Paragon Bank has increased the rate of its five-year fixed deal by 0.15% as well as unleashing a new easy access account onto the market, enabling both to hold places on the Moneyfacts charts.
Five Year Fixed Rate now pays a competitive rate of 3.06% yearly (3.02% monthly), allowing it to sit comfortably in the charts. Meanwhile, Limited Edition Easy Access (Issue 2) pays a yearly rate of 1.46% (1.45% monthly), which enables it to sit just shy of the current market-leader of its sector.
The fixed bond must be opened and operated online with an initial investment of at least £1,000. Additional deposits can be made for up to five days after the account is opened, but early access to funds is not permitted. Savers should also note that access is via nominated account.
The internet-operated easy access deal requires a minimum investment of just £1. Further additions are welcome at any time and there is no limit on the number or size of withdrawals, all of which are penalty-free. Access is via a nominated account or another Paragon Bank account, while payments must be made by Faster Payment.
Both of these deals boast competitive rates with attractive monthly interest options, which are sure to catch the eye of savers. The easy access account is particularly competitive, sitting just outside of the market-leading position, while its high degree of flexibility will appeal to those who want easy and unfettered access to their savings.
Moneyfacts rating: Excellent
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