Paragon Bank has boosted the rate of its non-ISA Double Access savings account, paying a stand-out rate of 4.75% AER.

The Double Access account enables savers to make two withdrawals per year. On the third withdrawal, the rate drops to 1.50% AER.

With a minimum balance of £1,000, the new Double Access complements Paragon’s Triple Access account, which enables savers to make three withdrawals before the rate is reduced.

Over 7,000 new and existing customers have taken the opportunity to apply for the new Double Access savings accounts since its launch on 28 July.

Derek Sprawling, Paragon Bank Savings Director, said: “I am delighted that new and existing customers are taking proactive steps to grow their savings by applying for Paragon’s new Double Access savings account – and that thanks to our newly increased rate, they now have the potential to grow their savings pots even further.

“Our Double Access savings account provides savers with not only competitive rates, but also the reassurance that they can access their savings at the time of emergency or if they want to make a major purchase.”

He added: “By offering a broad range of saving accounts and cash ISAs that are straightforward to open and manage we’re confident that the 20.5% increase in deposits we recorded in our most recent Half Year results will continue.”

Savers have increasingly chosen Paragon to house their savings. In its third-quarter update, Paragon announced that it had increased its retail deposits by 21.6% in the year to 30 June to £12.3 billion.

For further information contact:

Michael Clarke
Head of Media Relations
Paragon Bank
07740090746

Notes to editors:

Paragon Bank PLC is 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.