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FAQs / Savings questions

Notice accounts

What is a notice account?

Notice accounts give you flexibility with your savings and the opportunity to earn higher interest than with an easy access account. You can top up your savings over time and have access if you give the required amount of notice.

The rate on notice accounts is variable so can change over time.

To learn more about notice accounts see our notice account guide

 

What if my rate changes?

If your rate increases, we will let you know as soon as possible, this can be after the new rate is effective.

We will notify you in line with your notice period for any rate decreases. We will assume you’re happy to accept the change if after this period you do not choose to close your account.

 

What is the Personal Savings Allowance?

Unlike ISAs notice accounts are subject to tax. However, the government introduced the Personal Savings Allowing in 2016 which allows you to earn a certain amount of tax-free interest on your savings dependant on your tax bracket.

Learn more about the Personal Savings Allowance

 

What is the maximum balance on notice accounts?

Your maximum balance across Paragon can not exceed £500,000 per person.

In notice accounts you can hold up to £500,000 per person.

Your product terms and conditions will detail the minimum and maximum balance on your specific account.

 

How do I cancel my scheduled transactions?

If you’ve changed your mind about a withdrawal from your notice account, don’t worry. It’s easy to cancel your withdrawal online, simply follow these steps:

  1. Log in to your account in the usual way and click ‘manage account’ on the account you’re cancelling withdrawal instructions from.
  2. Click ‘statement’ and scroll down to the bottom of that page.
  3. This is where you see your future or scheduled transactions happening in the next 6 weeks. To see further ahead simply change the date range of your future transactions and click 'update view'.
  4. You will now see your planned transaction, just click 'edit' to see the details.
  5. Click 'cancel', and your transaction will be cancelled.

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