ISA rate boost: Paragon Bank raise interest rates on ISA range following savings increase
Savings rates struggle to get above one percent at the moment as the Bank of England keeps the base rate at all time lows but despite this, retail banks are regularly increasing what’s on offer. Recently, Paragon Bank boosted its savings rates across a number of products and savers can now earn relatively decent returns.
On top of these increases, Paragon Bank announced today it will boost the interest rates on its one, two, three and five-year fixed rate ISAs.
The new rates will be available to savers from tomorrow, July 2.
Just as with the savings accounts, these ISAs can be opened and managed online, over the phone or by post and are available to both new and existing customers and interest can be paid on a yearly or monthly basis.
The products impacted by the rate increase are as follows:
- 1 Year FR ISA (previous interest rate of 0.55 percent AER, increasing to 0.61 percent AER)
- 2 Year FR ISA (previous interest rate of 0.60 percent AER, increasing to 0.85 percent AER)
- 3 Year FR ISA (previous interest rate of 0.70 percent AER, increasing to 0.95 percent AER)
- 5 Year FR ISA (previous interest rate of 0.80 percent AER, increasing to 1.05 percent AER)
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