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News releases

 > savings

Paragon Bank has increased the interest rates across its one, two, three and five year fixed rate bonds in order to offer more choice for savers looking for competitive fixed rate options.

Paragon Bank has urged savers not to miss out on building tax free savings through ISAs, as industry data shows ISA category growth is 36 times slower than the non-interest bearing market 

The average easy access non-ISA balance has increased 10% year-on-year, from £9,995 to £10,989, as the easy access market continues its upward trajectory. 

The award-winning ISA provider has re-issued its Triple Access ISA account, which is paying a rate of 0.40%, in order to increase ISA options available to savers ahead of the end of the tax year. 

A survey by Paragon Bank found that topping up ‘rainy day’ funds and booking a holiday are two leading financial priorities for savers this year. 

One in three gifted more cash to loved ones last Christmas than they did the year before, despite 40% scaling back overall Christmas spending. 

The balance of easy access accounts earning a rate of 0.1% or less has nearly tripled since January, with 56% of easy access balances now earning a low rate. 

The British public is more than twice as likely to feel anxious about their finances than they are to be content with them, leading to sleeping problems and distraction at work.

In a survey involving more than 8,000 customers, Paragon Bank found that 21% of Gen-Z savers were spending more than before during the pandemic – this is 160% higher than the overall average of 8%.

Paragon Bank has market leading rates across its range of one, two and three year fixed rate bonds and ISAs.