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Paragon Bank launches top of market ISA

Paragon Bank has launched its Triple Access ISA account, which is paying a top of market rate of 0.65% AER variable*.

The new ISA will be available to both new and existing customers from today, Friday 29 October.

Paragon’s new Triple Access ISA aims to increase the range of competitive options available for savers in this category.

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

The new addition complements Paragon’s range of fixed rate ISAs. Paragon’s one-year fixed rate ISA is currently the top one-year fixed listed on Money Saving Expert, while the two, three and five year products are all priced in the top three most competitive accounts available in the market .

With Triple Access, 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 are looking to earn interest on their emergency fund.

Because Paragon’s ISA range includes the flexible ISA feature, any withdrawal can also be reinvested in the same tax year.

Derek Sprawling, savings director at Paragon Bank, said:

“Paragon has been supporting UK savers with consistently competitive products in the cash ISA space, and our current product offering is highly competitive across both access and fixed rate products.

“We know that November is a busy month for fixed rate ISAs coming to an end and we want to make sure that we’re in the best position possible to encourage those considering their options to come to Paragon.”

All of Paragon’s ISAs are eligible for the ISA Wallet feature. This allows savers to spread their £20,000 annual ISA allowance across multiple cash ISAs with Paragon, rather than just open one specific account.

Paragon’s access ISAs are eligible for the ‘Flexibility’ feature, which allows any funds withdrawn from an access ISA to be added back into the ISA within the same tax year without the year’s allowance being impacted.

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, or with an imminent maturity, will benefit from the new rates automatically.

 

For further information about this release, contact:

Leila Taleb - Media Relations Manager

[email protected]