Paragon Bank has relaunched its 120-day notice and easy access accounts, securing both prized places on the Moneyfacts charts.
120 Day Notice Account (Issue 4) pays a yearly rate of 1.96% (1.94% monthly), a market-leading rate for its term.
Meanwhile, Limited Edition Easy Access (Issue 2) pays a competitive rate of 1.46% yearly (1.45% monthly), which enables it to sit comfortably in the charts.
Both accounts must be opened and operated online. Savers should note that access is via a nominated account.
The notice deal requires an initial investment of at least £500. Further additions are allowed at any time and unlimited, penalty-free withdrawals can be made, provided 120 days' notice is given. Early access is not possible, so savers must ensure that they plan their withdrawals carefully to abide by the notice period.
The easy access account needs a minimum investment of just £1, and it also allows additions and withdrawals without restriction or penalty. Access to funds is instant, giving savers the height of flexibility.
Both of these accounts offer savers an attractive deal, with the rate paid on the notice account being particularly noteworthy. Both allow unlimited access to invested funds, which means that they will appeal strongly to those who want flexibility. However, savers must remember that the notice deal does not allow early access, so this account will best suit those who are prepared to plan ahead.
Moneyfacts rating: Excellent
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