Defined access accounts

What is a defined access account?

Our defined access accounts are variable rate accounts, that give you a certain amount of access to your savings. There are limits on how many times you can access your money within a given time period, without affecting your interest rate.

Learn more about our defined access accounts

How often can I take money out of my defined access account?

It depends on the type of defined access account you have, for example our Triple Access Account allows 3 withdrawals at the higher rate of interest. You can find full details in your product terms and conditions which we sent to you when you opened your account.

Your terms and conditions can be found in your secure messages, on your online account.

How do I make additional deposits into my defined access account?

You can make deposits from your nominated bank account by either electronic bank transfer or cheque.

Remember - we will always ask you to use these details when making a deposit. If you’re ever asked to use different details do not send any money and contact us immediately.​

​Important information:​

• Select business account if asked for an account/payee type.
• Make sure you use the right payment reference; it helps us deposit your savings to your Paragon account without delays.
• It’s important to use “Paragon Bank PLC” when depositing funds electronically, it protects your savings by making sure you’re sending money to the right place.
• If you have entered all payment details correctly and you’re still having difficulty, please contact your bank or building society.

We will credit cheques to your account on the day we receive them, although it can take up to three days to clear the banking system. You’ll start to earn interest from the second business day after we receive your cheque.

Can I cancel my scheduled transactions?

Yes, you can cancel a withdrawal from your defined access account if you’ve asked for it to happen in the future. However, if you make a withdrawal instantly you can’t cancel it. If you’ve changed your mind about a future withdrawal from your defined access account, don’t worry. It’s easy to cancel your withdrawal online, simply follow these steps:

1. Log in to your account in the usual way and click ‘manage account’ on the account you’re cancelling withdrawal instructions from
2. Click ‘statement’ and scroll down to the bottom of that page
3. This is where you see your future or scheduled transactions happening in the next 6 weeks. To see further ahead simply change the date range of your future transactions and click 'update view'
4. You will now see your planned transaction, just click 'edit' to see the details
5. Click 'cancel', and your transaction will be cancelled

Can the interest rate on my defined access account change?

Yes. Our defined access accounts are variable rate accounts, which means we may change the interest rate over time.

If your rate increases, we will let you know as soon as possible, this can be after the new rate is effective.

We will notify you 14 days before any rate decreases. We will assume you’re happy to accept the change if you do not choose to close your account.

Your interest rate will also change if you make more withdrawals than detailed in your product terms and conditions. If this happens, we’ll contact you to let you know.

What is the maximum I can save in your defined access accounts?

Your product terms and conditions will detail the minimum and maximum balance on your specific account.

However, if you have more than one account with us the maximum you can save across all your Paragon accounts is £500,000.

How many defined access accounts can I open?

You can have one open Defined Access Account per issue, including joint accounts. The issue will change if we change the product features.

To find out more about the defined access accounts we currently have available, please see our savings accounts.