Paragon Bank has given savers a boost in the new tax year with the relaunch of its Triple Access ISA account, paying 3.35% AER.

Paragon’s Triple Access account enables savers to make three withdrawals within a 12-month period without affecting their interest rate. Should a fourth withdrawal be made the interest rate reduces to 0.75% AER.

The rate is available from today, 03 May.

Savers can make unlimited deposits without penalty or restrictions and the account is available for balances between £1 and £500,000. Savers can save up to £20,000 per tax year within a cash ISA, but can also transfer in balances from ISAs from previous tax years.

Additionally, ISA savers with Paragon can benefit from the Flexible ISA feature, which enables savers to make withdrawals without it impacting their ISA allowance, and the ISA Wallet, which allows savers to open more than one cash ISA with Paragon during the same tax year.

Derek Sprawling, Savings Director at Paragon Bank, said:

“ISAs have grown in popularity this year as higher rates mean that savers with larger balances are more likely to breach their Personal Savings Allowance. Saving within the ISA wrapper means that savers can protect their interest from the taxman.

“We have brought this account back due to strong demand from savers who want the benefit of a higher rate, but with access to their savings. By limiting savers to three withdrawals per year we can offer a higher rate in return for rainy day savings.”

For further information contact:

Michael Clarke
Head of Media Relations
Paragon Bank
07740090746

Notes to editors:

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.

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 £14 billion of assets under management, helping more than 340,000 customers to achieve their ambitions.

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. 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.