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  • 5 Year Fixed Rate

    2.35% 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 fixed rate of 2.35% AER*
  • Peace of mind from knowing exactly what interest rate you will earn on your savings
  • Receive your interest monthly or annually
  • Simple and straightforward saving
  • Save from £1,000 up to £100,000
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 5 Year Fixed Rate savings account
What is the interest rate? Annual: 2.35% Gross** / AER*
Monthly: 2.33% Gross** / 2.35% 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? No. The interest rate is fixed for the fixed term.
What would the estimated balance be after 60 months based on a £1,000 deposit? £1,123.15 based on £1,000 over 60 months at 2.35%

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 £1,000 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? You cannot make withdrawals during the fixed term. We will write to you before your fixed term ends to give you instructions on what to do next.
Additional information You have up to 30 days from the date of your application to make your opening payment.

Provided you make your opening payment within 14 calendar days of your application we’ll guarantee the interest rate shown when we received your application or, if higher, the rate on our website at the time you make your opening payment.

If rates change after 14 calendar days and you haven’t made your opening payment, we’ll pay the rate advertised on the day we receive your deposit.

You can only make new subscriptions by electronic transfer or cheque from the nominated account you choose during your application. This account must be in the name of the Paragon Bank account holder.
Important Information
  • You can only make your deposit via electronic transfer or by cheque from the nominated account you chose during your application
  • If you are unable to make your opening payment in a single payment – perhaps due to limits on electronic payments set by your bank – we can accept additional payments into your account for five business days after we receive your opening payment
  • We will write to you before your account matures to give you instructions on what to do next
  • You cannot make withdrawals during the fixed rate period
  • 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
  • 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
Efficient professional service
Efficient professional service

Marian Fletcher

After finding Paragon Bank on a cross comparison site searching for a competitive rate, Marian selected Paragon Bank’s One Year Fixed Rate savings account.

Marian said:

My husband’s experience with Paragon Bank was really positive – very clear, very simple and just a great customer service. So when I saw Paragon Bank on the comparison site, it was a simple decision for me to make, much like their application form. They offer a good professional service - it’s very refreshing and reassuring.

Marian, who likes to host dinner parties in her spare time and entertain friends and family, valued the higher interest rate on her savings offered with the One Year Fixed savings account than the Easy Access accounts.

Sheila Fowler
An easy switch
An easy switch

Sheila Fowler

Sheila Fowler likes to keep things straightforward with her retirement nest-egg and opted for a Paragon Bank Fixed Rate Savings Account, happy to tie up a proportion of her savings for a fixed term in order to ensure a consistent return.

When deciding where to invest her savings, Sheila starts by scanning the "best buy" tables in the national newspapers to get an overview of the most competitive rates available in the market.

Sheila explains:

Paragon Bank caught my attention with their competitive interest rates and then won my business with their simple online application process and clear communications. I also value the ability to move my funds by cheque or online transfer, giving me flexibility in how I direct my money.

Sheila also likes to check that her deposits will be eligible for protection under the UK’s Financial Services Compensation Scheme and looks for a fast and efficient application process to ensure an easy switch.

Image of Savings customer Lee Renaut who have shared their story with Paragon Bank
Helpful and competitive
Helpful and competitive

Lee Renaut

Lee, a full-time Jiu Jitsu competitor and coach, wanted a safe and easy to use account for his savings. When looking for the right savings account, Lee searched online.

Lee said:

The rates on the high street weren’t particularly attractive, but after searching online and coming across Paragon Bank, I haven’t looked back. Paragon Bank’s savings accounts are simple, clear and easy to understand. The communications they offer on banking and savings tips are also great and really useful – especially as I try to save for my first house.

Lee chose the Two Year Fixed Rate savings account, valuing the competitive interest rate and security knowing his savings are tucked away until he finds the right home.

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