Paragon savings accounts review
Paragon Bank offers a broad range of savings accounts with interest rates up to 4.5%. 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 4.5% is available on one of its easy access accounts.
We currently don't have that product, but here are others to consider:
How we picked theseWe currently don't have that product, but here are others to consider:
How we picked theseWe currently don't have that product, but here are others to consider:
How we picked theseWe currently don't have that product, but here are others to consider:
How we picked theseThe 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 |
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Best easy access rate | 4.5% |
Best cash ISA rate | 4.5% |
Best fixed-rate bond rate | 4.15% |
Best notice account rate | 4.15% |
Fixed bond terms | 1 year - 5 years |
Notice account periods available | 40 days - 120 days |
Opening options | Website, mobile app, post |
FSCS protection |
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.
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:
Email support | |
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Telephone support | |
In-app or live chat | |
Contact form | |
Branch support |
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 £85,000 per person under the Financial Services Compensation Scheme (FSCS).
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.
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