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  • Easy Access

    0.50% AER* Variable

Easy access savings are ideal if you’re saving for a holiday, the latest gadget or just for a rainy day.

You’ll have full flexibility so you can dip in and out of your savings whenever you want, plus the peace of mind that you’re earning a consistently good rate on your money.

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

Ready to start saving?

Overview

Key benefits

  • Save from £1 up to £150,000
  • Unlimited withdrawals and no penalties
  • Receive your interest monthly or annually
  • Flexibility to deposit money whenever you want

Is this the right account for you?

  • You want to be able to access your money if you need it
  • You are happy to manage your account online
  • You want to be able to make additional deposits

What you will need to apply

  • Your contact details
  • Your email address
  • Details of the UK current account, in your name (either as sole or joint holder), that you would like to set up as your nominated account

Ready to start saving?

Apply now

Summary Box

Account name Easy Access (Issue 3) savings account
What is the interest rate? Annual: 0.50% Gross** / AER*
Monthly: 0.50% Gross** / AER*
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.
** Gross is the rate of interest payable before any income tax is deducted.
Interest will be paid monthly on the day of the month you first paid into your account or annually on the anniversary of making your opening payment.
Can Paragon Bank change the interest rate? The interest rate is variable. Please see 5.12 in General Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit? £1,005 based on £1,000 over 12 months at 0.50%
How do I open and manage my account? Online. Minimum opening payment £1. Minimum balance £1 up to a maximum of £150,000 (plus any resulting interest). Account holders must be aged 18 or over and a UK resident for tax purposes.
Can I withdraw money? Unlimited withdrawals.
Additional information You have up to 30 days from the date of your application to make your opening payment.

All deposits must be made from your nominated bank account. This account must be in the name(s) of both or either Paragon Bank account holder.
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Things you need to know
  • You can only make your deposits via electronic transfer or by cheque from your nominated account. Once you’ve made your opening payment, you can make unlimited deposits (subject to it not exceeding the maximum balance) or withdrawals into your account without notice or penalty
  • This account is a variable rate and your interest rate may change. When our interest rates change, we’ll tell you about the change by email (or post if we do not hold a valid email address for you). If we increase the rate we will let you know within 30 days of the increase. If we reduce the interest rate, we will let you know at least two months before the change. At the end of this period we will take it that you have accepted the change if you have not closed your account
  • We are registered under the Financial Services Compensation Scheme (FSCS) which means your eligible savings are protected up to the statutory limit of £85,000
  • If you change your mind about opening an account, you have the right to close your account within 14 days of receiving your welcome pack
  • If you are applying for this account as a power of attorney, you will need to call our customer services team on 0800 052 2222 to complete your application. For further information about power of attorney please visit our helpful information.

FSCS box

Your eligible deposits with Paragon Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the £85,000 limit are unlikely to be covered. Please click here for further information or visit www.fscs.org.uk.

FSCS protected small logo
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