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Paragon’s market-leading notice account

Paragon’s market-leading notice account

Category: Savings
Date: 23/03/2017

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 It is now over 6 months old so the content may be out of date.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 entered the Best Buys with improved rates on its 120-day notice account and one-year fixed bond of up to 0.16%, subsequently earning a high Moneyfacts rating for each deal and seeing the notice account soar to the top of the charts.

The basics…

The 120 Day Notice Account (Issue 6) has a variable rate of 1.30% AER paid yearly, which establishes itself as a market-leading rate in the notice account market. A version of the account that pays interest on a monthly basis (1.29% gross) is also available, which sees it take the top spot in the monthly interest sector, too.

The One Year Fixed Rate bond now boasts a rate of 1.51% yearly. A version paying 1.50% on a monthly basis is also available.

The finer details…

The online-only notice account requires a £500 minimum initial deposit and a maximum of £100,000. Further additions are allowed, and while unlimited withdrawals are also welcome, these will require 120 days' notice, with no early access permitted. All access needs to occur via a nominated account.

The Fixed Rate Bond requires a minimum investment of £1,000 and a maximum of £100,000. It allows additions for up to five days from account opening, but no early access, so savers must ensure that they won't need access to their funds for the entire term.

Why we like it…

The significant improvement to the 120-Day Notice Account propels it to the top of the Best Buys and easily secures a high Moneyfacts rating in the process. Those savers looking for monthly interest will not be disappointed by this account as it too offers the best rate available at 1.29% gross.

The new rate on offer on the One Year Fixed Bond places the deal towards the top of the market for its sector which is why this too effortlessly earns a high Moneyfacts rating. It may appeal to those looking for a short-term fixed rate and are happy to manage the account online. Both deals are available from 24.3.17.

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 Any products featured may be withdrawn by their provider or changed at any time.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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