Challenger Banks

jayship

I have been reading reviews on 2 challenger banks namely Paragon and Charter Savings Bank as they offer competitive fixed term rates. They are very mixed with most reviewers giving 1-2 stars that does not give me confidence although we are protected up to £85K.

I found Atom satisfactory but it is only compatible with certain tablets/ipad/mobile phones. It does not allow the same ipad/tablet to be used by a different person in the household. You need to buy several compatible products to bank with them. I was told that it was for security reasons?

Probably those who are satisfied do not bother to write a review. Comments from forum readers willing to share their experience will be appreciated.

Thanks

ColdIron

Recent thread on Paragon here

https://forums.moneysavingexpert.com/discussion/5751070

jayship

Thank you ColdIron for the link. That is my worry that the reviews are poor and just wanted opinions from others.

I have been researching and found that Investec Bank is offering a competitive rate but with a higher minimum deposit. Probably they are part of the Investec Asset Managers group.

ColdIron

I'd recommend Investec as well, used them for many years

SallySunshine

Can't fault Charter, got 4 accounts with them and although closing one with 120 days notice, will then fill this years ISA with their 2 yr account.
Brilliant communication and service.

Paragon couldn't identify me without sending I.D., so didn't bother with them.

JoeCrystal

I saved with both Charter and Paragon banks without any issues. As you said, they got good rates for their fixed rate bonds.

Xenon

I have just started with Paragon - been impressed so far - i like their website.

It makes things so much easier when everything is well laid out and easy to navigate.

jayship

Thanks to everyone for their input. Appreciated