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Improved savings bond and new ISA

Improved savings bond and new ISA

Category: Savings
Date: 09/02/2017

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Paragon Bank has increased the rate on its five-year fixed bond by 0.10% and at the same time launched an easy access ISA, the former gaining a competitive place in the Best Buy chart for its sector and the latter racing to the number one spot, both also earning a high rating in the process.

The basics…

The Five Year Fixed Rate bond now boasts a rate of 2.05% paid on its anniversary (or 2.03% monthly), while the Limited Edition Easy Access ISA pays a variable rate of 1.05% yearly (1.04% monthly), making it the joint market leader of its sector.

The finer details…

Both accounts can only be opened and operated via the internet. The five-year bond requires a minimum investment of £1,000, while the ISA can be opened with as little as £1. The bond does not allow withdrawals, but will permit additions within five days from account opening, with any access having to be performed through a nominated account. The ISA, meanwhile, allows additions and withdrawals, transfers in from both cash and stocks & shares ISAs, and transfers away from the account without a penalty.

Why we like them…

The highly competitive rates on these accounts have easily earned them their spots in the Best Buys, as well as their high rating.

Moneyfacts rating: Excellent

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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