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  • 5 Year Fixed Rate

    2.15% AER*

Fixed Rate savings are a great option if you want to be sure of the return on your money, making planning for your future and achieving your savings goals easy.

If you’re happy to put your money away for an agreed period of time, you’ll enjoy the peace of mind of knowing exactly how much interest you’ll earn.

*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

  • A fixed rate of 2.15% AER*
  • Peace of mind from knowing exactly what interest rate you will earn on your savings
  • Receive your interest monthly or annually
  • Simple and straightforward saving with no hidden costs
  • Save from £1,000 up to £100,000

Is this the right account for you?

  • You are happy and able to leave your money untouched for the full period of the fixed term account
  • You want to know exactly what interest you’ll earn on your savings
  • You are happy to manage your account online
  • You want to be able to access your money if you need it
  • You want to be able to make additional deposits
  • You want an account where your rates will move up and down in-line with base rate changes

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 5 Year Fixed Rate savings account
What is the interest rate? Annual: 2.15% Gross** / AER*
Monthly: 2.13% Gross** / 2.15% 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? No. The interest rate is fixed for the fixed term.
What would the estimated balance be after 60 months based on a £1,000 deposit? £1,112.22 based on £1,000 over 60 months at 2.15%
How do I open and manage my account? Online. Minimum balance £1,000 up to a maximum of £100,000 (plus any resulting interest). Account holders must be aged 18 or over and a UK resident for tax purposes.
Can I withdraw money? You cannot make withdrawals during the fixed term. We will write to you before your fixed term ends to give you instructions on what to do next.
Additional information You have up to 30 days from the date of your application to make your opening payment.

Provided you make your opening payment within 14 calendar days of your application we’ll guarantee the interest rate shown when we received your application or, if higher, the rate on our website at the time you make your opening payment.

If rates change after 14 calendar days and you haven’t made your opening payment, we’ll pay the rate advertised on the day we receive your deposit.

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 deposit via electronic transfer or by cheque from the nominated account you chose during your application
  • If you are unable to make your opening payment in a single payment – perhaps due to limits on electronic payments set by your bank – we can accept additional payments into your account for five business days after we receive your opening payment
  • We will write to you before your account matures to give you instructions on what to do next
  • You cannot make withdrawals during the fixed rate period
  • 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 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