Paragon Bank has increased the interest rate on its One Year Fixed Rate cash ISA in a move to attract new customers against a backdrop of falling rates in this segment since April. 

The product, offering an annual interest rate of 1.60% AER* will boost Paragon’s Fixed Rate cash ISA into top place in Best Buy tables.

It is available from 5 July 2019 at 9.00am.

Richard Doe, Paragon Bank Managing Director, said:

We continually review our product ranges to ensure they are among the most competitive in the market, if not the market leader. This is because we want to help people get more from their savings.

Why choose this One Year Fixed Rate cash ISA?

• Earn tax-free interest
• Easily transfer existing ISAs
• Choose monthly or annual interest

Paragon Bank savings products are available online 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.

04 July 2019

All rates and statistics correct at the time of publish.