New one year fixed rate savings account from Paragon Bank

Paragon Bank is offering a One Year Fixed Rate Savings Account at 1.75% AER to new customers, representing a competitive choice for savers looking to lock in their money for the next 12 months.   
 
Launched in February 2014, Paragon Bank is a new British bank focusing on providing straightforward and competitive savings and loans to UK consumers and SMEs.
 
Now live with an Easy Access Account, a One Year Fixed Rate Account and a Two Year Fixed Rate Account, Paragon Bank’s simple and transparent savings products are available online at paragonbank.co.uk.
 
Richard Doe, Paragon Bank’s Managing Director, said: “As a new British competitor in the UK banking market, Paragon Bank is pleased to offer savers a range of competitive products just at a time many traditional banks are being criticised for paying lower rates to long-standing customers.
 
“Easy to open and manage online, Paragon Bank’s savings accounts aim to offer consistently good value rates and are a natural choice for savers looking to switch funds languishing in low interest rate accounts elsewhere.”
 
Paragon Bank is registered under the Financial Services Compensation Scheme (FSCS) which protects eligible deposits up to a total of £85,000.
 
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.