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 Paragon Bank boosts interest rates across entire range of fixed rate bonds 

 Paragon Bank has boosted the interest rates on its one, two, three and five-year fixed rate bonds, in order to offer more options for savers looking for competitive fixed rate products.

The new rates will be available to savers from tomorrow, Friday 25 June.

The FTSE 250 financial provider’s range of fixed term products can be opened and managed online, over the phone or by post and are available to both new and existing customers. Interest can be paid on a yearly or monthly basis.

The products impacted by the rate increase are as follows:

• 1 Year account (previous interest rate of 0.75% AER*, increasing to 0.91% AER*)

• 2 Year account (previous interest rate of 1.00% AER*, increasing to 1.11% AER*)

• 3 Year account (previous interest rate of 1.05% AER*, increasing to 1.21% AER*)

• 5 Year account (previous interest rate of 1.10% AER*, increasing to 1.30% AER*)

Derek Sprawling, Savings Director at Paragon Bank, said:

“We always strive to offer our customers the most competitive rates we can and have done this consistently, providing choice for savers in both the fixed rate and access space.

“It’s easy for people looking for a competitive deal to open and manage an account with Paragon and they can choose to apply online, by telephone or by post. Our 28-day rate guarantee ensures that any customers part way through the application process already, or with an imminent maturity with us, will also benefit from our new rates automatically.”

Earlier this month, Paragon was named ‘Best Internet Account Provider’ at the Moneyfacts Awards, in recognition of its consistently competitive pricing. It also received ‘Highly Commended’ for ‘Best Cash ISA Provider’ category and ‘Commended’ in the ‘Best Bank Savings Provider’ category.

 For further information about this release contact:

Leila Taleb

Media Relations Manager -  Paragon Bank

[email protected] 

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