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Paragon savings accounts review
Paragon Bank offers a broad range of savings accounts with interest rates up to 4.85%. Not too shabby.
Paragon is an online-only bank. It offers UK customers a range of products, including savings accounts, mortgages and loans.
Paragon Bank's top savings rate of 4.85% is available on one of its fixed-rate bond accounts.
Easy access savings accounts
Table: sorted by interest rate
Paragon Bank's best easy access rate of 3.2% is significantly lower than today's market-best rate of 6%.
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Cash ISAs
Table: sorted by interest rate
Paragon Bank's best cash ISA rate of 4.8% is very slightly lower than today's market-best rate of 5.3%.
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Fixed-rate bonds
Table: sorted by interest rate
Paragon Bank's best fixed-rate bond rate of 4.85% is slightly lower than today's market-best rate of 5.4%.
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Notice savings accounts
Table: sorted by interest rate
Paragon Bank's best notice savings account rate of 4% is slightly lower than today's market-best rate of 4.75%.
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What is Paragon Bank's best savings account with the highest interest rate?
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access 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 | 3.2% |
| Best cash ISA rate | 4.8% |
| Best fixed-rate bond rate | 4.85% |
| Best notice account rate | 4% |
| Fixed bond terms | 1 year - 5 years |
| Notice account periods available | 40 days - 120 days |
| Opening options | Website, mobile app, post |
| FSCS protection |
Who is Paragon bank?
Before we get into the nitty gritty of Paragon’s savings 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
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 authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA as well as the Financial Conduct Authority. Money held with Paragon is protected up to £120,000 per person under the Financial Services Compensation Scheme (FSCS).
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.
Our “Best for” picks highlight top options in specific categories based on our independent evaluation (see our full methodology), while “Promoted” tags indicate sponsored placements. Selected products may not suit everyone. We track selected market offers, which may not cover every product. Products are listed in no particular order unless specified, and inclusion or ordering may be influenced by popularity or commercial agreements. Most comparison table data is provided by Defaqto or sourced directly from providers. Always evaluate your own circumstances and consider independent advice before making major financial decisions.
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