At Paragon Bank, we are continuously reviewing our products in order to ensure we meet our customers’ needs. Over the course of the last year, we’ve reviewed our ISAs to ensure they do just that. As part of this, we’ve expanded our product range, introduced a range of unique features and broadened the access channels available to our customers to manage their ISAs.
The Flexible ISA and ISA Wallet features
At the start of the year, we launched Wallet and Flexible features across our range of Cash ISAs, allowing more flexibility to help customers maximise their tax-free savings.
The ISA Wallet is a feature that allows savers to spread their £20,000 annual ISA allowance across multiple Cash ISAs including our fixed rate, easy access and notice products. This means that customers can split their allowance across multiple products within the same tax year. Most other saving providers limit savers to opening a single Cash ISA per tax year and require an ISA transfer to be completed should customers want to move their money to a new product.
The Flexible ISA feature has also been designed with ease and convenience in mind, allowing customers to replace funds withdrawn from their ISAs without it impacting their tax-free entitlement. Most other providers do not offer this option and require any money withdrawn from an ISA to still be counted towards the yearly allowance; this means the funds cannot be replaced if customers have already reached their maximum allowance before making a withdrawal.