Chris Williams, Paragon Bank’s Head of Savings Service, discusses how an unprecedented level of account openings put pressure on banks, and some of the steps Paragon has taken to address the challenge.

The past six months have been amongst the busiest we have experienced since launching Paragon Bank nearly nine years ago.

Savers have moved money and opened new accounts at the quickest pace for more than 15 years as they responded to an increasing interest rate environment.

That is hugely positive as, for too long, there has been apathy amongst consumers and many people simply left their money earning low returns with their current account provider.

We know that our customers have always been more proactive with managing their savings, and hopefully more of the wider population have also woken up to the benefits of making their money work harder for them.

Service improvements

However, it has presented issues for banks across the market dealing with a sharp upturn in account openings, particularly those, such as Paragon, that feature regularly in the best buy tables.

The service we offer to customers is important to us and we are always looking to improve, we have taken a number of steps to maintain service levels, including doubling call centre headcount, and I’m pleased to say that we’re seeing some real positive outcomes in recent months.

We have also been working to improve information on our website to help customers to manage their accounts efficiently online. Many of the basic tasks required to administer an account can be done via the website easily at any time of day.

This has included bolstering the information within our Frequently Asked Questions section, where you can find most of the information you need. The below are amongst the most frequent questions we are contacted about:

How do I change my nominated bank account?

What happens when my account matures?

How do I change my interest instructions?

Service standard is something that we strive to continuously improve, and I hope you notice further changes we are planning to implement in the coming months.

Visit our FAQ webpage to find the answers you need to operate your account.