Derek Sprawling, Paragon Bank Savings Director, comments on today’s Bank of England Money and Credit Report for March. You can find the Bank’s report here.

“All evidence suggests that this was one of the quietest ISA seasons on record and the Bank of England’s March household deposits data adds to that. Savers were perhaps influenced by market commentary suggesting they should avoid ISAs, but I would advise that they should never be discounted for those looking to build a savings pot over the long-term, where their personal circumstance and market rates could change to mean a cash ISA is appropriate.”

He adds: “Savings levels have been returning to more normal pre-pandemic trends following the disruption of coronavirus and I would expect that to continue. Additionally, we may see the cost-of-living crisis putting increased pressure on households’ ability to save in future. In this environment, it’s important that savers’ money is working as hard as possible for them and to be vigilant in searching for better rates than those available through their high street current account provider.”

For further information contact:

Michael Clarke
Head of Media Relations
Paragon Bank
Tel: 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.