Paragon Bank is launching a new Five Year Fixed Rate ISA on Friday 3 March with an interest rate of 1.75% AER* on deposits from £500 up to £100,000. The Five Year Fixed Rate ISA will be entering the market as a best buy, boosting value for savers prepared to lock up their money for a longer term.
Coming on top of Paragon Bank’s new One and Five Year Fixed Rate Savings Accounts, which will also be launched Friday 3 March paying 1.50% and 2.15% AER*, Paragon Bank offers savers a range of attractive savings options to choose from.
Richard Doe, Paragon Bank’s Managing Director commented:
After the launch of its first ISA products in summer 2016, Paragon Bank has really been increasing competition in a market that has seen considerable rate cuts. Our ISA range includes some of the most attractive rates available for savers, offering the perfect opportunity to open a new account or transfer existing savings.
Paragon Bank’s savings products are available online only and eligible deposits are protected by the Financial Services Compensation Scheme up to a maximum of £85,000.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.