Paragon Bank ISA

Shedman

schiff said:

Things may or may not be different on the interest front in 120 days time...  

Blimey...you'll be giving Mystic Meg a run for her money with predications like that   

Paenymion

Aw, was hoping Paragon might "forget" about the legacy limited edition accounts and leave the rates alone.

margaretx9

Just to add the rate on the paragon bank easy access cash isa issue 7 is also being cut from 1.21% to 1% from the 1 June - this was the last one on offer pre lockdown etc.
So that means I think all their easy access ISAs irrespective of issue will be paying 1% from next month.
Not great - but it beats the 0.01% many of the bigger providers are now paying on instant access cash isas! And its a flexible isa and they are a split ISA provider too.

margaretx9

Just got another email from Paragon saying the rate on their instant access cash ISA issue 3 is being cut again to 0.5% from 12 June - following the cut from 1.25% to 1% on 12 May.
Presume this will apply to all their legacy instant access ISAs now paying 1%.

Aidanmc

margaretx9 said:

Just got another email from Paragon saying the rate on their instant access cash ISA issue 3 is being cut again to 0.5% from 12 June - following the cut from 1.25% to 1% on 12 May.
Presume this will apply to all their legacy instant access ISAs now paying 1%.

Have a Paragon easy access ISA also, never received any notification of interest cut?

margaretx9

Aidanmc said:

margaretx9 said:

Just got another email from Paragon saying the rate on their instant access cash ISA issue 3 is being cut again to 0.5% from 12 June - following the cut from 1.25% to 1% on 12 May.
Presume this will apply to all their legacy instant access ISAs now paying 1%.

Have a Paragon easy access ISA also, never received any notification of interest cut?

I have four instant/easy access ISA issues with Paragon - but I only got an email about the issue 3 being cut to 0.5% last Friday and no others since.
No idea why only that one - as last time they changed the rates for the cut to 1% I got 4  separate emails for each account.

NannieSlagg

I need to consider my ISA for this year 2021.

Award winning ISAs up to 1.05% says the Paragon home page. So, I look at the details, and what do I find?

ALL the ISA rates are lower than Paragon's eqivalent Fixed Term accounts such that if I take the non-ISA account and pay my 20% tax on the interest, I still end up with a higher rate than the ISA. What a waste of time. Paragon keep all of what would be my tax exemption, and a bit more.

Paragon can keep the awards; I'll keep my cash (elsewhere).

Albermarle

It costs a bank more to operate an ISA account as there is more admin with HMRC .
Most savings institutions have poorer ISA rates than non ISA for that reason .

In addition most savers do not even need to use ISA's due to the personal savings allowance of £1000 for 20% taxpayers .