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The increased cost of living is the main barrier for adults maintaining a savings goal, with those in the ‘squeezed middle’ age bracket hit the hardest, Paragon Bank research has found. 

Paragon Bank has increased rates across a number of its savings products, as well as launching an inaugural green savings fixed-rate bond aimed at helping improve the energy efficiency of UK homes. 

Paragon Bank has relaunched its Triple Access ISA and Triple Access Account, both paying a competitive rate of 0.65% AER variable. 

The saving market spiked to a record £986 billion in October 2021 following a static period during Summer and early Autumn, with the average savings balance now standing at £12,431. 

CACI data analysed by Paragon Bank  showed that the saving market has seen a small dip in value for the first time this year, although average savings balances have reached a new high. 

Four in ten households are choosing to scale back festive spending in 2021 compared to 2020, Paragon Bank research has revealed.

Paragon Bank has launched a new 120 Day Notice Account, which is paying a competitive rate of 1.00% AER variable*. 

Paragon Bank has launched its Triple Access Account, which is paying a competitive rate of 0.65% AER variable*. 

Paragon Bank has launched its Triple Access ISA account, which is paying a top of market rate of 0.65% AER variable*. 

CACI data analysed by Paragon Bank  showed that UK saving balances have reached record highs, despite the fixed rate market share continuing to shrink.

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