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Back to Access accounts explained

What is a Defined Access account?

If you think you’ll only need to dip into your savings a few times a year, and you’re happy to limit your withdrawals in return for a higher interest rate, then our Defined Access accounts could be the ideal way for you to reach your savings goals.

Why choose a Defined Access account?

With a Defined Access account, there’s no limit to how many times you can add to your savings. You are free to make a specified number of withdrawals each year without affecting your interest rate.

If you make more withdrawals than the amount specified in your product terms and conditions the interest rate on your account will decrease until the anniversary of your opening deposit. However, your interest rate and the number of withdrawals you can make will reset 12 months after your opening deposit.

With the option to choose monthly or annual interest payments you can start saving from as little as £1 up to £500,000.

The initial payment into your Defined Access account will need to be made within 28 days of the date of your application, otherwise your account will be closed, and you’ll need to re-apply.

You can make unlimited additional payments into your Defined Access account, as long as you don’t exceed the maximum balance allowed on the account.

Our Defined Access accounts

Moneycomms Top Performer 2022
Whether it's easy access or fixed rates, standard savings accounts or a Cash ISA, Paragon Bank has been a consistently strong performer across a wide range of savings product types, featuring heavily in the best buys over the last 12 months.

Andrew Hagger | Personal Finance Commentator and Founder of MoneyComms

This account makes it very easy for me to transfer money into my savings and back out again whenever I need to use it.

- Catherine Geddes

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 Read our savings reviews

ISA transfer rules

You can easily transfer your existing ISAs from other providers to Paragon.

To keep the tax-free ISA status on your savings, make sure you transfer your ISA through your provider and not through a withdrawal.

Access Cash ISAs

Our Access accounts are available as cash ISAs as well as savings accounts.

With a cash ISA the interest you earn is tax-free, both now and in the future.

Our ISA Wallet and Flexible ISAs allows you to spread your allowance across our range of cash ISAs. Any withdrawals are added back onto your allowance, so you won’t lose out on your tax-free savings.

Personal Savings Allowance

Launched in 2016, the Personal Savings Allowance lets you earn a certain amount of tax free interest on your savings.

If you’re a basic rate taxpayer, you can earn up to £1,000 of tax-free interest. Or, as a higher rate taxpayer you can earn up to £500. But if you pay additional rate tax the personal savings allowance isn’t available to you.

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