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FAQs / Savings questions

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.

Electronic bank transfers

Sort code: 40-02-50 (This may show up as HSBC, we only use them as our clearing bank)

Account number: 31344897

Payee: Paragon Bank PLC

Payment reference: Your Paragon account number or application reference number.

Cheque

Please make your cheque payable to:

Paragon Bank” always include your name and savings account number/application reference number.

And send freepost to:

RTEX-LLUT-KKKE, Paragon, PO Box 850, Wallsend NE28 5BJ

Important information:

  • When you enter the sort code it may show as a HSBC Bank PLC account because we use them as our clearing bank.
  • It’s important to use a payee when depositing funds electronically, it protects you and makes sure you’re sending your money to the right person. When sending deposits to us please use the payee name Paragon Bank PLC, it’ll help ‘match’ the account you’re sending money to and the name associated with that account. If you get a ‘no match’ or ‘unavailable’ message please make sure you’re quoting the right account number, sort code and Paragon Bank PLC as the payee, you should then get a ‘match’ message from your bank or building society.
  • Your payment reference makes sure we’re able to identify and apply your deposit to your Paragon account, without it we might have to return your funds or delay funding your account.
  • If you have entered the sort code, payee and payment reference correctly, and still see a ‘no match’ or ‘unavailable’ message, please contact your bank or building society.

We will credit cheques to your account on the day we receive them, although it can take up to three days to clear the banking system. You’ll start to earn interest from the second day after we receive your cheque.

How long it takes for an electronic bank transfer to reach us will depend on your bank or building society.​

We will contact you when your funds have been credited to your account. If the funds reach us after 4pm we will contact you when they have been applied.

If we are unable to credit funds to your account (for example if funds have been sent from an account other than your nominated bank account) and your funds are rejected, we will contact you to confirm.​

If funds are sent before 4pm and rejected, we will contact you to confirm the next day. Rejected funds sent after 4pm will be returned the next day and we’ll contact you following day.​

Online account holders will receive confirmation by email, if you have a postal account we will write to you​

 

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.

Documents

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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