Paragon Bank

Shedman

PParka said:

Could someone explain how the Paragon 'ISA Wallet' works?
I realise you can open multiple ISAs in the same tax year, but do you have to open them at the same time?

For example, could I open a 2-year fixed rate now, then open a 3-year fixed rate in a few months time?

Thats a good question that I certainly hadn't thought about.  There is nothing in their Help FAQs that suggests you can't and, given that its the ISA Wallet in toto thats the tax wrapper not the individual components within that wallet, then logically what you propose should be OK - just the same if you added in stages over the year to a non fixed ISA.  However, its probably best to give them call on Tuesday just to get confirmation.  You could open both now but not fund them until you'd got confirmation in case they get pulled.  If it is OK to include a 3 yr one later in the year you can then part fund the 2 yr, leave the original 3 yr unfunded and open and fund another 3 yr one later.

Of course the rate on the 3 yr could have reduced in a few months so might be a risk there.

myname15

Wonder if they'll be increasing their Triple Access ISA rate?  May need to look for a new home if not any time soon.

Silverweed

Is is possible to make a £1 test payment to a new Paragon account please?

Minimum funding requirement £500 but would be more comfortable sending £1 initially as I'm not sure if they are on the Confirmation of Payee list.

Thanks in advance.

VNX

Silverweed said:

Is is possible to make a £1 test payment to a new Paragon account please?

Minimum funding requirement £500 but would be more comfortable sending £1 initially as I'm not sure if they are on the Confirmation of Payee list.

Thanks in advance.

I funded my new three year ISA this week with Paragon, sent 500 then the rest once the 500 was in nothing to worry about with Paragon