Paragon Bank has reduced the rates paid on its two and three-year fixed bonds, but thanks to their ongoing competitiveness, this has not caused them to lose their coveted chart positions.
Two Year Fixed Rate now pays 1.90% yearly (1.88% monthly), while the three-year version pays an equally competitive yearly rate of 2.10% (2.08% monthly), enabling both to maintain their respective top 10 positions.
These accounts must be opened and operated online with access being via a nominated account. A minimum investment of £1,000 is required.
Additional deposits can be made for up to five days after an account has been opened, but it is not possible to access funds prior to maturity. Savers must therefore be happy to lock their money away.
The fact that these two accounts continue to pay top 10 rates means that they are likely to continue to garner interest from savers. The monthly interest option will appeal to those who wish to secure a regular income, while the option to add funds, albeit for a limited time, gives these bonds a welcome degree of flexibility.
Moneyfacts rating: Excellent
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