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 savings accounts
Paragon Bank offers a broad range of savings accounts with interest rates up to 4.95%.
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 3.51% is significantly lower than today's market-best rate of 5.12%.
Compare more instant and easy access accounts up to 5.12%
Cash ISAs
Table: sorted by interest rate
Paragon Bank's best cash ISA rate of 4.5% is very slightly lower than today's market-best rate of 4.65%.
Compare more ISAs up to 4.65%
Fixed-rate bonds
Table: sorted by interest rate
Paragon Bank's best fixed-rate bond rate of 4.95% is very slightly lower than today's market-best rate of 5.35%.
Notice savings accounts
Table: sorted by interest rate
Paragon Bank's best notice savings account rate of 3.51% is lower than today's market-best rate of 4.4%.
Compare more notice savings accounts up to 4.4%
Overview of Paragon Bank savings
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds, notice accounts |
|---|---|
| Best easy access rate | 3.51% |
| Best cash ISA rate | 4.5% |
| Best fixed-rate bond rate | 4.95% |
| Best notice account rate | 3.51% |
| Fixed bond terms | 1 year - 5 years |
| Notice account periods available | 120 days - 180 days |
| Opening options | Website, 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.
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.
The 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
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
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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