What is a green savings account?

A green savings account means that unlike our other standard savings products, your savings deposits are only used to help support our green lending products.

What do you mean by green lending products?

Our green lending products are our buy-to-let mortgages, available for existing residential buildings certified, or to be certified, with an Energy Performance Certificate (EPC) rating of ‘C’ or above in England and Wales.

Why have you chosen to support residential property with my deposits?

One of our core business areas is to support buy-to-let landlords. As part of our commitment to helping the UK’s transition to net zero greenhouse gas emissions, we already offer discounted interest rates on buy-to-let loans against residential buildings certified, or to be certified, with an EPC rating of ‘C’ or above in England and Wales.

By using green savings deposits against 'C' or above rated properties, we are taking a step to align with the Government target of having as many private rented sector properties as possible rated EPC 'C' or better by 2030.

How have you decided an EPC rating of C and above is ‘green’?

Our definition of green lending is under constant review, to ensure we are in line with UK Government and housing industry standards.

The UK Government is due to release its Green Taxonomy, which defines exactly what it deems to be green. Until these definitions are published, Paragon and other banks are using a UK-specific definition of ‘green’, which is a mixture of EPC A-B or A-C rated properties.

By using green savings deposits against 'C' or above rated properties, we are taking a step to align with the Government target of having as many private rented sector properties as possible rated EPC 'C' or better by 2030.

How can I find out more about what you are doing overall for sustainability?

Sustainability influences every aspect of our business. We have a responsibility to use our influence and our resources wisely and we work diligently to protect the environment and support the communities in which we operate. To find out more about sustainability at Paragon please visit our sustainability page, or read our latest Responsible Business Report.