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  • Fixed rate ending soon? Our promise to you…

    20 May 2016

If you have a fixed rate savings account with us, you need to know what to expect as it approaches the end of its term. While every bank will follow a different process, here’s what we do:

  • We will always notify you about four weeks before your account reaches the end of its term to remind you and let you know what your options are
  • We will always offer you the opportunity to put your savings into another Paragon Bank Fixed Rate savings account, which will at least match the interest rates that we’re offering to new customers when we send your reminder email. If we increase our rates between emailing you and your maturity date, you’ll automatically get the higher rate
  • We will never roll your money into another Fixed Rate savings account automatically. If you don’t tell us what you want to do, we’ll put your money into an Easy Access account. That way, you can access your savings whenever you want
  • If you want us to return your money, all you need to do is instruct us to return it to your nominated account.
  • Finally, after we’ve carried out your instructions, we’ll let you know via email.

In summary, we want to make the process as simple and straightforward as possible. We’d love to keep you as a customer but if you have to leave, we hope you’ll be back soon!

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Your eligible deposits with Paragon Bank are protected up to a total of £85,000 by the
Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.
See how you're protected
Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551