Paragon Bank

Homeboy_1

Just wondering if anyone has any thoughts on this. I opened a Paragon 12 month fixed rate bond on 16th Nov. I received my username login details yesterday and transferred £8000 into the Paragon account (They use HSBC for their bank transfers). Today I received a text message from my main bank that a deposit of £8000 has been returned to my main account. On checking my account online the money was credited as being returned by Paragon bank. I have got a freephone number if I want to contact them to ask about this, but just wondered if this looked a bit suspicious or not. Thanks in advance for any help or replies

caveman38

I hope they're pukka as I've made a large deposit.
Deposits have to be made as an electronic transfer in my case from FD (HSBC) and I made a dummy run of £1K and received a confirmation email and checked on-line too. Following that I completed my deposit and again received another confirmation email and all showed on my on-line account.
If you never received a confirmation email and it didn't show up on your on-line account, I'd assume the electronic transfer was unsuccessful rather than the money being returned

18cc

they will return the money if yhe transfer was not from the linked account i assume it was sent from the linked account ?

Homeboy_1

Hi, Thanks for the quick replies. No I did not receive a confirmation e-mail, I have checked that I have put the money into the right account (sort code and account number are ok). I think I will do what you did Caveman, I will try again, but I will only put a lower amount in first. If still no joy I will phone them. Must admit they do appear to be legit. Thanks again for the replies. The money did come from my linked account, so it can't be that

newatc

Just to add that although I didn't like the HSBC middle man element, all my dealing with Paragon (transfers in and customer services) have been smooth (touching wood)

trickydicky14

Thanks for the quick replies. No I did not receive a confirmation e-mail, I have checked that I have put the money into the right account (sort code and account number are ok). I think I will do what you did Caveman, I will try again, but I will only put a lower amount in first. If still no joy I will phone them. Must admit they do appear to be legit. Thanks again for the replies. The money did come from my linked account, so it can't be that

HOMEBOY 1
Please be aware, Paragon are perfectly good to deal with but they are so finicky regarding paying money in.
I have had problems in the past and only this week my partner had money returned to her nominated account. In the end we worked out the only problem was she left a gap between the letters and numbers when entering the Payment reference. Despite the letter she received from Paragon which had gaps in the reference, so check this out, remember no gaps.

where_are_we

I have had no problems depositing into this 1 year fixed rate bond. You mention "sort code and account number are ok", which is 40-02-50 and 31344897 for Paragon Bank, but you do not mention your individual payment reference which you will have received in the post a few days after applying for the account and it is necessary to include this as well, when you make your electronic payment. You also have to include the beneficiary name - Paragon bank. They allow five business days to accept additional payments after your opening deposit. I made a deposit just over a week ago when the rate was 1.86% - it has now dropped to 1.75%.

beefturnmail

Anyonw managed to make a withdrawal from the PAragon Bank Limited Edition Saver? I opened one a few days ago, made the initial deposit yesterday - now realised I need some of it back - but there does not appear to be a 'withdrawl' option in their internet banking...