Savers who open a One Year Fixed Rate Savings Account with Paragon Bank could earn more than six times the interest available on poorly performing Easy Access accounts elsewhere.
According to the interim findings of the FCA’s Cash Savings Market Study published earlier this month, savers with funds in Easy Access accounts opened elsewhere five years ago are earning less than 0.3% interest on average. In comparison, a One Year Fixed Rate Savings Account with Paragon Bank will return 1.90% AER*, providing a substantial boost to interest income.
Richard Doe, Paragon Bank’s Managing Director, said:
As a new British competitor in the UK banking market, Paragon Bank is committed to offering savers safe, simple and transparent products at consistently good value rates.
Easy to open and manage online, switching your savings to Paragon Bank couldn’t be simpler. With our quick and efficient online application process, switching could be one of the most rewarding things you do today.
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.