Paragon Bank has announced it is increasing interest rates across its range of fixed rate saving accounts.

The move, which Paragon described as “positive” for savers, includes increases to rates across the financial provider’s ISAs and fixed rate bond products, and will apply from Friday 21 August.
 
The rate on a five-year fixed rate bond savings account has risen from 1.10% to 1.40%, while for a five-year ISA, the rate has increased from 0.90% to 1.10%. Paragon’s ISA Wallet feature, which allows savers to spread their £20,000 annual ISA allowance across multiple Cash ISAs with Paragon, is also available across its range of fixed rate ISAs.

“We are committed to offering competitive rates to savers and we are pleased to be in a position to increase interest rates across our fixed rate products,” Paragon savings director, Derek Sprawling, commented.

“These new interest rates far exceed the industry average and will offer more choice to people who are looking to guarantee their return for a period of time.
 
“Having the ability to apply online, by telephone or by post means these rates are accessible to all. Our 28-day rate guarantee means that any customers part way through the application process already, or with an imminent maturity with us, will also benefit from our new rates automatically.”

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