Paragon Bank launches postal applications and extends its rate guarantee to 28 days

Paragon Bank’s online business model has proved successful, growing deposits to £6bn. With this scale it is now able to expand the way you can apply for its savings range by introducing a postal application process for selected products. This is perfect for savers who are looking for a competitive rate but who prefer not to manage their savings online. The new service is available across Paragon’s fixed rate savings accounts and fixed rate cash ISA product ranges. Savers can deposit up to £500,000 across all of Paragon’s savings products.

In addition to launching a postal service, Paragon has taken a big step forward, extending its funding window across all accounts whether you apply by post or online, from 14 days to 28 days, giving all customers the opportunity to guarantee their rate for longer while they fund their account.

Richard Doe, Paragon Bank Managing Director, said: “Although we are an online bank we recognise there is a large group of customers who still prefer to apply and manage their money offline. We don’t feel these customers should miss out on our consistently competitive rates, which is why we have made the decision to launch with the same rates across our fixed rate savings range, giving customers more choice. This, along with the extended funding window of 28 days, has been a substantial step forward for us, which I’m sure will significantly broaden our appeal.”

Paragon Bank’s savings products are now available online and by post and eligible deposits are protected by the Financial Services Compensation Scheme up to a maximum of £85,000.