Good news for savers as bank announces ‘competitive’ interest rate | Personal Finance | Finance

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Finding the best possible return is a priority for many people who are looking to make the most of their money in such a tough time. The new option comes from Paragon Bank which is offering a new Triple Access Account paying a “competitive” rate of 0.65 percent AER variable.

This means that the account is a good choice for people who are looking to save for the medium to long-term, the bank suggests.

It gives people flexibility in terms of accessing funds if they need to, or if they are looking to earn interest on their emergency fund.

The rate offered on the account matches that of the Triple Access ISA, which Paragon launched last week.

Derek Sprawling, savings director at Paragon Bank commented on the new account.

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He said: “A recent piece of research we carried out highlighted those two thirds of savers have an emergency fund and that half of those who do see topping it up regularly as a priority.

“It’s important for savers to make sure they pick the right product for their emergency fund – one that allows access while also generating a competitive return.

“We have launched a competitive access product because we wanted to increase the number of options available in this space for savers that are looking to put money aside for the medium to long-term while also having the option to top up their balance regularly.”

The Triple Access ISA account is at the “top of market”, with a rate of 0.65 percent variable for those interested in a tax-free savings account, the bank stated.

Paragon Bank says they operate a 28-day rate guarantee.

This ensures that any customers part way through the application process will benefit from the new rates automatically.

Paragon Bank is also a provider which is signed up to the Financial Services Compensation Scheme (FSCS).

This means all eligible deposits a person saves up to the value of £85,000 are protected – providing savers with peace of mind.





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