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Understanding your nominated bank account

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Here at Paragon, we take security very seriously. We review our processes constantly to ensure that our systems are as secure as possible. This is so you can have full peace of mind, knowing your money is in safe hands.

One of the key features we have in place to keep your money safe is your nominated bank account.

In this blog, we've summarised some of the key features of this - what it is, how it works, and how it protects you from fraud.

What is your nominated bank account?

When you open a savings account with Paragon, you will be asked to provide details of a nominated bank account.

Your nominated bank account must be a UK current account but it can be either one you're solely named on or a joint account.

How does this keep your money safe?

The nominated bank account is one of our key lines of defence against fraud.

It is a feature that makes it much harder for criminals to access your savings because the only place your money can be withdrawn to is an authorised account that is in your name.

Your nominated bank account details are also used as an extra security measure when you update your password.

When you reset your password, you'll be asked for the last four digits of your nominated bank account. This acts very much like your memorable word, because the details of your nominated bank account are likely only to be known to you.

If you want a bit more information about the password reset process, you can find out more here.

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