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  • Savings deposits exceed £2 billion …

    02 December 2016

Paragon Bank recently passed through the £2 billion savings mark, just over two and half years since the bank’s launch in February 2014.

Since our savings accounts made their market debut, the number of customers has grown rapidly and now exceeds a spectacular 55,000 – with over 15% of customers opting to take out not just one, but multiple accounts with us.

The growth has been achieved by regularly introducing consistently competitive accounts to attract new customers, while maintaining a sharp focus on service quality. This year, the addition of cash ISAs to the savings range has been a distinct highlight.

Importantly, the growth in our savings deposits gives us the opportunity to expand our lending to consumers and business customers across the UK.

This year, in particular, the expansion in our savings deposits has helped fund our successful entry into business lending, providing us with the firepower to add specialist lending expertise to assist small and medium-sized enterprises up and down the country with the funding they need to achieve their growth ambitions.

Providing finance for a wide range of business assets from vehicles and construction equipment to broadcast and veterinary apparatus, Paragon Bank Asset Finance has grown its lending to UK, small and medium sized businesses over the last 12 months and has ambitious plans to help even more customers in the future.

Did you know?

Paragon Bank provides the finance that helps businesses and organisations across the UK to achieve their goals:

  • Paragon Bank is a specialist in the lease and hire purchase of commercial vehicles for the recovery, haulage, bus and coach and self-drive hire industries. We provide refuse vehicles on contract hire directly to 26 councils. We also supply vehicles to some of the largest waste management companies and contractors in the UK.
  • Paragon Bank provides financing solutions for broadcast media, Pro-AV and technology assets to freelance, SME and enterprise level customers. Who else can boast about funding cameras and lenses used on Blockbuster movies such as Paddington, Avengers and Star Wars?
  • Paragon Bank helps small businesses that see an opportunity to expand, like East Anglian Spring Farm Partnership where we were able to provide the funds to help them purchase Quinto Crane and Plant.

To find out more about our business lending, visit our Asset Finance division

Your eligible deposits with Paragon Bank are protected up to a total of £85,000 by the
Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.
See how you're protected
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