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  • 120 Day Notice

    1.15% AER* Variable

If you’re looking for a savings account that gives you access to your money with a great interest rate why not try our 120 Day Notice Account (issue 5).

We’ll give you a great rate of 1.15%, and all you need to do is give us 120 days notice when you want to access your money. The interest rate is variable and may change in accordance with your terms and conditions. However, if this happens we will always contact you to let you know.

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis

Ready to start saving?

Overview

Key benefits

  • A higher rate than that available with us for easy access savings
  • The flexibility to add further deposits whenever you want
  • Receive your interest monthly or annually
  • Save from £500 up to £100,000
  • If we want to reduce your rate, we'll give you 120 days notice of any change

Is this the right account for you?

  • You are happy to leave your money untouched for 120 days at a time
  • You are likely to know in advance when you'll need access to the money deposited
  • You are happy to manage your account online
  • You are likely to need the money deposited immediately
  • You need to know what rate you'll receive

What you will need to apply

  • Your contact details
  • Your email address
  • Details of the UK current account, in your name (either as sole or joint holder), that you would like to set up as your nominated account

Ready to start saving?

Apply now

Summary Box

Account name 120 Day Notice (Issue 5) savings account
What is the interest rate? Annual: 1.15% Gross** / AER*
Monthly: 1.14% Gross** / 1.15% AER*
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.
** Gross is the rate of interest payable before any income tax is deducted.
Interest will be paid monthly on the day of the month you first paid into your account or annually on the anniversary of making your opening payment.
Can Paragon Bank change the interest rate? The interest rate is variable. Please see 7 in Product Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit? £1,011.50 based on £1,000 over 12 months at 1.15%
How do I open and manage my account? Online. Minimum balance £500 up to a maximum of £100,000 (plus any resulting interest). Account holders must be aged 18 or over and a UK resident for tax purposes.
Can I withdraw money? Subject to a 120 day notice period.
Additional information You have up to 30 days from the date of your application to make your opening payment.

All deposits must be made from your nominated bank account. This account must be in the name(s) of both or either Paragon Bank account holder.
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Things you need to know
  • You have up to 30 calendar days from the date of your application to make your opening payment
  • All deposits must be made from your nominated bank account. This account must be in the name(s) of both or either Paragon Bank account holder. You can only make your deposits via electronic transfer or by cheque from your nominated account
  • Once you’ve made your opening payment you can make unlimited deposits into your account, subject to it not exceeding the maximum balance
  • You can make unlimited withdrawals from your account providing you give us the required notice for your account. Each notice period is based on calendar days and begins on the date we receive your withdrawal request
  • This account is a variable rate and your interest rate may change. When our interest rates change, we‘ll tell you about the change by email (or by post if we do not hold a valid email address for you). If we increase the interest rate we’ll let you know within 30 days of the increase. If we reduce the interest rate we’ll let you know within the required notice period or at least two months before the change, if the notice period is less than this. At the end of this period we will take it that you have accepted the change if you have not closed your account
  • We are registered under the Financial Services Compensation Scheme (FSCS) which means your eligible savings are protected up to the statutory limit of £85,000
  • If you change your mind about opening an account, you have the right to close your account within 14 days of receiving your welcome pack

FSCS box

Your eligible deposits with Paragon Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the £85,000 limit are unlikely to be covered. Please click here for further information or visit www.fscs.org.uk.

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.
See how you're protected
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