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Paragon Bank review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Paragon Bank is a practical option for UK savers who put easy access and deposit protection ahead of chasing the strongest headline rate. Its variable rate of 1.5% trails the savings-account median, but FSCS protection of FSCS up to GBP 85,000 and online application make it worth considering for straightforward everyday savings.

Key facts

Best for
Easy-access savers who value deposit protection over a higher headline rate.
Headline rate
1.5%↗
Rate type
Variable↗
Deposit protection
FSCS up to GBP 85,000↗
Access terms
Easy access, apply online↗
Account kind
Easy access↗
Legal entity
Paragon Bank PLC↗
Headquarters
United Kingdom↗
Founded
2014↗
Support channels
Help-centre↗
Official website
paragonbank.co.uk

Mortgages

Purpose
Buy-to-let↗

Facts checked September 26, 2026, 4 sources

Apps and profiles

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App Store
Elsewhere
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Pros and cons

Pros

  • The easy-access account has a variable headline rate of 1.5%.
  • Eligible deposits have FSCS protection of FSCS up to GBP 85,000.
  • The account can be opened online with easy-access terms.
  • Paragon Bank is regulated in Great Britain by the Financial Conduct Authority and the Prudential Regulation Authority.

Cons

  • The 1.5% headline rate is below the savings-account median of 3%.
  • Support runs through help centre only.
Paragon Bank

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Scored 8.4 / 10 by SumCue.

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Who it suits

  • Savers who want an easy-access account with a variable rate.
  • Customers who prioritise FSCS protection for eligible deposits.
  • Wise or bunq may suit people focused on a higher headline rate.

Who should look elsewhere

  • Wise may suit savers prioritising a higher headline rate of 3.29%.
  • bunq may suit savers who prefer a headline rate of 3.01%.
  • Finteres may suit customers considering a headline-rate range of 0% to 36%.

Rates and card terms

Paragon Bank's easy-access account pays a variable headline rate of 1.5%. This provides accessible savings without a fixed term. The rate is below the savings-account median of 3%, so customers prioritising interest may find stronger offers elsewhere, while the FSCS protection of FSCS up to GBP 85,000 adds a key safety benefit.

How Paragon Bank compares

Where Paragon Bank is available

Available
United Kingdom
Licence in United Kingdom
Financial Conduct Authority (604551), checked September 26, 2026
Licence in United Kingdom
Prudential Regulation Authority, checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What rate does the easy-access account pay?+

Paragon Bank's easy-access account pays a variable headline rate of 1.5%. That sits below the savings-account median of 3%, so the account may suit priority savers rather than yield-focused customers.

How is the account accessed and opened?+

The account is designed for easy access, and Paragon Bank says it can be opened online. Its account type is easy-access, with access terms described as easy access and online application.

How are eligible deposits protected?+

Paragon Bank lists deposit protection of FSCS up to GBP 85,000. Eligible deposits are therefore covered by the FSCS up to the stated limit, subject to the protection scheme's eligibility rules.

Which legal entity offers the account and where is it based?+

Paragon Bank PLC is the legal entity offering the account, and its headquarters country is GB. The bank is authorised and regulated in Great Britain by the Financial Conduct Authority and the Prudential Regulation Authority.

How can customers get help?+

Customer support is available through help centre. Paragon Bank does not list any additional support channels for the easy-access account, so a help centre is the stated route for assistance.

Is the rate fixed or variable?+

This is a variable-rate, easy-access account rather than a fixed-term product. Its headline rate is 1.5%, and the rate can vary according to the account terms.

Sources

Compiled from 4 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Term, Minimum deposit.

Paragon Bank

Paragon Bank

Easy-access savers who value deposit protection over a higher headline rate.

8.4/10See alternatives