Paragon Bank

Paragon savings accounts

Paragon Bank offers a broad range of savings accounts with interest rates up to 5.16%.

4.1 ★★★★★ (64 reviews) Write a review
Customer rating
★★★★★
Satisfaction survey
Great for a variety of savings accounts to suit different financial needs
Not so good for face-to-face support as it has no high street presence

Paragon is an online-only bank. It offers UK customers a range of services, including savings accounts, mortgages and loans.

Founded in 1985, Paragon is one of the UK’s leading specialist lenders, with over 1.5 million customers. Since gaining its banking licence in 2014, Paragon has expanded into providing a wide range of specialist financing products for landlords and businesses, as well as its consumer banking products. It currently has over 214,000 savings customers.

Could one of its savings options be the right fit for you? Here’s a review of the options.

Easy access savings accounts

Table: sorted by interest rate
Paragon Bank's best easy access rate of 5.16% is significantly lower than today's market-best rate of 7.49%.
Name Product Account type Withdrawals Min. opening balance Interest rate Deposit protection Open via Incentive Apply link
Paragon Bank – Double Access Savings Account - Issue 6
Variable
Instant access
£1,000
5.16% AER variable
FSCS logo
protected
Open via: website
Go to site
View details
Paragon Bank – Double Access Savings Account - Issue 6
Variable
Instant access
£1,000
5.16% AER variable
FSCS logo
protected
Open via: website
Go to site
View details
CASHBACK
Paragon Bank – Raisin UK - Rainy Day Easy Access Account
Variable
Instant access
£20,000
4.7% AER variable
FSCS logo
protected
Open via: website, mobile app
Go to site
View details
Paragon Bank – Triple Access Savings Account - Issue 14
Variable
Instant access
£1
4.55% AER variable
FSCS logo
protected
Open via: website
Go to site
View details
Paragon Bank – Triple Access Savings Account - Issue 14
Variable
Instant access
£1
4.55% AER variable
FSCS logo
protected
Open via: website
Go to site
View details
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Cash ISAs

Table: sorted by interest rate
Paragon Bank's best cash ISA rate of 4.65% is slightly lower than today's market-best rate of 5.25%.
Name Product Interest rate Minimum investment Interest paid Withdrawals Deposit protection Open via Incentive Table product description Apply link
Paragon Bank – 1 Year Fixed Rate Cash ISA
4.65% AER fixed for 1 year
£500
Monthly
Instant access (charge applies )
FSCS logo
protected
Open via: website, post
Go to site
View details
Paragon Bank – 1 Year Fixed Rate Cash ISA
4.65% AER fixed for 1 year
£500
Anniversary of account opening
Instant access (charge applies )
FSCS logo
protected
Open via: website, post
Go to site
View details
Paragon Bank – Triple Access Cash ISA - Issue 14
4.25% AER variable
£1
Monthly
Instant access
FSCS logo
protected
Open via: website
Go to site
View details
Paragon Bank – Triple Access Cash ISA - Issue 14
4.25% AER variable
£1
Anniversary of account opening
Instant access
FSCS logo
protected
Open via: website
Go to site
View details
Paragon Bank – 2 Year Fixed Rate Cash ISA
4.2% AER fixed for 2 years
£500
Monthly
Instant access (charge applies )
FSCS logo
protected
Open via: website, post
Go to site
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Fixed-rate bonds

Table: sorted by interest rate
Paragon Bank's best fixed-rate bond rate of 4.7% is very slightly lower than today's market-best rate of 5.21%.
Name Product Interest rate Invest Interest paid Withdrawals Open via Deposit protection Open via Incentive Table product description Apply link
Paragon Bank – 1 Year Fixed Rate Savings Account
4.7% AER fixed for 1 year
£1,000 - £500,000
Monthly
Withdrawals not permitted
Website, post
FSCS logo
protected
Open via: website, post
Go to site
View details
Paragon Bank – 1 Year Fixed Rate Savings Account
4.7% AER fixed for 1 year
£1,000 - £500,000
Anniversary of account opening
Withdrawals not permitted
Website, post
FSCS logo
protected
Open via: website, post
Go to site
View details
Paragon Bank – Raisin UK - 1 Year Fixed Term Deposit
4.6% AER fixed for 1 year
£1,000 - £85,000
On maturity (compounded annually)
Withdrawals not permitted
Website, mobile app
FSCS logo
protected
Open via: website, mobile app
Go to site
View details
Paragon Bank – 2 Year Fixed Rate Savings Account
4.35% AER fixed for 2 years
£1,000 - £500,000
Monthly
Withdrawals not permitted
Website, post
FSCS logo
protected
Open via: website, post
Go to site
View details
Paragon Bank – 2 Year Fixed Rate Savings Account
4.35% AER fixed for 2 years
£1,000 - £500,000
Anniversary of account opening
Withdrawals not permitted
Website, post
FSCS logo
protected
Open via: website, post
Go to site
View details
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Notice savings accounts

Table: sorted by interest rate
Paragon Bank's best notice savings account rate of 5% is very slightly lower than today's market-best rate of 5.45%.
Name Product Account type Withdrawals Open with Deposit protection Interest rate Open via Incentive Table product description Apply link
Paragon Bank – 120 Day Notice Account (Issue 25)
Variable
120 days notice needed
£500 - £500,000
FSCS logo
protected
5% AER variable
Open via: website
Go to site
View details
Paragon Bank – 120 Day Notice Account (Issue 25)
Variable
120 days notice needed
£500 - £500,000
FSCS logo
protected
5% AER variable
Open via: website
Go to site
View details
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What is Paragon Bank's best savings account with the highest interest rate?

Remember that the best savings account will depend on what you want from your savings. If you're after fast access to your money then an easy access account should suit. However, if you're looking to happy to lock your money away for a period of time to unlock a higher rate, then a fixed-rate bond is a good option. Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below we've listed the different types of accounts Paragon Bank offers plus the highest interest rate currently available.
Savings account types include Easy access, cash ISAs, fixed-rate bonds, notice accounts
Best easy access rate 5.16%
Best cash ISA rate 4.65%
Best fixed-rate bond rate 4.7%
Best notice account rate 5%
Fixed bond terms 1 year - 5 years
Notice account periods available 120 days
Opening options Website, mobile app, post
FSCS protection

Who is Paragon bank?

Before we get into the nitty gritty of Paragon’s saving options, you might want to know a little bit more about the bank.

Based in Solihull, Paragon is relatively young as banks go. While the Paragon group was formed in 1985, it only launched as a full bank in 2014. Like many new kids on the banking block, Paragon is online-only. So you have to apply for an account through its website.

If you’re interested in the numbers, Paragon’s savings deposits reached £3.6 billion in 2017. Paragon is a FTSE 250 company with over £12 billion in assets.

Does Paragon offer online or mobile banking?

Paragon offers online banking through its website, but does not have a dedicated mobile app.

Here are some of the basic features of Paragon’s online banking service:

  • Check balances for any type of account.
  • Transfer money between accounts
  • Pay bills and people

Paragon customer reviews

In our 2023 customer satisfaction survey, Paragon scored 3.5 stars out of 5, with 66% of customers saying they’d recommend the brand to a friend.

Several customers in our survey commented positively on Paragon’s customer service. However several customers felt that Paragon’s interest rates could be better. One commented that Paragon “provides a good online service and the interest rates offered are quite competitive but not always market leading”.

The pros and cons of banking with Paragon

Pros

  • Online Banking. Your Paragon savings account can be accessed online through the website.
  • Flexibility. Paragon offers a variety of accounts to suit your financial needs.

Cons

  • No high street presence. If you like the assurance of face-to-face customer service, Paragon may not be the way to go.

Customer service information for Paragon

Email support
Telephone support
In-app or live chat
Contact form
Branch support

How safe is Paragon bank?

Paragon is covered by the Financial Services Compensation Scheme (FSCS), so your deposits are covered for up to £85,000 with Paragon. Paragon is authorised by the Prudential Regulation authority and regulated by the PRA as well as the Financial Conduct Authority.

Bottom line

Although it’s a relatively new bank, Paragon has received plaudits for its competitive savings products in recent years. If you’re happy to manage your savings accounts online and are looking for cash ISAs that offer decent returns, Paragon may be worth a look. The bank has a range of savings accounts that are only available to existing customers, so if you do decide to open an account, you may find other products that are suitable for your saving needs.

Savings ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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