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Paragon Bank launches 120 Day Notice Account

Paragon Bank has launched a new 120 Day Notice Account, which is paying a competitive rate of 1.00% AER variable*.

The new account will be available to both new and existing customers from today, Tuesday 14 December.

Paragon’s new 120 Day Notice Account aims to broaden the range of competitive options available for savers looking to maximise interest without locking money away in a fixed rate for a year or more.

With this account, savers will need to provide 120 days’ notice ahead of making any withdrawals. Savers can request an unlimited number of withdrawals on the account as long as the notice is given.

This means that the account is a good choice for people who are looking to save for the medium to long-term while being comfortable that they will not require access to the funds at short notice.

Deposits on the account are unlimited and the minimum balance is £500. Interest can be paid monthly or an annual basis.

 Derek Sprawling, savings director at Paragon Bank, said:

“We are committed to offering savers simple and straightforward savings products to suit all requirements, including across the access, noticed and fixed rate space.

“We are offering the 120 Day Notice Account to appeal to savers looking for more options in the notice space. This account is perfect for people looking to save money regularly and who are confident they will not need urgent access to the funds.

“Notice accounts are a great ‘halfway house’ option for people who want to maximise a return on their savings without fixing for the long-term.”

Earlier this year, Paragon was named ‘Best Internet Account Provider’ at the Moneyfacts Awards, in recognition of its consistently competitive pricing. It also received ‘Highly Commended’ for ‘Best Cash ISA Provider’ category and ‘Commended’ in the ‘Best Bank Savings Provider’ category.

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 about this release contact:

Leila Taleb -  Media Relations Manager

[email protected]