Paragon Bank has boosted its savings range by upping the rate of its competitive two-year fixed account by 0.21%, pushing it further up the Moneyfacts charts. Not only that, but it has also unleashed a new easy access deal onto the market, which has gone straight into the top five for its attractive terms.
Two Year Fixed Rate now pays a highly competitive yearly rate of 2.21% (2.19% monthly), which allows it to sit just behind the market-leader of its sector. Meanwhile, the new Limited Edition Easy Access (Issue 1) pays a variable rate of 1.35% yearly (1.34% monthly) – a top five rate for its sector.
The fixed rate account must be opened and operated online with a minimum investment of £1,000. Savers should note that there is a maximum investment limit of £100,000 and that all transactions must be via a nominated account. Further additions are permitted for up to five days after the account has been opened, but withdrawals and early access are not permitted. Savers must therefore be happy with the length of the term from the beginning.
The easy access account must also be opened and operated online, but it requires a much smaller initial investment of £1. Again, a maximum of £100,000 can be invested and access must be via a nominated account. It is possible to make further additions at any time while withdrawals are unlimited and penalty-free.
Both of these accounts boast eye-catching rates that are sure to turn heads in the savings market. The fixed rate account is particularly competitive and sits right behind the current market-leader of its sector. Although withdrawals and early access are not allowed, the option to add funds for up to five days after the account has been opened and the choice of a monthly interest option adds a welcome degree of flexibility.
Moneyfacts rating: Excellent
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