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Saving money is a priority for many people, and that is why finding the best account with a solid return is often key. One new option comes from Paragon Bank which is offering a best-buy easy access Instant Savings Account (ISA). The provider states its offer through the Triple Access ISA account is at the “top of market”, with a rate of 0.65 percent variable.
It is being made available to both new and existing customers from today onwards, in an aim to increase competitive options available for savers.
With Triple Access, savers will be able to make up to three withdrawals a year without it impacting the interest rate.
Interest, however, will reduce to 0.25 percent if a person makes more than three withdrawals per year.
This means that the account is a good choice for people who are looking to save for the medium to long-term, the bank states.
It can help with the flexibility of accessing funds if absolutely necessary – something which can provide security.
However, it could also work for individuals who are looking to earn interest on their emergency fund.
Derek Sprawling, savings director at Paragon Bank, commented on the matter.
He said: “Paragon has been supporting UK savers with consistently competitive products in the cash ISA space.
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“Our current product offering is highly competitive across both access and fixed rate products.
“We know that November is a busy month for fixed rate ISAs coming to an end.
“We want to make sure that we’re in the best position possible to encourage those considering their options to come to Paragon.”
One of the key benefits of a Paragon ISA is that all of these accounts are eligible for what is known as the ISA Wallet.
This feature allows savers to spread their £20,000 annual allowance across multiple cash ISAs with Paragon, rather than just opening one specific account.
The provider’s access ISAs are also made eligible for the Flexibility feature alongside the ISA Wallet.
This allows any finds withdrawn from an access ISA to be added back into the iSA within the same tax year – all without the year’s allowance being impacted.
Paragon also states it operates a 28-day rate guarantee through its services.
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If any customers are part way through the application process or with an imminent maturity, then they 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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