Paragon Bank has increased the rates of its one and two-year fixed bonds by 0.20%, enabling them to move into the Moneyfacts charts.
Two Year Fixed Rate now pays a highly competitive rate of 2.20% yearly (2.18% monthly), which allows it to sit just behind the current market-leader of its sector. Its one-year counterpart now pays 1.85% yearly (1.83% monthly), enabling it to sit comfortably among the top 10 one-year accounts.
Both accounts must be opened and operated online with an initial investment of at least £1,000. Savers should note that access is via a nominated account.
Additions can be made for a short period of five days after the accounts have been opened, but early access to funds prior to maturity is not permitted. Savers must therefore be comfortable locking their money away for the full length of their chosen term.
Both of these accounts have made their presence known in the charts thanks to this rate increase, with the two-year deal proving to be particularly competitive. Savers are likely to welcome the additional flexibility of being able to deposit extra funds (albeit for a limited period) and the option of monthly interest. However, the lack of early access does mean that savers need to be happy with the length of their chosen term.
Moneyfacts rating: Excellent
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