Festive present buying for children, partners and wider family and friends is set to be cut this year as people rein in spending.

Nearly 2m new fixed and instant access adult savings accounts opened in the 12 months to August 2023 offered a rate of 1.5% or less, suggesting some savers still aren’t shopping around.

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

One in five adults in the UK claim to have been a victim of financial fraud, with Generation X most likely to have handed over cash to a scammer, Paragon Bank research has found.

The amount of money held in fixed-rate savings accounts has nearly doubled over the past year as savers responded to rising interest rates, Paragon Bank analysis has revealed. 

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

Over half of British consumers have changed their supermarket shopping habits in the face of rising food price inflation, Paragon Bank research has revealed. 

The financial confidence of savers improved during the second quarter of the year, but consumers are still cutting back on spending in the face of inflationary pressures, Paragon Bank found.

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

Savers have continued to focus on one-year fixed rate accounts, Paragon Bank analysis of market data has revealed.