Paragon Bank savings rates — compare every account, plus switch offers and guides

Who they are

Paragon's roots go back to 1985, when it was established as the National Home Loans Corporation. In 2014, the group launched Paragon Bank, offering a range of internet-based savings accounts alongside 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. It also owns Spring, a mobile-first savings app that sits under the same banking licence - worth keeping in mind if you hold money with both brands.

Savings accounts

Paragon's range is genuinely broad. On the fixed-rate side there are taxable bonds from one to five years, starting from as little as £500 or £1,000 depending on the term, with no access until maturity. ISA savers are well catered for too - fixed-rate Cash ISAs run from one year out to five years, again from £500. Paragon was the first bank to offer the cash Lifetime ISA , and it still carries one today at a variable rate, open from just £1, with the usual LISA rules applying - you can access the money penalty-free at age 60 or when buying your first home. There is also a variable-rate Easy Access account and an Easy Access Cash ISA for savers who need more flexibility.

All accounts listed here carry FSCS protection up to £120,000. Note that Spring accounts share Paragon's banking licence and the same protection limit, so keep that in mind if you hold savings with both.

What it is like to save with them

Being online-only, everything from opening an account to moving money is done through their website or app. One thing that stands out in customer feedback is their telephone support - customers report that queries are answered almost immediately via the helpline, and find it refreshing to speak to a real human 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.

Is it right for you?

Paragon suits savers who are comfortable banking online and want a bank with genuine substance behind it - a long track record, a listed parent company, and real humans available on the phone when you need them. It offers a consistent range, unlike some providers who withdraw products from sale completely, and although it rarely tops the best-buy tables, it often has products that do feature - particularly for ISAs where it has been very competitive. No current account switch offers are available at the moment, so this is purely a savings destination.

Rates change regularly, so use the live figures shown on this page to compare what Paragon is paying right now against the rest of the market.