Paragon Bank is launching a new Limited Edition Easy Access Account paying 1.46 AER*, available to savers with deposits between £1 and £75,000 from Friday 10 July.
The new Limited Edition Easy Access Account has no withdrawal restrictions or bonus stipulations, making it ideal for savers who might need to dip into their funds from time to time. Easy to set up and manage online, savers can also add to their funds whenever they like. By aligning the maximum deposit amount on this account with the new £75,000 Financial Services Compensation Scheme (FSCS) depositor protection limit that will take effect on 1 January 2016, savers who elect for a single account with Paragon Bank can be sure their funds will be covered by the Scheme.
Richard Doe, Managing Director of Paragon Bank said:
Easy access savings are the most popular type of savings account in the UK today, with 50%** of all savings held in this type of account. While some easy access accounts available in the market have complicated withdrawal restrictions or bonus stipulations, this product offers straightforward easy access at a competitive interest rate.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.
** FCA Cash Savings Market Study Interim Report, July 2014