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

The new rates will be available to savers from Friday 26th February.

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 fixed rate bonds impacted by the rate increase are as follows:

• 1 Year account (previous interest rate of 0.50% AER*, increasing to 0.55% AER*)

• 2 Year account (previous interest rate of 0.65% AER*, increasing to 0.70% AER*)

• 3 Year account (previous interest rate of 0.80% AER*, increasing to 0.85% AER*)

• 5 Year account (previous interest rate of 0.9% AER*, increasing to 1.00% AER*)

Derek Sprawling, Savings Director at Paragon Bank, said: “Our new rates are reflective of our commitment to offering customers competitive products, that are also simple and straightforward to open and operate. These options will offer customers looking for a fixed rate a wider array of choice and complement our range of easy access and defined access bonds and ISAs.

“We initially made these rates available to our maturity customers, before opening them up to all. People 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.”

 For further information about this release contact:

Leila Taleb

Media Relations Manager 

[email protected]