Paragon Bank has reduced the rate paid by its one-year fixed bond, but despite this, it has retained its competitive edge and kept a coveted place on the Moneyfacts charts.
One Year Fixed Rate now pays 1.91% yearly (1.89% monthly), allowing it to sit comfortably among the top 10 accounts of its sector.
This account must be opened and operated online with an initial investment of at least £1,000. All access is via a nominated account.
Savers have a limited period of five days after the account has been opened to make further additions, but early access prior to maturity is not permitted. Savers must therefore be happy to lock their money away for the full term.
This account may have had a rate reduction but it is still a strong competitor in the market, boasting a top-10 rate. Savers are likely to welcome the option of monthly interest and the possibility of adding funds (albeit for a limited period). However, the lack of early access does mean that savers will need to be confident about locking their money away.
Moneyfacts rating: Excellent
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