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  • Paragon Bank's deposits reach £1 billion

    07 December 2015

  • More than 25,000 people now saving with Paragon Bank following 2014 launch
  • 3,000 customers have more than one account with Paragon
  • 94% say opening an account with Paragon Bank either ‘good’ or ‘very good’

The value of savings deposits held by Paragon Bank has topped the £1 billion mark, after less than two years in business. The bank has, since its launch in February 2014, attracted more than 25,000 customers with a competitive range of fixed and variable rate savings products.

Key to this growth has been Paragon Bank’s ongoing commitment to delivering consistently competitive interest rates. Over the course of 2015 the bank’s savings accounts have appeared more than 350 times in national best buy tables.

Growth has also been driven by the bank maintaining an online only service, allowing for money which would otherwise be spent running a branch network, to be reinvested into delivering better savings products.

Despite being online only however, Paragon Bank have delivered consistently strong customer service through operating a Freephone support centre, and ensuring customers receive terms and conditions through the post.

As such, in a recent survey of Paragon Bank customers, 92% rated communications from Paragon Bank as being ‘good’ or ‘very good’, and 85% said they would definitely or probably consider another savings account with Paragon Bank. And indeed, around 3,000 customers have opened second accounts with Paragon Bank.

Richard Doe, Managing Director at Paragon Bank said:

From a standing start last year we've hit a key milestone in the journey of Paragon Bank. We now have a significant presence in the savings market, being the savings provider of choice for more than 25,000 savers. Our best buy listings, survey results and a growing proportion of secondary account openings by existing customers, make us incredibly proud that we're delivering to expectations. We look forward to continuing our straightforward approach and consistently competitive rates throughout 2016.
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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.
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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