How can I know the interest rate for my Paragon 1-year fixed rate account?

intalex

I applied for a 1-year fixed rate online on 21/09 when the advertised interest rate was 1.30%.

I have just logged on to online banking and have also checked all the paperwork I received from them through the post, and nowhere does it mention the interest rate applicable on my account (at least I can't find it anywhere).

But on online banking it does say that the account was opened on 04/10 (not sure why), and also the historical rates section on the Paragon website shows that the interest rate was 1.30% effective 18/09, then 1.15% effective 25/09, then 1.00% effective 02/10.

Anyone with a similar experience, and happen to know if this is "game" being played by Paragon? I'm trying to call them but their phone lines say around 30 min wait...

Albermarle

Normally you should get the interest rate applicable at time of application , as long as you deposit money within the time limits .
Usually within 14 days .
The fact the offered interest rates changed in the meantime makes no difference , or shouldn't do anyway .

schiff

The applicable interest rate on Paragon accounts is clearly shown online, along with the account number and current balance. I too applied when the rate was 1.3% and I had 25 days to make the first deposit and five working days after that to finish depositing the money I was investing there. Worked well for me.

schiff

Correction - it is 28 days not 25 and they are not 28 working days, so if you haven't made a first deposit you are cutting it fine. 28 days from 21/9 is today!

Bobblehat

I can't get online at the moment to check. I log in, get past the security Q ... then there is a long wait and it says it's logging you out (even though you never seem to have been logged in!).

I found my interest rate in the Product T&C's PDF which I saved when the application went through.

Bobblehat

3rd attempt ... still a long pause, but finally got in. As Schiff says, the interest rate is shown in the summary too online. I'm using PC/Win10/Edge to view.

refluxer

Does your account show up at all when you log into their online banking site ? I also opened one of their 1 year fixed rates @ 1.30% and, as mentioned above, the account details, balance and interest rate are clearly shown when I log in.

@Bobblehat - I wasn't able to log in to their site either just now using Chrome on PC, but Chrome on my Android phone worked OK. This isn't the first time I've had issues with the Chrome PC browser with online banking sites, despite it being up-to-date. Starting to lose confidence in it, TBH.

schiff

intalex said:

I applied for a 1-year fixed rate online on 21/09 when the advertised interest rate was 1.30%.

I have just logged on to online banking and have also checked all the paperwork I received from them through the post, and nowhere does it mention the interest rate applicable on my account (at least I can't find it anywhere).

But on online banking it does say that the account was opened on 04/10 (not sure why), and also the historical rates section on the Paragon website shows that the interest rate was 1.30% effective 18/09, then 1.15% effective 25/09, then 1.00% effective 02/10.

Anyone with a similar experience, and happen to know if this is "game" being played by Paragon? I'm trying to call them but their phone lines say around 30 min wait...

If the account is shown as opened on 4/10, that will be the date of your first deposit. You can't make any more, the time limit has passed. I can't understand why you can't see the interest rate showing for your account when you log in. You need to come back and provide some more detail.

Speculator

maybe try a different browser.

buffman

The interest rate is only shown once (or possibly the day after) the initial deposit is made into the bond. You will get the rate applicable when you applied. I applied when the rate was 1.3%, and only funded it today. There is no interest rate showing online and so I phoned to confirm the rate etc.

intalex

buffman said:

The interest rate is only shown once (or possibly the day after) the initial deposit is made into the bond. You will get the rate applicable when you applied. I applied when the rate was 1.3%, and only funded it today. There is no interest rate showing online and so I phoned to confirm the rate etc.

I did the same and they confirmed verbally that my interest rate is 1.30% AER and indeed I need to make my first deposit by COB today to qualify.