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Paragon Bank smashes £6bn in savings deposits in just five years

Paragon’s award-winning Savings division has attracted more than £6bn in deposits, only five years after launching its first savings accounts. The bank has 210,000 accounts with 78% of customers choosing to save again with Paragon when their account matures.

The specialist bank is going from strength to strength, a fact that has been recognised by consumers and the industry alike – winning a string of awards including the much-coveted Online Savings Provider of the Year by MoneyFacts, a Savings Champion Award and Your Money Best Online Cash ISA Provider.

Paragon’s savings deals are also a regular in Best Buy tables, featuring in newspapers and magazines coverage in every part of the UK.

It is part of Paragon’s ethos to ensure it reinvests customer deposits back into the economy, to support small businesses and entrepreneurs across the UK through everything from asset finance loans to property development finance that is helping to address the housing shortage.

Richard Doe, Managing Director - Savings at Paragon, said:

The popularity of our savings accounts has helped Paragon reach yet another milestone for the savings side of our business. We are delighted that in a short space of time so many people have trusted us with their savings. It is an honour to be known as a trusted name with consumers who want consistency in terms of financial products and customer service. It is extremely important to us that we build on our reputation as a specialist bank that cares about its customers. We’re funding a wide variety of businesses and play a part in supporting Britain’s economy.

Key facts:

  • Celebrating our 5-year anniversary, since our launch in 2014, we have grown deposits to over £6 billion across 210,000 accounts.
  • 78% of maturing balances have stayed with Paragon when their term product came to an end.
  • Strong net promoter score (NPS) of +65 achieved in the past year - a measure of how likely customers are to recommend Paragon.
  • Customer satisfaction levels have been consistently high with 82% of customers either quite or very satisfied with our level of service, and 90% that would consider taking out another savings account with us in future, in the Paragon Bank Savings customer satisfaction survey for year Aug 2018 to July 2019.
  • Out of 1956 verified Feefo customer reviews, 1503 are five-star ratings, 298 are four-star and the average rating is 4.5 out of 5.

All rates and statistics correct at the time of publish.

See our current full range of savings accounts