Paragon 1 or 2 year fixed

SickGroove

Morning,

Been waiting for Paragon to release new 1 and 2 year ISAs 

Today they have...

1.35% 1 year 
1.65% 2 year 

I've 60K to transfer from previous plus the 20K allowance for 22/23

I like the ease of Paragon & monthly interest but unsure weather to fix for 1 or two years incase rates increase...

Any advice appreciated.

Rich2808

If you want a cash isa - and it works for you (e.g. a higher rate taxpayer likely to exceed the £500 tax free income on interest on non ISA accounts) then I would certainly recommend Paragon.

They pay competitive rates.
They offer split isas - so you can invest in multiple isas annually using your £20k allowance mixing instant access and fixed rates 
They are efficient - I requested an ISA transfer from them to another provider yesterday afternoon and this morning they emailed me to check I had actually made that request
Its all done online - so no need to print out and sign forms in the post - including for most providers transfer requests.

As for these current products - well there is no MPC meeting until 4 May when base rates may go up again. So you might get better rates later - but then you have up to 28 days to make your transfer request once the account is open.

I doubt rates will be lower for one and 2 year fixed by the summer - but it of course depends what you are getting on those savings now.

Albermarle

SickGroove said:

Morning,

Been waiting for Paragon to release new 1 and 2 year ISAs 

Today they have...

1.35% 1 year 
1.65% 2 year 

I've 60K to transfer from previous plus the 20K allowance for 22/23

I like the ease of Paragon & monthly interest but unsure weather to fix for 1 or two years incase rates increase...

Any advice appreciated.

It is probably not worth expending too much mental energy on it . 0.3% = £250 pa , whilst due to inflation your savings will lose about £5K to £6K in value over the next 12 months .
Just to put things in perspective .

Bigwheels1111

I can’t wait to get my cash out off my isa, unless things change in 6 weeks it will be a 2 year fixed savings.
At 2.21%, I don’t pay tax so not an issue.
But isa rates are still very poor.