Paragon Bank has bolstered its access savings account range with the launch of a Double Access savings account, paying a market-leading rate of 4.60% AER.

The account is available in both an ISA and non-ISA variant. The ISA account pays 4.25% AER and the non-ISA account offers a rate of 4.60% AER.

The Double Access account enables savers to make two withdrawals per year. On the third withdrawal, the rate drops to 1.50% AER. The account has 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 2000 new and existing customers have taken the opportunity to apply for the new Double Access savings accounts since their launch on Friday 28 July.  

Derek Sprawling, Paragon Bank Savings Director, said: “Our aim is to offer customers choice and consistently competitive rates. Our customers have been asking for an account that enables them to earn a great rate but have access to their money if they need to.

“This account will build on the success of our Triple Access offering and we believe it could be popular for those savers who don’t need to regularly dip into their savings, but want the comfort of knowing they can access their cash in an emergency, or those that know they may need to make a major purchase during the year.”

He added: “We offer a broad range of saving products to suit all requirements that are straightforward to open and manage, and we will continue to look at ways we can innovate to offer great saving solutions for our customers.

“Over the first weekend of availability applications for the new products matched our expectations, with over 2,000 new and existing customers taking the opportunity to apply over the weekend.”

Savers have increasingly chosen Paragon to house their savings. In its latest Half Year results, Paragon announced that it had increased its retail deposits by 20.5% in the six months to 31 March 2023 to £11.9 billion.

For further information contact:

Michael Clarke
Head of Media Relations
Paragon Bank
07740090746
www.paragonbank.co.uk 

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.