Paragon launches Cash ISA at market-leading rate | moneyfacts.co.uk

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Michael Brown

Content Writer
Published: 31/05/2022

It now moves above Marcus by Goldman Sachs® and SAGA on our charts.

Paragon Bank has launched a new issue of its Triple Access Cash ISA at a market-leading rate of 1.20% today.  

“We are keen to support savers and we are therefore pleased to relaunch our Triple Access ISA with a market-leading rate, building on our already competitive ISA range and features,” said Derek Sprawling, Savings Director at Paragon Bank.

However, its current increase means it now leads previous market-leading providers Marcus by Goldman Sachs® and SAGA by 0.05%.

“It’s important at Paragon we provide our customers with valuable return on their savings and continue to support the cash ISA segment, an important tool for proactive savers,” he said.

The previous edition of the Triple Access Cash ISA was an Issue 7, which was available in April, offering a rate of 0.80%.

How does the Triple Access Cash ISA work?

Paragon Bank’s Triple Access Cash ISA (Issue 8) offers flexibility, allowing its customers to have their interest paid away or compounded either on anniversary or a monthly basis. 

Savers can also top their account up as much as they wish, provided it does not exceed their £20,000 annual ISA allowance. Meanwhile, transfers in from other Cash ISAs and Stocks & Shares ISAs are also permitted.

To open this flexible ISA, savers need a single pound to start earning interest and must do so online.

Existing Paragon Bank customers can find this new rate in the provider’s ISA Wallet, which lists all its other ISA products which are designed for other savings goals.

“Overall, it is a very attractive offer and will likely appeal to savers who may need dip into their savings in an emergency,” said Rachel Springall, Finance Expert at Moneyfacts. 

What if I need more than three withdrawals per year?

While the market-leading rate may be tempting, this offer will suit a particular type of saver. This is because Paragon Bank’s Triple Access Cash ISA encourages its users to keep to a maximum of three withdrawals per annum.

If this number is exceeded, then the interest rate on the account will drop to 0.25%.

For those who are likely to make more than three withdrawals a year, then consider the next best rates from Marcus by Goldman Sachs® and SAGA.

At a rate of 1.15% for either offer, each easy access ISA includes a 0.10% bonus for the first 12 months. Once this period has expired, the interest will switch to the underlying rate which, according to current information, will be 1.05%.  

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