Paragon Bank has increased the rate of its 1 Year Fixed Rate ISA to a market leading 5.75%.

The new rate is available from today (Friday 4 August) to both new and existing customers.

Paragon’s range of savings products can be opened and managed online, over the phone or by post – with a 1 Year Fixed Rate ISA requiring a minimum balance of £500 up to a maximum of £500,000 plus any resulting interest.

All of Paragon’s ISAs are eligible for the ISA Wallet feature. This allows savers to spread their £20,000 annual ISA allowance with Paragon across multiple cash ISAs, rather than just open one specific account.

The easy access ISAs are also eligible for the ‘Flexibility’ feature, which allows any money withdrawn from an ISA to be replaced without the year’s allowance being impacted.

Commenting on the increase of Paragon’s 1 Year Fixed Rate ISA to 5.75% Derek Sprawling, Savings Director at Paragon Bank, said: “Paragon is pleased to support people looking to build up their tax-free savings by offering a range of competitive cash ISAs that are suited to all needs.”

“Our ISAs are designed with flexibility in mind – with our ISA Wallet feature providing savers the opportunity to split their ISA allowance across different ISA accounts. On top of this, Paragon also offer a ‘flexibility’ feature on our easy access ISAs that allow customers to replace funds withdrawn from an ISA without their allowance being impacted.

“People looking to achieve a positive return on their savings with a Paragon ISA can do so by applying online, by telephone or by post. Our 28-day rate guarantee ensures that any customers part way through the application process already, or with an imminent maturity with us, will also benefit from our new rates automatically.”

ENDS

For further information contact:

Tom Frew
Media Relations Manager
Paragon Bank
[email protected]
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.