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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 select ‘business account’ if asked for an account/payee type. You should also use the payee name Paragon Bank PLC to match our account details.
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.
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.
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:
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 holders 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.
If you are transferring from a notice account, you will have to serve the notice period stated in your product terms and conditions before the money can be moved into another Paragon account.
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 its minimum balance your account will be closed, 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 two business days after we receive your cheque.
For electronic bank transfers, your money will be credited to your account on the same day, as long as we receive it before 6pm. If we receive it after this, it will be deposited into your account the next day.
Alternatively, if you are making a payment via CHAPS and we receive your payment after 4pm your account will be credited the next business day. How long it takes for a payment to reach us will depend on who your nominated bank account is held with.
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.
If you have a postal account with us, please use our Move my money form to transfer your savings between your Paragon accounts.
Move my Money form
For details on how to transfer an ISA please see “How to transfer an ISA”.
If you want to transfer your savings to a new Paragon account, you can fund a new account while completing your application. Simply login, click on ‘Open New Account’ from the main menu and follow the on-screen instructions.
If the amount you are transferring takes your existing account below the minimum balance your account will be closed. Please see your product terms and conditions for the minimum balance allowed.
If the account you want to fund from allows withdrawals but does not appear whilst opening your new account then choose the option ‘I will send the money from my nominated bank account or another Paragon account not listed below’. Once the new account is opened click ‘Move my money’ from the main menu and follow the on-screen instructions to set up a transfer to your new account. You will need to set up the transfer within five days of opening your new account.
If you open a new account before 1pm it'll be ready to accept transfers by 6pm the same day. But if your account is opened after 1pm it'll be ready by 10am the next day.
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 on a business day, your savings will be in your nominated bank account on the same day. If your withdrawal request comes in after 2pm or on a non-business day, your savings will be in your nominated bank account on the next business day.
If you have a postal account with us, please use our Move my money form to make a withdrawal.
If your withdrawal takes your account below its minimum balance your account will be closed, please see your product terms and conditions.
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.
Four easy steps to filling in a cheque:
Date your cheque, this is in the top right corner.
On the line that starts ‘pay’, write "Paragon Bank, your name and savings account number or application reference number”, and the amount you want to deposit in words. It’s recommended to draw a line in the rest of this space and write the word ‘only’ for your security”
Write the amount to be paid in numbers.
Sign your cheque
Once you've filled in your cheque simply send it to us FREEPOST: RTEX-LLUT-KKKE, Paragon, PO Box 850, Wallsend NE28 5BJ
We've collected all our useful documents in one place for your convenience.
See the reviews Paragon customers have written about our savings accounts and services.
Head officeParagon51 Homer RoadSolihullWest MidlandsB91 3QJ
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