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Paragon Bank boosts interest rates across three fixed rate cash ISAs 

Paragon Bank boosted rates available to savers in the cash ISA space by increasing the return offered across its one, three and five-year fixed rate ISAs.

The new rates will be available to savers from today, Friday 30 July.

This latest increase comes after the award-winning bank boosted the interest rate on its two-year fixed rate ISA last week.

Paragon also recently launched two new easy access products – the Limited Edition ISA and Limited Edition Easy Access Account were launched last week, both at a rate of 0.46% AER*.

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 FR ISA (previous interest rate of 0.61% AER*, increasing to 0.70% AER*)

• 3 Year FR ISA (previous interest rate of 0.95% AER*, increasing to 1.00% AER*)

• 5 Year FR ISA (previous interest rate of 1.05% AER*, increasing to 1.15% AER*)

All of Paragon’s ISAs are eligible for the ISA Wallet feature. This allows savers to spread their £20,000 annual ISA allowance with Paragon across multiple cash ISAs, rather than just open one specific account.

Derek Sprawling, Savings Director at Paragon Bank, said:

“There are many long-term benefits to building tax free savings, and we aim to support customers in doing so by offering the most competitive rates we can across a range of fixed rate and easy access ISAs.

“Our ISA Wallet feature also gives savers the opportunity to split their ISA allowance across different products. On top of this, we also offer a ‘flexibility’ feature on our easy access ISAs that allow customers to replace funds withdrawn from an ISA without their allowance being impacted.

“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.”

Last 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 at 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