We use cookies to track usage and preferences.
Accept cookies
Manage cookies
Return to the FAQs homepage
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 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.

 

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:

  • Select business account if asked for an account/payee type.​
  • Make sure you use the right payment reference; it helps us deposit your savings to your Paragon account without delays. ​
  • It’s important to use “Paragon Bank PLC” when depositing funds electronically, it protects your savings by making sure you’re sending money to the right place. ​
  • If you have entered all payment details correctly and you’re still having difficulty, 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 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.

​

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 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 who 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 its minimum balance your account will be closed, 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 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.

​

Move my Money form

If your withdrawal takes your account below its minimum balance your account will be closed, 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. ​

How do I fill in a cheque to make a deposit? 

Four easy steps to filling in a cheque:

1

Date your cheque, this is in the top right corner.

2

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”

3

Write the amount to be paid in numbers.
4

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

Documents

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

Find your documents

Customer reviews

Feefo logo

See the reviews Paragon customers have written about our savings accounts and services.



Read reviews

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