Paragon Bank has urged savers to ensure they are making the most of tax-free savings as figures show that the number of ISA openings has halved this year.

Specialist lender and savings provider Paragon Bank has reached £7.5 billion in deposits, just six years after launching its range of saving accounts. 

Paragon is helping savers make the most of their tax-free savings allowance by introducing two new features across its Cash ISA range - ISA Flexibility and the ISA Wallet.

Paragon has picked-up the Best Multi-Channel Savings Provider category at the 2020 Savings Champion Awards.

Paragon is kickstarting 2020 by further expanding its savings range, introducing a Notice Cash ISA for savers.

Paragon Bank has introduced new competition to the Lifetime ISA market, launching a Cash Lifetime ISA (LISA).

Customers can now apply for a new 40 Day Notice savings account, allowing a balance between earning a competitive return on savings, whilst still being able to access them subject to 40 days’ notice.

Paragon achieves £6bn in savings deposits in just five years and have received a succession of awards, including Online Savings Provider of the Year by MoneyFacts.

Paragon Bank won Best Online Cash ISA Provider at the 22nd annual YourMoney.com awards.

Paragon Bank is extending the way customers can apply for a savings account or cash ISA by opening a postal application channel.