Paragon Bank is launching a new Two Year Fixed Rate Savings Account (available from Thursday 25 June) with an interest rate of 2.20% AER*, available for savers with deposits from £1,000 up to £100,000.
The new online account represents an attractive choice for those savers looking for a guaranteed return on their funds and who are able to lock in their money for the full term.
Richard Doe, Managing Director of Paragon Bank, said:
Customers saving with Paragon Bank benefit from our consistently competitive interest rates. This new product offers a rate of interest well above the Bank of England base rate and comfortably in excess of the average rate available on equivalent products across the market. It provides further evidence of our commitment to maintaining a range of straightforward, value for money savings products for UK savers.
Paragon Bank is a UK bank, registered under the Financial Services Compensation Scheme (FCSC) which protects eligible deposits up to £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.