Paragon Bank marks the 30th birthday of its parent company, The Paragon Group of Companies, with two new savings accounts – a One Year Fixed Rate Account at 2.01% AER* and a Three Year Fixed Rate Account at 2.56% AER*. The new accounts are available to savers with deposits between £1,000 and £100,000 from 24 September.
Paragon Bank, launched in February 2014, is the youngest and fastest-developing subsidiary of the FTSE 250 organisation, The Paragon Group of Companies. Formed in 1985, the Group is best-known as one of the UK’s leading independent, buy-to-let lenders and as a specialist consumer finance group.
Paragon Bank strives to give savers an attractive choice of interest rates to select from depending on their individual circumstances.
Richard Doe, Managing Director of Paragon Bank, said:
Paragon Bank’s objective is to improve competition and choice for UK consumers and SMEs with a range of safe, simple and transparent products to meet their specialist finance needs. The backing of our well-established parent has been a significant factor in enabling us to expand our savings and loan products both quickly and effectively.
All eligible deposits with Paragon Bank are protected under the Financial Services Compensation Scheme (FSCS).
For further information, or to open an account, visit www.paragonbank.co.uk
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.