Paragon Bank has increased the rates of selected fixed rate bonds by up to 0.11%. Two deals that benefited were its one and three-year fixed rate bonds, both of which have improved their standing in their respective sectors.
One Year Fixed Rate now pays a competitive rate of 2.01% yearly (1.99% monthly), which allows it to move into the top 10 of its sector. Meanwhile, its three-year equivalent now pays 2.56% yearly (2.53% monthly), improving its position in the Moneyfacts charts.
The finer details…
These accounts must be opened and operated online with a minimum investment of £1,000. Savers should note that access is via a nominated account.
Additional deposits can be made for up to five days after an account has been opened, but savers should be aware that access prior to maturity is not permitted.
Why we like them…
The rate boost to these bonds has enhanced their attractiveness, securing them coveted places on the charts. Those looking to secure regular incomes will be pleased by the monthly interest options, while the flexibility of being able to add extra funds (albeit for a limited time) gives a degree of flexibility.
Moneyfacts rating: Excellent
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