Savings rates: Paragon Bank boosts interest across its entire range – you could earn 1.3%

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Savings rates remain low at the moment as the Bank of England keeps the base rate at all time lows and retail banks have little room to maneuver. However, today Paragon Bank announced it has boosted interest rates across its entire range of fixed rate bonds including its one, two, three and five year products.

He said: “We always strive to offer our customers the most competitive rates we can and have done this consistently, providing choice for savers in both the fixed rate and access space.

“It’s easy for people looking for a competitive deal to open and manage an account with Paragon and they can choose to apply online, by telephone or by post.

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“Our 28-day rate guarantee ensures 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.”

On top of these increases, Moneyfacts.co.uk released its “Pick of the Week” today, which listed the best savings deals available on the market at the moment.

Two savings products were highlighted, both of which are now paying more than one percent.

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The first comes from SmartSave, with its 1 Year Fixed Rate Saver account providing a number of benefits.

Eleanor Williams, a Finance Expert at Moneyfacts.co.uk, reviewed this product: “This week we saw SmartSave launch a new 1 Year Fixed Rate Saver account which pays an attractive 1.01 percent on anniversary.

“Savers who are able to meet the minimum investment amount of £10,000 could well be tempted by the return, as long as they are happy securing their savings pot away for the term of the account because, as is common in the fixed bond market, earlier access is not permitted.

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“However, investors may wish to note that this account will allow further additions to be made within 14-days of opening the account, which could be a plus for some.

“On assessment the account secures a position in our top rate tables and earns an Excellent Moneyfacts product rating.”

Eleanor also highlighted the Close Brothers Savings – 3 Year Fixed Rate Bond account, which also offers decent returns.

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As Eleanor concluded: “Close Brothers Savings have amended their three-year fixed rate bond this week, applying a rate increase of 0.10 percent.

“Available to open online, investors who are comfortable locking their savings pot away for the three-year term could be tempted by this bond, which now secures a position in our top rate tables following the rate increase to 1.10 percent (payable yearly).

“Savers should note that neither early access nor further additions are permitted on this account, so prior planning before committing would be wise. This account receives an Excellent Moneyfacts product rating.”

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