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FAQs / Savings questions

Fixed rate accounts

What is a fixed rate account?

Fixed rate accounts offer a higher rate of interest for locking your money in for longer. Your rate will remain the same for the entire fixed term, so you will know exactly how much interest you’ll earn by the end of your term.

To learn more about fixed rate accounts see our fixed rate account guide.

 

How do I withdraw from my fixed rate account?

You cannot make early withdrawals from your fixed rate account. So, it’s important you’re sure you won’t need access to the money before you deposit.

 

What is the personal savings allowance?

Unlike ISAs, fixed rate accounts are subject to tax. However, the government introduced the Personal Savings Allowing in 2016 which allows you to earn a certain amount of tax-free interest on your savings dependant on your tax bracket.

Learn more about the Personal Savings Allowance

 

What is the maximum balance on fixed rate accounts?

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

In fixed rate 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.

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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