In his latest blog, our Head of Savings Service and Relationship Management Chris Williams discusses how savings balances have grown by 24% and why 2024 is a milestone year for the bank.

This year is momentous for Paragon as it marks a decade since we launched as a savings bank.

We have experienced strong growth since 2014 and, today, our customers entrust us with over £14 billion of their savings, making us one of the fastest-growing savings providers in the UK.

At the heart of our savings proposition has always been a commitment to couple consistently competitive savings rates with excellent customer service. That remains as central to our business today as it was when we first opened our doors 10 years ago.

Unsurprisingly, that’s something that chimes with our customers. We recorded an impressive 24% increase in savings balances last year.   

We have also been consistently amongst the best buy tables throughout the year. We saw particularly buoyant growth in term deposits as the ‘switch to fix’ trend saw savers move money out of instant access or current accounts into fixed-rate variants. Fixed-term deposits now comprise 65% of our savings portfolio, compared to 58% last year. 

Other highlights of the year include expanding our product range to include a Double Access option, complementing our Triple Access range, and picking up several savings awards, including winning ‘Best Multi-Channel Savings Provider’ at the 2023 Savings Champion awards and ‘Cash ISA Provider of the Year’ at the 2023 Moneynet awards.

But we don’t rest on our laurels and are always seeking ways to improve our service to you, our customers. Some of this you see in the form of communications of products or, just as importantly, behind the scenes to make our systems operate more efficiently.

I’d like to thank you for your custom and wish you a prosperous year.

Chris Williams
Head of Savings Service and Relationship Management
Paragon Bank

Visit our Savings  page to view our latest range.