Paragon Bank has increased rates offered across its entire range of one, two and three-year fixed rate cash ISAs, offering a range of competitive options to savers in the tax-free space.

The new products and rates will be available from today – Friday 22 October.

Paragon has announced the following rate increases:

• 1 Year FR ISA (previous interest rate of 0.86% AER*, increasing to 0.91% AER*)

• 2 Year FR ISA (previous interest rate of 1.06% AER*, increasing to 1.11% AER*)

• 3 Year FR ISA (previous interest rate of 1.16% AER*, increasing to 1.21% AER*)

Paragon’s range of fixed rate savings products can be opened and managed online, over the phone or by post and are available to both new and existing customers.

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:

“Over the course of the last few weeks there has been a steady uptick in rates across the savings market. We know that November is a busy month for fixed rate ISAs coming to an end and we’re increasing the rates available across a range so that we’re in the best position possible to encourage those considering their options to come to Paragon.

“Our ISA Wallet feature gives savers the opportunity to split their ISA allowance across different ISA accounts. This means that if they want to lock part of their allowance in a fixed rate and save the remaining in an easy access ISA with Paragon, they are able to do so.

“Those looking to split their allowance between fixed rate and easy access ISAs can also benefit from our ‘Flexibility’ feature, which allows any funds withdrawn from an easy access ISA to be added back into the account within the same tax year without the year’s allowance being impacted.

“It’s easy for people looking for a competitive deal to open and manage their ISA, 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 year, 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]