Paragon Bank

bobbyb16380

Dear Sirs, we applied for a 3 year fixed savings account with Paragon Bank on the 26th October 2020 and were given a reference number for contact. We were informed that because we had only in the last 10 months moved into our new home that we would have to verify our address. We forwarded proof of identification and address and the contacted the bank by telephone to make sure they had received it. they confirmed that they had and that we  would be contacted shortly wit account details. We were also informed that they were very busy and that this may take up to 5 days. We waited the 5 days and did not receive any communication at all, so attempted to phone the bank. We were on hold around 1 1/2 hrs with no success and so decided to email the bank. This was done on the 5th October 2020, we have not received any communication other than an automated reply. We now see that Paragon have reduced their interest rates from 1.37 to 1.15% and are now suspicious that they may have received more applications that they would have liked and are now blanking as many customers as possible in the hope they will simply go away. This is totally unacceptable behaviour for any professional organisation, let alone a bank and think this should be highlighted for all to see.

Kind regards, Bobbyb

Albermarle

Many of these smaller organisations ( and some bigger ones) are struggling due to covid/people working from home.
There are many similar complaints on this forum , about many different banks .
I am reasonably sure that you will still get the 1.37% rate , if not that definitely would be unprofessional.

SpanishBlue

As long as you make your opening deposit within 28 days of your application date, you will get the better rate that was advertised at the time.

lhsecons

bobbyb16380 said:

Dear Sirs, we applied for a 3 year fixed savings account with Paragon Bank on the 26th October 2020 and were given a reference number for contact. We were informed that because we had only in the last 10 months moved into our new home that we would have to verify our address. We forwarded proof of identification and address and the contacted the bank by telephone to make sure they had received it. they confirmed that they had and that we  would be contacted shortly wit account details. We were also informed that they were very busy and that this may take up to 5 days. We waited the 5 days and did not receive any communication at all, so attempted to phone the bank. We were on hold around 1 1/2 hrs with no success and so decided to email the bank. This was done on the 5th October 2020, we have not received any communication other than an automated reply. We now see that Paragon have reduced their interest rates from 1.37 to 1.15% and are now suspicious that they may have received more applications that they would have liked and are now blanking as many customers as possible in the hope they will simply go away. This is totally unacceptable behaviour for any professional organisation, let alone a bank and think this should be highlighted for all to see.

Kind regards, Bobbyb

I realise it’s a typo, but you do need to be very clear in your communication with them when you applied. It obviously wasn’t on 26th October 2020!!