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  • 120 Day Notice

    1.45% 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.

Key Benefits

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
I am
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
  • Power of attorney. If you are applying for this account as a power of attorney, you will need to call our customer services team on 0800 052 2222 to complete your application. For further information about power of attorney please visit our helpful information

Summary

Summary box

Account name 120 Day Notice (Issue 7) savings account
What is the interest rate? Annual: 1.45% Gross** / AER*
Monthly: 1.44% Gross** / 1.45% 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? £1,014.50 based on £1,000 over 12 months at 1.45%

This is for illustrative purposes only and does not take into account individual circumstances.
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.
Important Information
  • 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
  • Before you apply for your account please make sure you have read and understand both our Product Terms and Conditions and General Terms and Conditions
Open your account today. I am
Online account management
Online account management

Robert Anderson

For Robert, a self-employed finance specialist, finding a savings account that was easy to use and manage online was just as important as having a competitive interest rate.

Robert chose Paragon Bank’s 120 Day Notice Account, enabling him to meet planned expenses while earning a little more interest on his funds.

Robert explains:

Having a competitive rate was great but having an account I could set up and access from my office was just as important - the set-up process was very quick and simple to use.

Depositor protection offered by Financial Services Compensation Scheme was also a key consideration for Robert when selecting Paragon Bank.

Safe and rewarding
Safe and rewarding

Jeremy Cottrill

Well-versed in managing unpredictable situations in his work life, former Police Superintendent Jeremy Cottrill likes to keep things straightforward when it comes to his financial affairs.

Jeremy chose Paragon Bank’s 120 Day Notice Account for a portion of his cash savings after seeing the interest rate highlighted on a comparison website and checking that deposits would be covered by the Financial Services Compensation Scheme.

As Jeremy explains:

The account provides a safe and rewarding home for my money. It’s been easy to open and manage online, the service has been responsive and the support staff open and willing to help. It’s good to see the new banks adding competition and choice for UK savers.

Ticks all the boxes
Ticks all the boxes

Joe Pollins

Retired children’s nurse and Ealing Studios movie fan, Joe, chose a Paragon Bank Easy Access account and a 120 Day Notice Account for his savings. Joe searched the market for the most competitive rate at the time as he sought an accessible savings account, and somewhere he could put his savings aside for the short to medium term.

Joe explained:

Both accounts ticked all the boxes and everything is just so easy – they give a reasonable return and are covered under the FSCS protection scheme, giving me the maximum security.

Joe likes the new approach to banking and the variety of accounts Paragon Bank offers. The 120 Day Notice Account gives him the option to access his savings with appropriate notice but earn a higher interest rate, whilst the Easy Access account allows him to withdraw from his savings should he need to.

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