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Why choose 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 a defined access account could be the ideal way for you to reach your savings goals.

With a defined access account, there’s no limit to how many times you can add to your savings. If you want to take money out then you are free to make up to a set number of withdrawals a year without affecting your interest rate. The number of withdrawals you can make depends on the terms of your specific defined access account.

If you find you need to make any additional withdrawals then you can still take your money out, but your interest rate will decrease until the anniversary of 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.

Paying into your defined access account

Your 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.

Withdrawals

Our defined access accounts allow you to make up to a set number of withdrawals every 12 months. 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.

Defined access rates

Our defined access accounts are variable rate accounts, which means that the interest rate can change over time. We will always let you know about any changes to the rate on your account.

Your interest rate will also change if you make more withdrawals than the amount specified in your product terms and conditions. If this happens, we’ll contact you to let you know.

Personal Savings Allowance

You can earn tax free interest through the Personal Savings Allowance. Depending on your income tax banding, you can earn up to £1,000 of tax-free interest.

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.

Defined Access Cash ISAs

Our defined 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 Defined Access Cash ISAs are part of our ISA Wallet and Flexible ISAs, giving you the freedom to spread your annual ISA allowance across our range of cash ISAs. Any withdrawals you make are added back onto your annual ISA allowance to reinvest with us, so you won’t lose out on your tax-free savings.

What else should you know?

Making deposits

Once you’ve opened an account, you can make your opening deposit and add to your savings at any time.

Withdrawals

Our defined access accounts allow you to make up to a set number of withdrawals every 12 months. 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.

Nominated bank account

When you open your account, you will be asked to enter the details of your nominated bank account. This is the account that you will need to make your deposits to and withdrawals from.

Online account

The account is operated online, giving you the flexibility to check your balance and print statements around the clock.

Personal Savings Allowance

Launched in 2016, the personal savings allowance allows you to earn interest on your savings tax-free.

There are limits depending on your tax banding. Currently £1,000 for lower rate tax payers, £500 for higher rate but if you earn more than £150,000 the Personal Savings Allowance doesn’t apply.

ISA allowance

Our range of cash ISAs allow you to make use of your ISA allowance and transfer any previous ISAs you may already hold.

Any deposit you make into a cash ISA will earn tax-free interest. This is in addition to your Personal Savings Allowance.

You can start a new ISA subscription up to the ISA allowance and transfer your previous years ISAs.​

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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