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  • Fixed rate guide

    If you’re looking to invest a lump sum, a fixed rate account could be the perfect way to plan ahead with peace of mind that you will know exactly how much interest your savings will earn.

    See our fixed rate accounts

Fixed rate accounts offer you a higher rate of interest in return for locking your money away for a period of time, usually between one and five years. Typically, the longer you choose the higher the rate will be.

The rate will remain the same during the fixed period meaning you will know exactly how much you will earn when your account matures.

Benefits of a fixed rate account

  • Know exactly how much you will earn over the fixed period
  • Earn a higher interest rate by locking your money away
  • The choice of monthly or annual interest

How do fixed rate accounts work?

  • A fixed rate account is designed for a lump sum investment; once you have made this you aren’t able to add further deposits during the rest of the fixed term
  • You won’t be able to make any withdrawals from the account until the fixed term comes to an end
  • When you open your account via our online application process, you will set up a nominated bank account that you will be able to make your opening payment from. And, should you choose to withdraw your funds when the fixed term comes to an end, we’ll return your money to the same nominated account
  • The account is operated online, giving you the flexibility to check your balance and print statements around the clock
  • When your fixed rate term finishes, your account will mature and you will have options to re-invest your money or gain access if required.

See our fixed rate accounts

Notice Accounts

If you don’t need to make frequent withdrawals and are happy to give notice before accessing your savings, a notice account could be the right option for you.

Read more

Easy access

Our Easy Access account is ideal if you want immediate access to your savings. With an Easy Access account, you don’t need to give notice to withdraw your money and there is no penalty or loss of interest if you do.

Read more

John's story

“I was impressed with how simple it was to open the account and how quickly I could transfer the money in from my maturing account. The telephone back-up was helpful and the whole process was very efficient.”

See our fixed rate products
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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.
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