Paragon Bank unveils new market-leading savings accounts

From today, savers with Paragon Bank can choose a fixed rate savings account for a one, two or three year term and earn 1.75%, 2.10% and a top of market 2.50% AER respectively on balances from £1,000 to £100,000.  

For savers who require greater flexibility, Paragon Bank is also launching a new 120 Day Notice Account (available from Friday 14 November) at a market-leading 1.60% AER for balances from £500 to £100,000.

All savers opting for a new fixed term or notice account will be able to receive interest monthly or annually, depending on what suits them best. Richard Doe, Paragon Bank’s Managing Director, said:  ““These latest additions to the Paragon Bank range offer great value for savers looking to manage the trade-off between certainty and flexibility.  Combined with the option to elect for monthly interest, Paragon Bank savers can now choose to boost their income with a regular top-up from their hard-earned funds.

“As a new British competitor in the UK market, Paragon Bank is committed to expanding competition and choice for UK savers with a range of safe, simple and transparent products at consistently good value rates.”

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.