Paragon savings accounts review

Paragon Bank offers a broad range of savings accounts with interest rates up to 4.28%. Not too shabby.

4.1 ★★★★★ (64 reviews) Write a review
Paragon Bank

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 4.28% is available on one of its cash ISA accounts.

Easy access savings accounts

Table: sorted by interest rate
Paragon Bank's best easy access rate of 3.75% is significantly lower than today's market-best rate of 6%.
Product Account type Withdrawals Min. opening balance Rate Deposit protection Open via Incentive
Paragon Bank logo
Paragon Triple Access Account (Issue 16) Monthly
Variable Rate
Instant access
£1
3.75% AER variable
FSCS logo
protected
Open via: website.
Go to siteMore info
Paragon Bank logo
Paragon Triple Access Account (Issue 16)
Variable Rate
Instant access
£1
3.75% AER variable
FSCS logo
protected
Open via: website.
Go to siteMore info
Paragon Bank logo
Paragon Easy Access (Issue 14) Monthly
Variable Rate
Instant access
£1
1.5% AER variable
FSCS logo
protected
Open via: website.
Go to siteMore info
Paragon Bank logo
Paragon Easy Access (Issue 14)
Variable Rate
Instant access
£1
1.5% AER variable
FSCS logo
protected
Open via: website.
Go to siteMore info
loading
Showing 4 of 4 results
Compare more instant and easy access accounts up to 6%

Cash ISAs

Table: sorted by interest rate
Paragon Bank's best cash ISA rate of 4.28% is lower than today's market-best rate of 5.44%.
5 of 14 results
Product Rate Minimum investment Interest paid Withdrawals Deposit protection Open via Incentive Table product description
Paragon Bank logo
Paragon 40 Day Notice ISA (Issue 5)
4.15% AER variable
£500
Annually
40 days notice needed (charge applies )
FSCS logo
protected
Open via: website.
Go to siteMore info
Paragon Bank logo
Paragon 1 Year Fixed Rate ISA Monthly
4.15% AER fixed for 1 year
£500
Monthly
Instant access (charge applies )
FSCS logo
protected
Open via: website, post.
Go to siteMore info
Paragon Bank logo
Paragon 40 Day Notice ISA (Issue 5) Monthly
4.15% AER variable
£500
Monthly
40 days notice needed (charge applies )
FSCS logo
protected
Open via: website.
Go to siteMore info
Paragon Bank logo
Paragon 1 Year Fixed Rate ISA
4.15% AER fixed for 1 year
£500
Annually
Instant access (charge applies )
FSCS logo
protected
Open via: website, post.
Go to siteMore info
Paragon Bank logo
Paragon 2 Year Fixed Rate ISA Monthly
3.85% AER fixed for 2 years
£500
Monthly
Instant access (charge applies )
FSCS logo
protected
Open via: website, post.
Go to siteMore info
loading
Showing1 - 5 of 14 results
Compare more ISAs up to 5.44%

Fixed-rate bonds

Table: sorted by interest rate
Paragon Bank's best fixed-rate bond rate of 4.15% is significantly lower than today's market-best rate of 7.5%.
5 of 8 results
Product Rate Invest Interest paid Withdrawals Open via Deposit protection Open via Incentive Table product description
Paragon Bank logo
Paragon 1 Year Fixed Rate
4.15% AER fixed for 1 year
From £1,000
Maturity
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website.
Go to siteMore info
Paragon Bank logo
Paragon 1 Year Fixed Rate Monthly
4.15% AER fixed for 1 year
From £1,000
Monthly
Withdrawals not permitted
Website
FSCS logo
protected
Open via: website.
Go to siteMore info
Paragon Bank logo
Paragon 2 Year Fixed Rate
3.85% AER fixed for 2 years
From £1,000
Annually
Withdrawals not permitted
Website, post
FSCS logo
protected
Open via: website, post.
Go to siteMore info
Paragon Bank logo
Paragon 2 Year Fixed Rate Monthly
3.85% AER fixed for 2 years
From £1,000
Monthly
Withdrawals not permitted
Website, post
FSCS logo
protected
Open via: website, post.
Go to siteMore info
Paragon Bank logo
Paragon 3 Year Fixed Rate Monthly
3.7% AER fixed for 3 years
From £1,000
Monthly
Withdrawals not permitted
Website, post
FSCS logo
protected
Open via: website, post.
Go to siteMore info
loading
Showing1 - 5 of 8 results
Compare more fixed-rate bonds up to 7.5%

Notice savings accounts

Table: sorted by interest rate
Paragon Bank's best notice savings account rate of 4.15% is slightly lower than today's market-best rate of 4.84%.
Product Account type Withdrawals Open with Deposit protection Rate Open via Incentive Table product description
Hmm, looks like there aren't any matches for that
loading
Showing1 -results
Compare more notice savings accounts up to 4.84%

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 3.75%
Best cash ISA rate 4.28%
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

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

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 £85,000 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.

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. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.

Your reviews

4.1
★★★★★(0)
5
4
3
2
1

All user-submitted reviews must meet our review guidelines. These set out our standards and expectations, including that the review is from by a genuine user of the relevant product or service and that it is honest, authentic and respectful. We explicitly prohibit fake or otherwise misleading reviews and we check all submissions, but we make no guarantee as to the authenticity of any published review or reviewer. Some reviews may be submitted (regardless of sentiment) in exchange for entry into any competition(s) for which we are the promoter.

10 of 64 reviews

★★★★★ Simon (London) 2 years ago

Via customer survey commissioned by Finder

Because Paragon offer a competitive interest rate for their savings products, and a relatively straightforward application process through their website.


★★★★★ Kat (Wolverhampton) 2 years ago

Via customer survey commissioned by Finder

Because it's excellent and easy to use


★★★★★ Sue (Portsmouth) 2 years ago

Via customer survey commissioned by Finder

Good interest rates. Never a problem and they are proactive with contacting you with interesting offers.


★★★★★ Col (London) 2 years ago

Via customer survey commissioned by Finder

Been with them for 4 years, easy to deal with and hassle free


★★★★★ Pingo (Edinburgh) 2 years ago

Via customer survey commissioned by Finder

Really easy to use app and good interest


★★★★★ O (Portsmouth) 2 years ago

Via customer survey commissioned by Finder

Made really clear what I was signing up for


★★★★★ Lucyiq (Wolverhampton) 2 years ago

Via customer survey commissioned by Finder

Super efficient, great security, easy to deal with and super interest rates, plenty of choice without being overwhelming


★★★★★ BS (London) 2 years ago

Via customer survey commissioned by Finder

Good rate of interest and easy to use website


★★★★★ Am (Birmingham) 2 years ago

Via customer survey commissioned by Finder

I have had a positive experience with the customer service representatives. They are often described as helpful, friendly, and knowledgeable.


★★★★★ Graham (Norwich) 2 years ago

Via customer survey commissioned by Finder

Paragon always has a wide range of savings accounts and fixed rate bonds with competitive interest rates. It is simple to administer online and open new accounts or reinvest.


Matthew Boyle's headshot
Written by

Publisher

Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio

Matthew's expertise
Matthew has written 261 Finder guides across topics including:
  • Helping first-time buyers apply for a mortgage
  • Comparing bank accounts and highlighting useful features
  • Publishing easy-to-understand guides

More guides on Finder

  • Revolut savings review

    Revolut now offers savings accounts to its customers, known as Savings Vaults. You can get interest of paid daily, but the rate depends on which level of account you have. Find out whether Savings Vaults are a good option for your spare cash.

  • NatWest Digital Regular Saver account review

    Get into the savings habit with the NatWest Digital Regular Saver account.

  • Chase Saver account review

    Discover more about the Chase Saver account, including how the boosted rate works and whether it’s worth it.

  • Hargreaves Lansdown Active Savings review

    Find out how the Active Savings product from Hargreaves Lansdown works and how you can use it to manage several savings accounts in one place.

  • Monzo savings review

    By bringing together competitive interest rates and smart app features, Monzo makes a great choice for small savers. Here’s how Monzo savings accounts work.

  • Halifax savings rates review, from savings accounts to ISAs

    Whatever you’re saving for, find the right Halifax savings account for you. Our detailed guide walks you through which of Halifax’s savings accounts is for you.

  • Marcus savings accounts

    Goldman Sachs has launched its savings bank Marcus in the UK. Our review covers the features of its easy-access savings account vs the competition.

  • Nationwide savings account rates compared

    Nationwide’s savings account options explained. Whether you’re happy to tie up your money or need instant access, we’ve covered the options.

  • AA savings accounts overview

    Find out more about the breakdown specialists, and see if they can provide you with the right savings account.

  • Best NatWest savings accounts compared

    The fast pace of the UK banking market forces so-called ‘big banks’ like NatWest to stay ahead of the curve. By constantly refining the user experience with improvements to online banking and mobile apps, NatWest remains one of the UK’s most popular banks.

Go to site