Savings Interest Rates, Switch Offers and Guides for Paragon Bank

Who they are

Paragon Bank traces its roots back to 1985, and the savings-facing bank itself was formally launched in 2014 when the Paragon Group of Companies created a dedicated banking arm offering internet-based savings accounts alongside its lending products. Today it is one of the UK's largest providers of buy-to-let mortgages and savings accounts, listed on the London Stock Exchange as a constituent of the FTSE 250 Index. The bank is based in Solihull and operates entirely online, with no branch network.

Being online-only, everything from opening an account to moving money is done through their website or app, and customer reviews regularly describe a user-friendly experience. One thing that stands out in customer feedback is their telephone support - customers report that queries are answered almost immediately via the helpline, with a real person rather than a chatbot. That said, some customers have encountered issues with ISA transfers, reporting delays or difficulties completing these transactions - something to bear in mind if you are planning an ISA transfer in.

Savings accounts

Paragon has a notably wide range of savings products for an online-only bank. On the fixed-rate side, terms run from one year all the way out to five years, with minimum deposits of £500 to £1,000 depending on the account. Rates change over time, so always check the live figures shown on this page.

Paragon was the first bank to offer the cash Lifetime ISA and remains one of only a handful of providers that currently do. The Cash Lifetime ISA pays a variable rate and can be opened from £1 - access is restricted to age 60 or above, or when buying a first home, so it is only suitable for those specific goals. Fixed Rate Cash ISAs start from £500 and span the same range of terms as the standard fixed-rate savings accounts. There is also an Easy Access Cash ISA and a straightforward Easy Access Savings Account for those who need flexibility, both openable from £1.

All accounts carry FSCS protection up to £120,000 - higher than the standard £85,000 limit that applies at most banks, because Paragon holds its own separate banking licence.

Is it right for you?

Paragon suits savers who are comfortable banking online and want a broad choice of terms under one roof. The fixed-rate range is particularly strong if you are happy to lock money away, and the Lifetime ISA is a genuine differentiator for first-time buyers or long-term retirement savers. Paragon offers a consistent range in the market, unlike some providers who withdraw products from sale completely, and has been consistently priced - which means less chasing around when a deal disappears.

The easy access rates are variable and worth keeping an eye on separately. As always, compare the live rates shown on this page to see exactly where Paragon sits against other providers today.