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When your savings account matures

In the last six months 73% of our customers have chosen to keep their Fixed Rate savings with Paragon even after they’ve matured. And those who do leave would happily consider us again in the future. Our surveys indicate that 91% of those customers who leave tell us they’d be happy to consider us again.

What to do when your savings account matures

We know how much time and effort you’ve put into accumulating your savings, so it’s of utmost importance to us that you know what to expect as your account reaches the end of its term.

Here’s what’ll happen:

  • We will always notify you four weeks before your account reaches the end of its term to remind you and let you know what your options are. This will give you time to review our latest range of products.
  • If we increase the rates on offer through our website between emailing you and your maturity date, you’ll automatically get the higher rate.
  • So, as a valued customer you won’t miss out if you instruct us early on your maturing account – if our rate goes down after you have instructed us, you’re guaranteed the higher rate, and if the rate is subsequently increased, you will automatically be transferred to the higher rate.
  • You’ll get another reminder two weeks prior to maturity if you haven’t provided instructions in the meantime.
  • If you don’t tell us what you want to do two days before the date of maturity, we’ll put your money into an Easy Access account. That way, you can access your savings whenever you want.
  • If you want us to return your money, all you need to do is instruct us to return it to your nominated account.
  • Finally, after we’ve carried out your instructions, we’ll let you know via secure message. And we’ll email you to remind you to check your secure messages.

In customer surveys, you consistently tell us that competitive interest rates, FSCS protection[1] and online access are the things that matter most to you when looking for a home for your money.

We pride ourselves on our ability to retain our customers and we are pleased that so many savers choose to stay with Paragon.

[1] FSCS is the Financial Services Compensation Scheme which gives you automatic protection of your savings up to £85,000 in the unlikely event of your bank, building society or credit union going out of business.

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