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What are the advantages of choosing an online savings account?

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During a global pandemic, accessing your accounts quickly, safely and in the comfort of your own home has never been more valuable.

In a recent survey of Paragon customers, 81% of you said it is more important for you to be able to access your accounts online than it was before the pandemic.

Whether you have an easy access account with us you like to check regularly, or a fixed rate savings account you log in to manage at maturity, there are numerous benefits to using online banking.

While we continue to spend more time at home over the next few months, we’ve summarised some of the key features and advantages of managing your accounts online.

We’ve also included details of some of the account management features you might not realise you can do through online banking. 

1. 24/7 access to your accounts, with full flexibility

The biggest benefit to online banking is that you can access your accounts 24 hours a day, seven days a week, without being restricted by call centre opening hours. This is particularly useful if you have commitments that prevent you from managing your accounts within our call centre opening hours.  

Both savings and mortgage customers can access their accounts online. Savings customers can operate their accounts online with full flexibility, whilst mortgage customers can view their balance at any time.  

2. An easy password reset process

If you forget your password, you can retrieve this easily online without having to call us to reset it. You can update your password at any time using your username, email and memorable details.

You only need to call us to reset your details if your account has been locked.

3. Open a savings account online in no time

You can go through the full account opening process online, regardless of whether you are a new or existing customer.

If you are a new customer, you can follow the account opening process by clicking the ‘apply online’ link on our product pages.

You will then be asked to input your information, which will only take a few minutes.

If we require any ID from you, you have the option to simply take photographs of this and send it to us over email, with no paperwork to print off and post. Your account will then be opened within a few days.

If you are an existing customer, the process is even simpler - you can log in and open an account within minutes. To do so, you just need to select the ‘existing customer’ option on our savings product page or log in to online banking and choose the product you want.

Placing maturity instructions

If your fixed rate account or fixed rate cash ISA matures, we will notify you by email when your maturity options are ready to view online.

Once they’re live, you can log in and let us know if you’d like to reinvest or withdraw your savings safe in the knowledge that if our rates change in the meantime you’ll benefit from the higher rate. We’ll then automatically apply your instructions upon maturity and issue a confirmation.

4. Close an account in two easy steps

You are able to close your access account or access cash ISA online at any time by withdrawing your savings to your nominated bank account.

If your balance falls below the minimum allowed on your account, this will automatically close the account, but your user credentials will remain in place for 12 months, providing you the option to log in and print off any statements you might need once your account has been closed.

You can log in and view your closed accounts with us for up to a year after closure as well.

5. Requesting an ISA transfer

If you are transferring an ISA from another provider and the bank or building society allows electronic ISA transfers, you can request the transfer online without printing or completing any paperwork.

Once we receive your instructions, we will complete the ISA transfer for you within 15 days by liaising directly with the other provider.

6. Get in touch with a member of the team

You can get in touch with a member of our team really easily by secure message online. You can drop us a note with any questions and a member of our customer service team will respond to you as soon as possible.

This service gives you the option of a helping hand if you need it, without having to pick up the phone!

View our products

View our consistently competitive savings accounts and cash ISAs

Fixed Rate up to
3.10%
AER*
View Accounts
Access Accounts up to
1.75%
AER*
View Accounts
Cash ISAs up to
2.60%
AER*
View Accounts
Postal Accounts up to
3.10%
AER*
View Accounts

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

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