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FAQs / Savings questions

Easy access accounts

What is an easy access account?

Easy access accounts are great to build your savings with no access restrictions.

The rate on easy access accounts is variable so it can change over time.

To learn more about easy access accounts see our easy access account guide.

 

How do I make additional deposits into my easy 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.​

Electronic bank transfers

Sort code: 40-02-50
(This may show up as HSBC, we only use them as our clearing bank)

Account number: 31344897

Payee: Paragon Bank PLC

Payment reference: Your Paragon account number or application reference number

Cheque

Please make your cheque payable to Paragon Bank Re your name and savings account number/application reference number.
And send freepost to:

RTEX-LLUT-KKKE, Paragon, PO Box 850, Wallsend NE28 5BJ

​Important information:​

When you enter the sort code it may show as a HSBC Bank PLC account because we use them as our clearing bank.​​

It’s important to use a payee when depositing funds electronically, it protects you and makes sure you’re sending your money to the right person. When sending deposits to us please use the payee name Paragon Bank PLC, it’ll help ‘match’ the account you’re sending money to and the name associated with that account. If you get a ‘no match’ or ‘unavailable’ message please make sure you’re quoting the right account number, sort code and Paragon Bank PLC as the payee, you should then get a ‘match’ message from your bank or building society.​​

Your payment reference makes sure we’re able to identify and apply your deposit to your Paragon account, without it we might have to return your funds or delay funding your account.​​

If you have entered the sort code, payee and payment reference correctly, and still see a ‘no match’ or ‘unavailable’ message, 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.​

 

What if my rate changes?

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.

 

What is the maximum balance on easy access accounts?

Your maximum balance across Paragon can not exceed £500,000 per person.

In easy access accounts you can hold up to £500,000 per person.

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

Can I cancel my scheduled transactions?

Yes, you can cancel a withdrawal from your easy 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 easy access account, don’t worry. It’s easy to cancel your withdrawal online, simply follow these steps:

  • Log in to your account in the usual way and click ‘manage account’ on the account you’re cancelling withdrawal instructions from​
  • Click ‘statement’ and scroll down to the bottom of that page​
  • 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'​
  • You will now see your planned transaction, just click 'edit' to see the details​
  • Click 'cancel', and your transaction will be cancelled​

Documents

We've collected all our useful documents in one place for your convenience.

Customer reviews

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See the reviews Paragon customers have written about our savings accounts and services.



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