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Paragon Triple Access Savings Account - Issue 12 @ 3.25%

hqp29

S_uk said:

Paragon Triple Access Savings Account - Issue 12 @ 3.25%

I recently signed up to Issue 11, which is still at 3.1%, as far as I can tell.  Am I stuck with this, or is there a way to "upgrade" to the new Issue?  Will they just leave the old Issue at 3.1% forever now, and it's up to me to move the money to a bank with a better rate?

dreamypuma

Maybe old news now, but Kroo are lifting their current account rate to 3.3% on 1st April.

They've apparently resolved their application backlog and automated some application processes to avoid excessive waits. I applied this morning, straight forward 5min process, just waiting on approval.

refluxer

hqp29 said:

S_uk said:

Paragon Triple Access Savings Account - Issue 12 @ 3.25%

I recently signed up to Issue 11, which is still at 3.1%, as far as I can tell.  Am I stuck with this, or is there a way to "upgrade" to the new Issue?  Will they just leave the old Issue at 3.1% forever now, and it's up to me to move the money to a bank with a better rate?

Are you sure Issue 11 is still at 3.1% ? Paragon actually have a history of rewarding existing account holders before releasing a new issue with a higher rate, so it's unusual to see this not happening this time if so.

If yours is still on 3.1% then it probably won't take much time to open the new issue and transfer funds across if you don't want to wait on the off-chance it'll be increased - you may even find you can do this wholly online.

UncleK

Yup - just opened a new one and closed the old one in one online transaction. That's always been what you need to do with them - maybe they will change but they haven't said so............

2010

I thought I read in some earlier posts (weeks ago) that Paragon don`t automatically increase the issue you have and you do have to open the latest issue and transfer it over.

The upside is, if you have used any of your three withdrawals, with the new issue you`ll start all over again.

2010

Seems to be a lot of providers increasing rates at the moment just before the next rate meeting on Thursday.

Expotter

My apologies if this has already been mentioned, but I've just seen that the Limited Access Easy Saver Issue 8 from Coventry BS is due to increase from 3.1% currently to 3.25% from March 21st

refluxer

2010 said:

I thought I read in some earlier posts (weeks ago) that Paragon don`t automatically increase the issue you have and you do have to open the latest issue and transfer it over.

No - it's actually the opposite, or at least that's been the case for the last year or so up until now. With their Triple Access accounts, it's common for previous issues to receive an increase and end up on a higher rate (often for quite a while) than the currently available issue.

I've had their Triple Access Cash ISA (Issue 8) since the middle of last year and it's had around half a dozen rate increases since then. It got a boost to 3.20% last week, whereas the current issue (12) is on 3.10%. For that reason, I've been able to stick with Issue 8 without the need to change it and the corresponding Triple Access (non-ISA) account has also operated in the same way (at least up until now), as my partner has one.

If the post above is correct though, then it sounds like they may have done things differently this time and opening a new issue might now be necessary.

mebu60

Cynergy Issue 58 3.25% (incs 0.15% for 12 months).