Moving your money

What is confirmation of payee?

Confirmation of payee (COP) is the new checking system being used by banks and building societies when you send money from your account. It’ll help protect you when you’re making payments by checking that the account, sort code and name of the account match. So you’re less likely to send money to the wrong person by mistake or as a victim of fraud.

COP will apply the first time you send money to a new personal or business account. ​You will see a ‘match’ ‘no match’ or ‘unavailable message’ when you enter the details of the account and payee you’re sending money to.

When you’re making electronic deposits into your Paragon account be sure to use the payee name Paragon Bank PLC and that should match our account details.

How do I pay into my account?

If your account allows for additional deposits, you can either make deposits by electronic bank transfer or cheque, from your nominated bank account.

We will credit any money you deposit by Electronic Transfer or by transfer from another Paragon Account on the same day we receive it. You should then be able to make a withdrawal on the same day, unless your Product Terms and Conditions do not allow it. If we receive your deposit after 4pm (our transfer-in deadline) then your account will be credited the next day.

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.

How do I transfer my money between Paragon accounts?

You can easily transfer your money between your existing Paragon accounts, if they both allow for withdrawals and additional deposits

To transfer between online accounts simply log in, select the account you’d like to transfer from, click “move my money” and follow the on-screen instructions. Your other Paragon account will be an option to transfer into.

To transfer into a new online Paragon account, you will need to first open a new online account. Log in and click “open new account” to apply. Your new account will be available for an internal transfer the following business day, when you can log in select “move my money” on the account you’re transferring from and follow the instructions on screen.

To transfer between postal accounts you can write to us to request a transfer, including your username and account number. Or complete a Move my Money form and return to us.

Move my Money form

Return to: RTEX-LLUT-KKKE (freepost), Paragon, PO Box 850, Wallsend NE28 5BJ

For details on how to transfer an ISA please see “Cash ISAs, How to transfer an ISA”

Remember your account will be closed if the balance falls below the minimum shown on your product terms and conditions, you can only withdraw to your nominated bank account.

If your withdrawal request is received by 2pm on a working day, your money will show in your nominated account the same day. If your request if received after 2pm (or on a weekend) your money will show on the next business day.

How do I withdraw my money?

If your account allows withdrawals, you can withdraw up to the cleared balance shown on your account.

Online account holders, simply log in to your account, select the account to withdraw from and follow the on-screen instructions.​

Postal account holders can write to us requesting a withdrawal, including your username and account number. Or download a Move my Money form, complete and return to us.

Move my Money form

Return to: RTEX-LLUT-KKKE (freepost), Paragon, PO Box 850, Wallsend NE28 5BJ

Remember your account will be closed if the balance falls below the minimum shown on your product terms and conditions, you can only withdraw to your nominated bank account.

If your withdrawal request is received by 2pm on a working day, your money will show in your nominated account the same day. If your request if received after 2pm (or on a weekend) your money will show on the next business day.