is available to open and manage online.

This means that the account is a good choice for people who are looking to save for the medium to long-term but want the flexibility of accessing funds if they need to, or if they are looking to earn interest on their emergency fund.

Meanwhile, the deposits from Paragon’s Green three year fixed rate bond will be used to finance properties with an Energy Performance Certificate of C or above, predominantly in the UK private rented sector.

Derek Sprawling, Savings Director at Paragon Bank, said:

“We are keen to support savers and we are therefore pleased to increase rates across a range of our products, including our popular Triple Access accounts and our new Green savings account. With a high proportion of savers leaving money in accounts paying 0.1% or less, it’s imperative that they look for better details to ensure their cash is working as hard as it can in a high inflation environment.”

He added: “We are particularly pleased to see further rate increases across our ISA range. We see ISAs as an important part of a portfolio of savings and provide competitive pricing for access and fixed term products. Our ISA Wrapper and Flexible ISA features mean that our ISA range can help those customers looking to create a portfolio of cash ISAs to meet their individual circumstances.”

Paragon Bank operates a 28-day rate guarantee, which ensures that any customers part way through the application process will benefit from the new rates automatically.

For further information contact:

Michael Clarke
Head of Media Relations
Paragon Bank
07740090746

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 and regulated 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.