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  • A simple switch to boost your interest

    25 July 2014

  • Open a One Year Fixed Rate Savings Account online with Paragon Bank
  • Switch funds from low value Easy Access accounts elsewhere
  • Earn 1.90% AER* on balances of £1,000 to £100,000

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.

FSCS protected small logo
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