Customers can now apply for a One Year Fixed Rate Bond with a new rate of 2.01% AER from Paragon Bank. Although deposit balances often reduce in January, Paragon recognise that many savers review their financial position in the New Year.

The product is available from 11 January at 9:00am.

Richard Doe, Paragon Bank Managing Director, said:

We review our products regularly to ensure we offer consistently competitive rates, this latest change reflects our commitment to help our customers make more of their savings.

Our award-winning savings business is going from strength to strength and this new product is another effort to encourage savers to consider Paragon.

Paragon Bank savings products are available online only and eligible deposits are protected by the Financial Services Compensation Scheme up to a maximum of £85,000.

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.

11 January 2019

All rates and statistics correct at the time of publish.