Paragon Bank debuts two new rates within its online savings range - a Two Year Fixed Account at 2.34% AER* and a Three Year Fixed Account at 2.66% AER* - both available from tomorrow, Thursday 23 July. The new rates complete a series of changes made since the beginning of the month, positioning the Paragon Bank savings range as one of the most competitive currently available.
Since launch last year, the Paragon Bank savings range has expanded to include Easy Access, Notice Accounts and Fixed Rate Bonds available for One, Two, Three and Five Year terms. Savers can choose to receive interest either monthly or annually on all accounts.
Richard Doe, Managing Director of Paragon Bank, said:
We’re delighted to be able to offer attractive rates across the savings range as we continue to grow and gather momentum. The products and rates currently on offer present savers with a competitive choice across a range of timescales and allow us to introduce more customers to our safe, simple and transparent approach to saving.
All eligible deposits with Paragon Bank are protected under the Financial Services Compensation Scheme (FSCS).
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.