_{*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.}
_{** Gross is the rate of interest payable before any income tax is deducted.}

_{Interest will be paid monthly on the day of the month you first paid into your account or annually on the anniversary of making your opening deposit (or, if earlier, on the day your account matures).}

Can Paragon Bank change the interest rate?

No. The interest rate is fixed for the fixed term.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Deposit at account opening	Balance after 12 months
£1,000	£1,053.20

This example assumes that no further deposits or withdrawals are made and that interest earned is paid to this account at maturity. The projected balance is based on the annual interest rate.

This is for illustrative purposes only and does not take into account individual circumstances.

How do I open and manage my account?

For online accounts – through our website
For postal accounts – through the post

Minimum balance £1,000 up to a maximum of £500,000 (plus any resulting interest).

Account holders must be aged 18 or over and a UK resident for tax purposes.

Can I withdraw money?

You cannot make withdrawals during the fixed term. We will write to you before your fixed term ends to give you instructions on what to do next.

Additional information

Make as many deposits as you like by electronic bank transfer or cheque within 28 days of your application request, up to the maximum balance. After this we won’t accept any more deposits. All deposits must come from your nominated bank account which needs to be in the name of the savings account holder. If you make no deposits within 28 days your Paragon account will be closed and you’ll need to complete a new application.

Ready to apply?

What you will need

Your contact details
Your email address
Details of the UK current account, in your name (either as sole or joint holder) that you would like to set up as your nominated bank account

New customer?

Please read the account summary and terms & conditions before applying.

Apply online

Existing customer?

If you're already an online Paragon customer, you can simply log in to apply for this account.

Apply by post

If online isn't for you, new and existing customers can open and manage this account by post.

Apply by post

Power of attorney

If you are applying for this account as a power of attorney, you will need to call our customer services team on 0800 052 2222 to complete your application.

For further information about power of attorney please visit our frequently asked questions.

About your savings account

Deposits and withdrawals

Make your deposit by electronic bank transfer, cheque or from an existing Paragon account. No withdrawals can be made during the fixed term.

Nominated bank account

To help keep your savings safe, your Paragon accounts must be linked to a nominated bank account. This account must be a UK current account in your name, and we will only accept money from and send your savings to your nominated bank account.

Paragon Bank PLC

Head office
Paragon
51 Homer Road
Solihull
West Midlands
B91 3QJ

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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

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1 Year Fixed Rate

5.32%AER*

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Account summary

Ready to apply?

What you will need

New customer?

Existing customer?

Apply by post

Power of attorney

About your savings account

Deposits and withdrawals

Nominated bank account