Paragon Bank has reduced the rate of its five-year fixed deal, but despite this, it has retained its position in the Moneyfacts charts.
Five Year Fixed Rate now pays 2.91% yearly (2.87% monthly), enabling it to remain among the top 10 accounts of its sector.
This account must be opened and operated online with a minimum investment of £1,000. Savers should note that access is via a nominated account.
Unusually, further additions can be made for up to five days after the account has been opened, but it is not possible to access funds prior to maturity. Savers must therefore be comfortable locking their money away for the full five-year term.
This account may have had a slight rate reduction, but it still offers savers a competitive deal. The option of a monthly interest rate will appeal to those looking to secure a regular income, while the ability to contribute extra funds for a limited period of time adds some welcome flexibility. However, the lack of early access does mean that savers will need to think carefully about their withdrawal needs.
Moneyfacts rating: Excellent
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