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Paragon improves several fixed savings accounts

Paragon improves several fixed savings accounts

Category: Savings
Date: 24/05/2017

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 It is now over 6 months old so the content may be out of date.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 rates on selected accounts by up to 0.10%, which sees its one and three-year fixed bonds as well as its two-year ISA move up in the Best Buy charts for their respective sectors, earning them a high rating in the process.

The basics…

The One Year Fixed Rate account now boasts a return of 1.51%, paid on its anniversary, while the three-year equivalent pays 1.90%. Versions of these paying reduced interest on a monthly basis are also available. The two-year ISA, meanwhile, now pays the market-leading rate of 1.26% on its anniversary.

The finer details…

The bonds require a minimum investment of £1,000, and allow additions for five days from account opening, but no withdrawals or other early access. Access is via a nominated current account.

The ISA, which has a smaller minimum investment of £500, allows additions for 15 days, as well as transfers in from cash and stocks & shares ISAs. Earlier access is also permitted, subject to 180 days' loss of interest, with the same penalty applying to transfers out. All accounts are online-exclusive.

Why we like them…

The improved rates on these products have earned them competitive positions in the Best Buy charts, with the two-year ISA making it all the way to number one. As a result, they all deserve 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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

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