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Postal Savings Accounts

With an increasing percentage of the UK population (69% 2018*) using internet banking, it’s not surprising why more and more banks are offering online only solutions to customers who wish to open and manage their savings accounts. But what does that mean for those customers wanting to use a more traditional way to manage their money?

While internet banking can be very quick and simple, applying and managing your savings online can seem like a daunting task when the amount of money being dealt with can be more than the balances held in current accounts. Especially when it’s not something you do regularly. Having the option to apply for a savings account by post could be the answer, but it’s important to find out if the bank you have chosen offers the same interest rate for postal applications as they do online, otherwise, you might not be getting the best return for your money.

If you are thinking about depositing your savings by post, here are a few tips to help you find the best rate:

  • Review the best buy tables in the national newspapers
  • Read the ‘money’ supplements or ‘money’ magazines for adverts
  • Ask a relative or friend to help you look on a comparison site online

Don’t be tempted just to compare High Street big banks as some of the newer banks offer much better deals and you can still apply and manage your account by post.

Here at Paragon Bank, our postal savings accounts currently offer the same competitive rates as our online equivalents, so you can be sure that when you open an account by post, you’re not missing out.

Our range of fixed rate savings accounts and fixed rate cash ISAs are available to apply for by post. Simply contact our UK based team on 0800 052 2222 to request an application in the post, or you can complete an enquiry form online.

To improve the service further, you now have 28 days to fund your account instead of 14 days. This stand-out offer means the rate you applied for will be guaranteed for longer. Eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme.

Make sure your savings aren’t missing out on the top rates and find out more about our postal savings accounts.

*Office of National Statistics

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