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Paragon Bank increases rates across ISA range

SAVINGS
Thursday, 31/03/2022
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As we head into the final days of the current ISA season, Paragon Bank has increased rates across a range of fixed-rate ISAs, including a market leading one-year rate.

Rate increases include:

  • One-year fixed rate ISA increasing from 1.20% AER to 1.37% AER
  • Two-year fixed rate ISA increasing from 1.50% AER to 1.65% AER
  • Three-year fixed rate ISA increasing from 1.55% AER to 1.70% AER
  • Five-year fixed rate ISA increasing from 1.60% AER to 1.75% AER

The products are available from 01 April 2022.

The current tax year runs until 5 April 2022 (funding needs to be in place by 5.00 pm on 5 April 2022 to qualify for that tax year), meaning savers have to act quickly to utilise their £20,000 annual ISA allowance.

Paragon’s ISA Wrapper and Flexible ISA features mean that our ISA range can help those customers looking to create a portfolio of cash ISAs to meet their individual circumstances.

The ISA Wallet allows savers to spread their £20,000 annual ISA allowance with Paragon across multiple cash ISAs, rather than just open one specific account. Savers can invest their money across Paragon's range of Easy Access, Notice and Fixed accounts, enabling them to get the most from their ISA savings in a single tax year.

Meanwhile, the Flexibility feature allows the withdrawal and replacement of funds across or Access ISA range within the same tax year without using more of your ISA allowance. 

The full range of Paragon’s fixed rate ISA savings products can be found here.

Derek Sprawling, savings director at Paragon Bank, said:

“There are just a few days to use your ISA allowance for this tax year and we hope these improved rates are attractive for savers. We see ISAs as an important part of a portfolio of savings and provide competitive pricing for access and fixed term products. Our ISA Wrapper and Flexible ISA features mean that our ISA range can help those customers looking to create a portfolio of cash ISAs to meet their individual circumstances.”

Paragon Bank operates a 28-day rate guarantee, which ensures that any customers part way through the application process will benefit from the new rates automatically.

For further information contact:

Michael Clarke
Head of Media Relations
Paragon Bank
07740090746

Notes to editors:

Paragon Bank PLC a subsidiary of the Paragon Banking Group PLC which is a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group PLC has over £13 billion of assets under management and manages over 450,000 customer accounts.

Paragon Bank PLC is authorised and regulated 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.

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