We use cookies to track usage and preferences.
Cookies policy
fscsmoreofhero

FSCS - More of your money protected

30 January 2017

In 2016, the Prudential Regulation Authority (PRA) announced that they would restore the savings protection limit, guaranteed by the Financial Services Compensation Scheme (FSCS), back to £85,000 from £75,000. This change is effective from 30 January 2017.

How do these changes affect Paragon Bank customers?

Paragon Bank customers tell us that FSCS protection is one of the top three things they look for when choosing a new account so these changes are good news for savers who will benefit as a result. For instance, if you currently have £75,000 or less in savings with us, you can now deposit up to £85,000 whilst enjoying the benefit of full FSCS protection.*

If your savings with us exceed £75,000, this news will be like music to your ears – a further £10,000 of your money will be protected by the FSCS.

The FSCS explained

The FSCS is a statutory Deposit Guarantee Scheme. It provides valuable assurance to savers who deposit money with UK banks and institutions that their savings will be protected up to an agreed limit in the unlikely event that their savings provider should fail.

Visit our FSCS page to learn more or call us on 0800 052 2222. To find out about savings accounts currently on offer with Paragon Bank, see our savings page.

Further detail about the UK’s depositor protection scheme can be found on the PRA and the FSCS website.

*If you already have an account with Paragon Bank, please be sure to check your product terms and conditions to make sure that your account can accept additional deposits or deposits over £75,000. If not, you may want to add to your savings with a new account.

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

Click here to see your activities