Tranfer To Paragon 30 June 2022 at 2:42PM in ISAs & tax-free savings 5 replies 163 views

Ljc80_2

I signed up last week for the Paragon 1 year fix at 2.1% and initiated a transfer of old ISA into it.

I logged on to it today to authenticate the bank account and noticed that the rate no longer appeared on the website, and see now on MSE that it is no longer

Will I still get this rate as when I opened it it was there even though money hadn't yet reached it?

refluxer

That ISA has been withdrawn for new customers but was still available for existing customers the last time I checked, however you should get the rate that you signed up for, regardless. The rate will be stated on the T&Cs you agreed to.

When you log into your Paragon online banking account, the account and rate should be visible even though it hasn't yet been funded.

To give you an idea of transfer timescales, transferring a couple of Principality ISAs into a new Paragon ISA took about 16 days (11 working days) for me and most-likely involved posting cheques. Electronic transfers are likely to be quicker.

Ljc80_2

I thought that would be the case but when I logged in I couldn't see any mention of the rate, even under account details tab, so thats what prompted my question. 

Albermarle

These smaller banks have a target to attract so much money at the advertised rate. As soon as the target is reached the offer is withdrawn for any new applications ( or in this case just for new customers) 

refluxer

Ljc80_2 said:

I thought that would be the case but when I logged in I couldn't see any mention of the rate, even under account details tab, so thats what prompted my question. 

The rate was visible immediately for my Triple Access ISA, but I guess this may not necessarily apply to fixed rate ISAs. Either way though, you should get the rate you signed up for (check your T&Cs to be sure) and the fact that it has subsequently been withdrawn for new customers shouldn't matter.

Paragon give a fairly generous period of 28 days to fund the ISA, however they make allowances for transfers if they take longer than this.

cargo

I too signed up for this last week.You do get the rate stated.

Gary