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  • Easy Access

    0.50% AER* Variable

     

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

Copy of Key Benefits

Key benefits

  • Save from £1 up to £150,000
  • Unlimited withdrawals and no penalties
  • Receive your interest monthly or annually
  • Flexibility to deposit money whenever you want
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

Copy of Summary

Summary box

Account name Easy Access (Issue 3) savings account
What is the interest rate? Annual: 0.50% Gross** / AER*
Monthly: 0.50% Gross** / 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 5.12 in General Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit? £1,005 based on £1,000 over 12 months at 0.50%

This is for illustrative purposes only and does not take into account individual circumstances.
How do I open and manage my account? Online. Minimum opening payment £1. Minimum balance £1 up to a maximum of £150,000 (plus any resulting interest). Account holders must be aged 18 or over and a UK resident for tax purposes.
Can I withdraw money? Unlimited withdrawals.
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.

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
  • 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 (subject to it not exceeding the maximum balance) or withdrawals into your account without notice or penalty
  • 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 post if we do not hold a valid email address for you). If we increase the rate, we will let you know within 30 days of the increase. If we reduce the interest rate, we will let you know at least two months before the change. 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
Flexible yet competitive
Flexible yet competitive

Walter Iles

Car enthusiast and semi-retired HGV driver, Walter, likes to have flexibility when it comes to his savings - having the option to dip in and out of his money when he wants to without any penalty or notice period.

Having searched the market and internet comparison sites, Walter was eager to find the best rate.

Walter explains:

I was searching for a competitive rate but equally I wanted an account that was flexible. I looked at the high street banks but then came across Paragon after an internet search. It had a competitive rate and a great online system that allowed me to transfer to and from my savings.

Walter also valued Paragon Bank’s local roots and FSCS deposit protection.

Image of Savings customer Will Riches who have shared their story with Paragon Bank
Modern and simple
Modern and simple

Will Riches

Mr Riches had been searching for a new account on the high street to help manage his finances after recently becoming a new father, but turned to Paragon Bank after finding the easy access account on an online comparison site.

The demands of having a new baby meant having the flexibility to access his savings was just as important as having a competitive rate.

Mr Riches explains:

For me, accessibility and ease were hugely important. The Paragon Bank application and online system is modern, efficient and overall, excellent - it’s simple to add to my savings but also withdraw them should I need to.

Image of Savings customer Fiona Faulkner who have shared their story with Paragon Bank
Simple and competitive
Simple and competitive

Fiona Faulkner

For 25 year old jogging and cycling enthusiast, Fiona, it was important that her savings could adapt to the fast-paced demands of her lifestyle and that she could access them online whenever and wherever she needs to.

Fiona chose the easy access account because of its flexibility and simplicity in adding to and withdrawing from her savings.

Fiona explains:

After finding out about Paragon Bank and the wider Paragon Group on the internet, I was interested in what they had to offer. The easy access account not only offered a competitive rate but it was also very easy to open and simple to manage online, meaning I could access my savings when I 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