Paragon Bank is launching a new Five Year Fixed Rate Savings Account paying 3.06% AER*, available to savers with deposits between £1,000 and £100,000 from Friday 10 July.
The new Five Year Account provides an attractive choice for those savers looking for certainty of income and who are able to lock in their funds for the full term. The ability to choose to receive interest payments either monthly or annually provides further benefit, letting savers tailor the product to meet their individual budget profile.
Richard Doe, Managing Director of Paragon Bank said:
Fixed rate accounts are ideal for savers who want to know exactly how much income their savings will generate. Interest rates on new fixed rate savings accounts have been moving up across the market in the one and two year product categories. This new account creates some welcome competition for savers with longer term horizons.
All eligible deposits with Paragon Bank are protected under the Financial Services Compensation Scheme (FSCS).
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.