Maturing Savings Accounts

What do you mean when you say my savings account is maturing?

It means your fixed rate is ending and you’ll need to decide what you’d like to do with your savings next. Only fixed rate accounts or fixed rate cash ISAs will mature, easy access, triple access or notice accounts will not mature.

What happens when my savings account or ISA matures?

We will contact you with your maturity options at least 28 days before your savings account or ISA matures.

Online account holders:

We’ll email, asking you to log in to your account and view your maturity options. Once you’ve decided what you’d like to do with your savings, you can give us your instructions by following the steps in your online account. Your maturity date will always be on your account summary screen should you need it.

Remember it’s important you keep your account information up to date so we can keep in touch with you about your account. If you change your email address, we need to know. Otherwise, we may not be able to reach you when your account is maturing.

Postal account holders:

We’ll send you a ‘maturity instructions form’ to complete and return. You can call us on 0800 052 2222 and check your maturity date.

Whether you’re a postal or online account holder, you can give us your instructions or make changes to them up to two days before your maturity date.

If we don’t receive your instructions by this time, we’ll move your savings to an easy access account or easy access cash ISA, so you can access your money whenever you need to. We won’t tie you in for another fixed term without your permission.

What is my maturity window?

Your maturity window is the period you can make and change your maturity instructions. It runs up until two days before your account matures. During this time, your maturity options are covered by our ‘rate guarantee’, so you won’t lose out within your maturity window.

What is Paragon’s rate guarantee?

Our rate guarantee is something we offer to all customers who choose to open a new fixed rate account with us when their old account matures.

It means that between giving your maturity instructions and your account maturing, if the rate on the account you have chosen increases on our website, you’ll automatically receive this new higher rate. If the rate goes down, there’s no need to worry as you’ll stay on the rate you selected. So, you won’t lose out within your maturity window.

I’ve chosen to withdraw my money, when will I receive this in my account?

If your account matures on a business day and you’ve chosen to withdraw your money to your nominated bank account this will be paid to your account on the same business day. However, if it matures on a non-business day, you’ll receive your money on the next business day.

Your money is usually sent in two payments. The interest you have earned and your original savings amount.

It’s easy to make a withdrawal. If you have an online account, log in and select move my money and follow the on-screen instructions.

If you have a postal account, please use our Move my Money form to make a withdrawal.

How do I change where my interest is paid?

After your account has matured, you can amend where you want the interest payments paid to, this is the ‘interest instruction’. You can choose to pay your interest into the maturing account, another Paragon account, or your nominated bank account.

I’d like to change how often I receive my interest; how do I do this?

After your account has matured, you can easily change how often you receive your interest payments. Just log in to your account and select the account you want to amend and choose the ‘manage account’ option, then select ‘Account details’.

What if I’ve forgotten my login details?

You can reset your password and access your username from our login page.

To reset your password, you’ll need your username, memorable details, and access to your emails.

If you’ve forgotten your username, you need your email address and mother’s maiden name.

For help with your memorable details, then please contact our UK based team.