Paragon Bank has launched its Triple Access Account, which is paying a competitive rate of 0.65% AER variable*.

The new account will be available to both new and existing customers from today, Friday 12 November.

Paragon’s new Triple Access Account aims to increase the range of competitive options available for savers in the access space.

The account is offering a variable rate and is available to open and manage online.

With the Triple Access Account, savers can make up to three withdrawals a year without it impacting the interest rate, which will reduce to 0.25% after the third withdrawal.

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.

The rate offered on the account matches that of the Triple Access ISA, which Paragon launched last week.

Derek Sprawling, savings director at Paragon Bank, said:

“A recent piece of research we carried out highlighted that two thirds of savers have an emergency fund and that half of those who do see topping it up regularly as a priority. It’s important for savers to make sure they pick the right product for their emergency fund – one that allows access while also generating a competitive return.

“We have launched a competitive access product because we wanted to increase the number of options available in this space for savers that are looking to put money aside for the medium to long-term while also having the option to top up their balance regularly.”

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 at Paragon Bank 

[email protected]