Paragon Bank has launched two new savings accounts – a Two Year Fixed Rate Account at 2.40% AER* and a Five Year Fixed Rate Account at 3.10% AER*. The new accounts are available to savers with deposits between £1,000 and £100,000 from 17 September.
The new accounts will be among the most competitive in the market and will suit savers who are looking to lock away their money for the longer-term.
Paragon Bank strives to give savers an attractive choice of interest rates to select from depending on their individual circumstances.
Richard Doe, Managing Director of Paragon Bank, said:
Paragon Bank’s range of savings accounts provide savers with a variety of terms to suit their circumstances and savings targets. The new two and five year terms will appeal to those savers looking to lock their money away for a little while longer. Accounts can be opened via our simple online process, ideal for busy savers looking to switch.
All eligible deposits with Paragon Bank are protected under the Financial Services Compensation Scheme (FSCS).
For further information, or to open an account, visit www.paragonbank.co.uk
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.