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Banks are continuing to pass on interest rate rises to savers resulting in some of the best savings rates available to customers in more than a decade. Paragon Bank has increased the interest rates for both its Fixed Rate ISAs and Fixed Rate Savings accounts from Friday, October 21.
As savings rates increase week after week there has never been a more important time for Britons to check they are getting good rates.
Some banks are now offering up to five percent interest depending on how long savers can afford to lock their money away for and how much savings they have.
Derek Sprawling, savings director at Paragon Bank, said: “Providing savers with a range of options allows them the opportunity to research and select what is best for them and their circumstances, and I am delighted that we are today making these new rates available.
“Whether it be a Paragon Fixed Rate ISA or Fixed Rate Savings account, savers can choose a timeframe and product that could help them grow their savings and plan for the future.”
Paragon Ban’s rate increases for its Fixed Rate ISAs are:
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The 18 month Fixed Rate ISA is available to existing Paragon customers only and can be opened online.
The One, Two, Three and Five Year Fixed Rate ISAs are available both online and by post.
Account holders can spread their tax-free ISA allowance across multiple ISAs with Paragon’s ISA Wallet.
Derek Sprawling recently said savers are receiving less interest than they should be from high street banks and urged Britons to shop around for better rates.
He said: “Better rates, which will do more to protect the value of savings against rising inflation, are available and proactive savers will receive the benefit.”
Another account worth considering is Barclays Rainy Day Saver which is now offering customers 5.12 percent interest on savings of £5,000.
Britons only need £1 to open it and can put away as much as they can afford each month but the catch is interest rates will drop to 0.15 percent on balances above £5,000.
It means people can earn more than £250 in interest if they save £5,000 over the course of a year.
Paragon Bank’s Fixed Rate Savings Accounts rates:
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