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Why choose a cash ISA?

Keep more of the interest you earn with a tax-efficient way to save, meaning you won’t pay any tax on the interest you earn from any ISA.

In each tax year you can pay up to the annual ISA allowance into any type of ISA, and you won’t pay any tax on the interest you earn. You can build the amount of money you hold with tax-free ISA status year on year, and there’s no limit to the amount of interest you can earn on ISA holdings.

You can still spend the interest by choosing to have it paid monthly or annually into your nominated bank account rather than into your Paragon Cash ISA.

To open an ISA you must be a UK resident, aged 16 (18 for Lifetime ISA) or over.

View cash ISAs

What is the annual ISA allowance?

The annual ISA allowance is the maximum amount of money you can invest in an ISA in a tax year, it’s set by the government and can change. You can’t invest more than your annual ISA allowance into any type of ISA in a tax year.

The tax year runs from 6th April to 5th April the following year. The ISA allowance is currently £20,000 and can be used in any type of ISA.

The Lifetime ISA allowance is £4,000 and is part of your annual ISA allowance. That means you can invest £4,000 of your annual ISA allowance into a Lifetime ISA in a tax year.

Current Cash ISA Accounts

View our competitively priced cash ISAs currently available

Easy Access ISA 0.50%
AER*
Apply
1 Year 0.60%
AER*
Apply
2 Year 0.70%
AER*
Apply
3 Year 0.75%
AER*
Apply
5 Year 0.90%
AER*
Apply
Cash Lifetime ISA 0.75%
AER*
Apply

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.

ISA Wallet and Flexible ISAs

Our ISA Wallet and Flexible ISAs give you the freedom to spread your annual ISA allowance across our range of cash ISAs.​

Any withdrawals you make are added back onto your annual ISA allowance to reinvest with us, so you won’t lose out on your tax free savings.​

Learn more

Types of Cash ISAs

You can spread your ISA allowance across our fixed rate, easy access, notice or lifetime ISAs

Fixed rate cash ISAs

Fixed rate ISAs allow you to put your savings away for a set period. The rate won’t change for the term, so you’ll know exactly how much interest you’ll get on your savings. You won’t be able to add or withdraw money from your ISA, until it matures at the end of your fixed term.

Easy access cash ISAs

An easy access ISA allows you to make as many deposit or withdrawals as you like. The interest rate on easy access ISAs is variable, so can up or down.

Remember with our Flexible ISAs and ISA Wallet, any funds you withdraw are added to your remaining ISA allowance to reinvest with us.

Cash Lifetime ISAs

A Lifetime ISA (LISA) is available to 18 – 39 year olds, savings towards your first home or retirement. A Lifetime ISA gives you 25% government bonus on your contributions each tax year. But, you’ll also have a 25% government withdrawal charge if you withdraw for any reason other than your first home or after you’re 60 years old.

Notice cash ISAs

A notice ISA lets you make unlimited deposits, and gives you access subject to giving the required notice period. Your interest rate is variable so can change over time.​

With our flexible ISAs and ISA Wallet, any funds you withdraw are added to your remaining ISA allowance to reinvest with us.

The transfer was much quicker than anticipated...The account was easy-to-set up and the system is easy-to-use

- Greg Haycock

Which account is right for me?

Fixed rate Easy access Notice
Interest rate changes
Your rate will remain fixed for the agreed term you have chosen Your interest rate is variable, so can change over time. If your rate increases we’ll let you know as soon as possible, but for any other change to your rate we’ll tell you 14 days in advance. Your interest rate is variable so can change over time. If your rate increases we’ll let you know as soon as possible, but for any other change to your rate we’ll tell you inline with your notice period.
ISA Wallet
You can spread your annual ISA allowance across our range of Cash ISAs You can spread your annual ISA allowance across our range of Cash ISAs You can spread your annual ISA allowance across our range of Cash ISAs
Flexible ISAs
Any amount you withdraw is added back to your ISA allowance to reinvest with us. All withdrawals are subject to terms and conditions. Any amount you withdraw is added back to your ISA allowance to reinvest with us Any amount you withdraw is added back to your ISA allowance to reinvest with us. All withdrawals are subject to terms and conditions.
Number of deposits accepted
Lump sum deposits plus any ISA transfers can be made as a one-off basis, after this no further deposits can be accepted You decide how many deposits you want to make into your ISA. You can also choose to transfer your existing ISAs. You decide how many deposits you want to make into your ISA. You can also choose to transfer your existing ISAs
Nominated bank account
When you open your account, you will be asked to enter the details of your nominated bank account. This is the account that you will need to make your deposits to and withdrawals from When you open your account, you will be asked to enter the details of your nominated bank account. This is the account that you will need to make your deposits to and withdrawals from When you open your account, you will be asked to enter the details of your nominated bank account. This is the account that you will need to make your deposits to and withdrawals from
Withdrawals
If you make any withdrawals or transfers to another provider during the fixed term, interest penalties will apply. These are dependent on the term of your account With an easy access cash ISA, we don’t include any introductory bonus rates or restrictions, so you can choose when you want to withdraw your money. With our notice ISA there are no restriction or limits on withdrawals. You just need to give the required notice period to access your funds
End of term
When your fixed term ends, we’ll email you in advance, explaining what options are available to you. Whether you’re looking to reinvest, or want to withdraw your money. If you don’t let us know what you want to do with your money we will automatically switch your account to an easy access cash ISA which you will be able to access at any time As your account is easy access there is no fixed term. You decide how much you want to save and how long you want to keep your account open As your account is a notice ISA there is no fixed term. You decide how much you want to save and how long to keep your account open
Account management
You can open and manage a Paragon Fixed Rate cash ISA online or by post You can open and manage a Paragon Easy Access cash ISA online You can open and manage a Paragon notice account ISA online
View fixed rate cash ISAs View easy access cash ISAs

ISA transfer rules

You can easily transfer your existing ISAs from other providers to Paragon. Remember when transferring your ISA you should always make sure you do it through your providers as an ISA transfer, and not through a withdrawal. You can lose the tax-free ISA status on your funds, which applies now and in the future.

Learn more about transferring your ISA

Personal savings allowance

The Personal Savings Allowance allows you to earn tax-free interest on your savings not held in an ISA. Remember this is a government scheme and can change.

There are limits depending on your tax banding. You can earn £1,000 of tax-free interest per tax year if you’re a lower rate tax payer, and £500 of tax-free interest for higher rate tax payers. If you earn more than £150,000 the Personal Savings Allowance doesn’t apply.

FAQs?

Here you will find the answers to some commonly asked questions relating to our products and services.

Next steps

More about ISAs

For help with managing your ISA with us, we’ve put some key information in one place for you.

Need some help?

Documents

We've collected all our useful documents in one place for your convenience.

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