It’s been six years since we launched savings products at Paragon Bank. Earlier this year, we reached a key milestone by raising a total of £7.5billion in deposits.
Keeping customers happy so they continue to save with us, as well as appealing to new customers, is a key priority.
Reaching this milestone is important to us because it shows our commitment to providing saving products that are appealing to customers, including through competitive rates, great service and ease of access across multiple channels to suit all needs.
Using customer deposits to power the economy
The support of our customers is all the more crucial as Paragon Bank uses savings deposits to lend out to households and SMEs. The growth in deposits has allowed Paragon to continue to support its customers in the wake of the Covid-19 pandemic.
Here are some examples of the projects that customer deposits have helped us support in the last year:
- Paragon Bank provided Hampshire-based business AdCo UK with a £60,000 funding package, enabling the adhesive company to shift production to produce alcohol hand gel to help meet escalating demand from the public, local authorities and care homes.
- we also provided a funding package to enable the growth of a Lancashire-based family farm, facilitating the purchase of a New Holland CX9.90 STS Tracked Combine Harvester. The farm, belonging to brothers Thomas and Ian Stafford and their father Thomas Stafford Snr, has been operating for over 63 years and focuses on contracting, combining and livestock.
- we approved a loan for three Leicestershire-based sisters to establish a plant hire business, FinniGroup Ltd. The funding of over £250,000 went towards two Bell 30E Dump Trucks, to begin building a fleet.
- Paragon Bank also supported the training of new pilots in order to address the current shortage in the commercial airline industry. Flight training company Aeros sought support to purchase a flight simulator for its Doncaster base, to be used for multi engine training. With 100 students being trained over the next two years, Aeros Global’s efforts will go a long way in training the pilots of the future.
With customers’ help, we will continue to power the British economy and support the UK as we recover from the Covid-19 pandemic.