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. 

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 relaunched its Triple Access ISA at a market-leading 1.20% AER, further enhancing its competitive ISA range and features.

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.