Paragon 120-day notice account

schiff

From 22 May 2020 the interest rate on your 120 Day Notice Issue 10 is decreasing.
1.8% down to 1.5%

18cc

I believe the rule is with oaragon that if the interest decrease is more than 0.25% you are able to take out your money instant access

Terry_Towelling

I have just triggered all my cash to come out and it tells me the earliest I can do this is 11/5/20.

schiff

Well we went into it knowing we couldn't get at our money in under 120 days and if we give notice now we get the interest rate we expected at the outset to be paid in full at the end of the notice term.

No complaints from me.

18cc

Apologies my previous post probably wasn't very clear

Since they have given you 120 days notice of the reduction in interest rate then clearly you can't take your cash out until 120 days have elapsed

if however they had reduced the interest rate by more than 0.25% without giving that notice then you could have taken it out earlier

oioisavaloy

Terry_Towelling wrote: »

I have just triggered all my cash to come out and it tells me the earliest I can do this is 11/5/20.

Yes same here given notice to take money out - it was good whilst it lasted better deals now available elsewhere - DYOR

Martyna90

Hi there. I have just opened the 120 days notice account and I would like to clarify something. Is it possible that I can lose my deposit if the interest rate becomes negative (someone just told me that).
Thank you in advance. 

mazzetti

If interest rates are positive then you gain money on your deposit, if negative then you lose money on your deposit (but you do not 'lose your deposit').