The increased cost of living is the main barrier for adults maintaining a savings goal, with those in the ‘squeezed middle’ age bracket hit the hardest, Paragon Bank research has found. 

Paragon Bank has increased rates across a number of its savings products, as well as launching an inaugural green savings fixed-rate bond aimed at helping improve the energy efficiency of UK homes. 

Paragon Bank has relaunched its Triple Access ISA and Triple Access Account, both paying a competitive rate of 0.65% AER variable. 

The saving market spiked to a record £986 billion in October 2021 following a static period during Summer and early Autumn, with the average savings balance now standing at £12,431. 

CACI data analysed by Paragon Bank  showed that the saving market has seen a small dip in value for the first time this year, although average savings balances have reached a new high. 

Four in ten households are choosing to scale back festive spending in 2021 compared to 2020, Paragon Bank research has revealed.

Paragon Bank has launched a new 120 Day Notice Account, which is paying a competitive rate of 1.00% AER variable*. 

Paragon Bank has launched its Triple Access Account, which is paying a competitive rate of 0.65% AER variable*. 

Paragon Bank has launched its Triple Access ISA account, which is paying a top of market rate of 0.65% AER variable*. 

CACI data analysed by Paragon Bank  showed that UK saving balances have reached record highs, despite the fixed rate market share continuing to shrink.