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Paragon launches market-leading Double Access savings account, paying 5.25%

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Paragon Bank has launched a new issue of its Double Access savings account, paying a market-leading 5.25% AER*.

The product is available from today, 24 October, via Paragon’s online channels.

The Double Access savings account enables savers to make two withdrawals within a 12-month period. If three or more withdrawals are made, the rate drops to 1.50% AER. The minimum balance is £1,000, with a maximum balance of £500,000.

Derek Sprawling, Paragon Bank Savings Director, said: “We’re pleased to launch the latest issue of our Double Access account, paying a market-leading rate. This product could suit those savers who are happy to lock their money away but may want to retain access to it in the event of a rainy day.”

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

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.