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A nominated bank account is a UK current account held in your name that is linked to all your Paragon accounts. It helps keep your savings safe and secure by only allowing your savings to move between your Paragon accounts and your nominated bank account. It also helps us comply with money laundering regulations. Your nominated bank account must be a UK current account held in your name either as a joint or sole holder. The same account will be linked to all your Paragon savings accounts and ISAs. We can only accept deposits from and send withdrawals to your nominated bank account.
It’s easy to change your nominated bank account, simply fill in and send us a change nominated bank account form. You’ll need to provide some supporting documents, and your nominated bank account will be changed across all your Paragon accounts.
Your nominated bank account can be a sole or joint account. Any current account that you’re named on can be used as a nominated bank account.
Yes, in order to send an electronic payment out of your account we will require a nominated bank account to be registered and verified by us before the payment request is received.
If you’re a new customer, you’ll be asked to set up a nominated bank account when you apply for an account. We’ll ask you to provide us details of a valid UK bank/building society current account and we’ll electronically verify that this account is held in your name. However, if we’re unable to verify you electronically, we may ask you to provide us additional confirmation (e.g. an account statement).
No, each customer can only have one nominated bank account which is linked to all savings accounts and ISAs held with us.
Yes, but only if you each have individual accounts with us already. If you’re about to open a joint account, the first applicant will be named on the nominated bank account for identity verification purposes. Once you receive confirmation your joint account is officially set up, the secondary account holder of the joint account can add their nominated bank account by contacting us. If you already hold a joint account and the secondary account holder wishes to add their nominated bank account, simply contact us and we’ll happily take you through the process.
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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