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It now moves above Marcus by Goldman Sachs® and SAGA on our charts.
Paragon Bank has launched a new issue of its Triple Access Cash ISA at a market-leading rate of 1.20% today.
“We are keen to support savers and we are therefore pleased to relaunch our Triple Access ISA with a market-leading rate, building on our already competitive ISA range and features,” said Derek Sprawling, Savings Director at Paragon Bank.
However, its current increase means it now leads previous market-leading providers Marcus by Goldman Sachs and SAGA by 0.05%.
“It’s important at Paragon we provide our customers with valuable return on their savings and continue to support the cash ISA segment, an important tool for proactive savers,” he said.
The previous edition of the Triple Access Cash ISA was an Issue 7, which was available in April, offering a rate of 0.80%.
Paragon Bank’s Triple Access Cash ISA (Issue 8) offers flexibility, allowing its customers to have their interest paid away or compounded either on anniversary or a monthly basis.
Savers can also top their account up as much as they wish, provided it does not exceed their £20,000 annual ISA allowance. Meanwhile, transfers in from other Cash ISAs and Stocks & Shares ISAs are also permitted.
To open this flexible ISA, savers need a single pound to start earning interest and must do so online.
Existing Paragon Bank customers can find this new rate in the provider’s ISA Wallet, which lists all its other ISA products which are designed for other savings goals.
“Overall, it is a very attractive offer and will likely appeal to savers who may need dip into their savings in an emergency,” said Rachel Springall, Finance Expert at Moneyfacts.
While the market-leading rate may be tempting, this offer will suit a particular type of saver. This is because Paragon Bank’s Triple Access Cash ISA encourages its users to keep to a maximum of three withdrawals per annum.
If this number is exceeded, then the interest rate on the account will drop to 0.25%.
For those who are likely to make more than three withdrawals a year, then consider the next best rates from Marcus by Goldman Sachs and SAGA.
At a rate of 1.15% for either offer, each easy access ISA includes a 0.10% bonus for the first 12 months. Once this period has expired, the interest will switch to the underlying rate which, according to current information, will be 1.05%.
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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
Changes at the top of the charts for fixed and notice accounts, with best easy access rates staying the same.
While it’s no longer possible to find a fixed bond paying 6.00% AER, savers shouldn’t feel disheartened. We provide some alternative options to consider.
This is the first time since June of this year there are no fixed bonds offering a rate of 6.00% AER or more.
The average rate paid by a fixed bond with a term over 550 days dropped to 5.11% at the start of October, according to Moneyfacts’ data. This is the first time this rate has fallen since March 2023.
This is the first time average rates have fallen in this sector since March 2023.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
Changes at the top of the charts for fixed and notice accounts, with best easy access rates staying the same.
While it’s no longer possible to find a fixed bond paying 6.00% AER, savers shouldn’t feel disheartened. We provide some alternative options to consider.
This is the first time since June of this year there are no fixed bonds offering a rate of 6.00% AER or more.
The average rate paid by a fixed bond with a term over 550 days dropped to 5.11% at the start of October, according to Moneyfacts’ data. This is the first time this rate has fallen since March 2023.
This is the first time average rates have fallen in this sector since March 2023.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.