Paragon Bank has enhanced its fixed rate offerings by increasing the rate paid on its two-year fixed rate bond by 0.15% and introducing a five-year variant, both of which have secured positions near the top of the Moneyfacts charts.
Two Year Fixed Rate Bond now pays 2.40% yearly (2.37% monthly), a market-leading rate for its term. Meanwhile, the five-year version pays 3.10% yearly (3.06% monthly), enabling it to establish itself among the top-10 accounts of its sector.
Both accounts require a minimum investment of £1,000 and must be opened and operated online. Savers should note that access is via a nominated account.
Additional deposits are welcome for up to five days after an account has been opened, but early access to funds is not. Savers must therefore be happy to lock their money away for the entirety of their chosen term.
Both of these accounts have eye-catching rates, with the two-year version proving to be particularly competitive. The fact that they offer monthly interest rates means that they will also appeal to those looking to secure a regular income, while the ability to add extra funds (albeit for a short period of time) gives some welcome flexibility.
Moneyfacts rating: Excellent
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