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FAQs / Savings questions

What is a green savings account?

A green savings account means your savings deposits are only used to fund our green lending products. This is different to our standard savings accounts that fund a variety of lending activity.

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-rated properties, we are taking a step to align with the Government target of having all private rented sector properties 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, so we can make sure we are in line with the UK Government and housing industry standards.

In January 2023, the UK Government is due to release its definitions of what it deems to be green. This is called Green Taxonomy. Prior to this coming in place, we along with other banks are using a UK-specific definition of ‘green’, which is a mixture of EPC A-B or EPC A-C ratings.

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

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

The environmental benefits of our green lending products will be published in our Responsible Business Report, scheduled for publication annually in December and available here.

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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