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Paragon launches market-leading 5.82% fixed-rate ISAs

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Paragon Bank has today launched market-leading one and two-year fixed-rate ISAs, supporting savers who want to build tax-free balances.  

The rate on both the one and two-year accounts from the leading FTSE 250 banking group is 5.82% AER*.

More savers are choosing Paragon – Paragon’s savings balances grew 22% in the year to the end of June to £12.3 billion. 

Savers can make unlimited deposits without penalty or restrictions and the account is available for balances between £500 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 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:

“We pride ourselves on our award-winning ISA offering, so we are pleased to increase our one and two-year fixed rates to market-leading positions. Whilst we’ve been here all along, this bolstered product range comes at a time when ISA savings are enjoying a resurgence as people look to protect their interest against tax.”

For further information contact:

Michael Clarke
Head of Media Relations
Paragon Bank


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.