5-yr fixed bond stays in top 10 | Product News - Moneyfacts

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5-yr fixed bond stays in top 10

5-yr fixed bond stays in top 10

Category: Savings
Date: 14/05/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Paragon Bank has reduced the rate of its five-year fixed deal, but despite this, it has retained its position in the Moneyfacts charts.

The basics…

Five Year Fixed Rate now pays 2.91% yearly (2.87% monthly), enabling it to remain among the top 10 accounts of its sector.

The finer details…

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.

Why we like it…

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

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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