Paragon Bank is launching a new Three Year Fixed Rate cash ISA with an interest rate of 1.40% AER*. The Three Year Fixed Rate ISA, which will be available from 10 March, will be aiming for the top of the best buys. The product offers a strong interest rate for savers who are willing to deposit money for a longer term.
The ISA will be launched alongside two other new accounts, a Three Year Fixed Rate savings account offering 1.80% AER* and a Four Year Fixed Rate savings account at 2.00% AER*. The addition of the Four Year Fixed Rate savings account will complete Paragon’s non-ISA savings range, with accounts now available across five different time horizons along with Easy Access and Notice accounts.
Richard Doe, Paragon Bank’s Managing Director commented:
The new Three Year Fixed Rate cash ISA improves the competitive position of our ISA range, offering savers an attractive interest rate in a difficult market.
The addition of the Three and Four Year Fixed Rate savings accounts also adds to the extensive range that Paragon offers, giving customers a wider range of choice whilst still offering consistently competitive rates.
Paragon Bank’s savings products are available online only and eligible deposits are protected by the Financial Services Compensation Scheme up to a maximum of £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.