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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 add to your savings by either electronic bank transfer or cheque from your nominated bank account or transferring money from another Paragon account​.

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. Your name and savings account number or 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.

Transfer from existing Paragon account​

If your Paragon accounts allow for withdrawals and additional deposits, you can transfer your savings between accounts easily.

Online account holder simply login to your account, select the savings account or ISA you want to transfer from and click move my money. Follow the instructions on screen to transfer your savings.

Postal account holders please write to us to transfer your savings, or use a move my money form:

Move my money

If your transfer takes your account below it's minimum balance your account will be close, please see your product terms and conditions.

​ ​

We will credit any money you transfer from your existing Paragon accounts immediately.

Cheques will be credited 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.​

If we receive your electronic bank transfer after 4pm then your Paragon account will be credited the next working day. How long it takes for an electronic bank transfer to reach us will depend on than bank your nominated bank account is held with.

 

How do I transfer my money between Paragon accounts?

You can make transfers between your Paragon accounts if they allow withdrawals and additional deposits, please check your product terms and conditions.

You can make a transfer online by simply logging into your account, select move my money and follow the on-screen instructions.

Move my Money form

If you want to transfer your savings to a new Paragon account you must first open your new account and then complete a transfer between accounts. ​

If your transfer takes your account below it's minimum balance your account will be close, please see your product terms and conditions.

For details on how to transfer an ISA please see “How to transfer an ISA”.

 

How do I withdraw my money?

Online account holders can simply login to your account, select move my money and follow the on-screen instructions.

If we receive your withdrawal request by 2pm your savings will be in your nominated bank account on the same day. They'll be in your nominated bank account the next day if your request comes in after 2pm.

Move my Money form

If your withdrawal takes your account below its minimum balance your account will be close, please see your product terms and conditions.

 

My deposit has been rejected, what happens next?

​If we are unable to credit your deposit to your savings account or ISA and have rejected your deposit, your money will be returned to the account it came from within two working days.​

If you’ve used the right account number or application reference number, we will contact you to tell you your deposits was rejected and why. However, without the right reference number we won’t be able to identify you and reach out to explain why your funds have been rejected. ​

Documents

We've collected all our useful documents in one place for your convenience.

Customer reviews

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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