Paragon Bank plc - trustworthy?

wmb194

Bassplayer48 said:

Following the recommendation and link on here I set up a fixed rate ISA account with Paragon as currently one of the top fixed rate ISA's.
Upon trying to transfer money to fund it from my current account, my bank, Lloyds warns that that Paragon should not be trusted and I may be risking my money.
I don't know now whether I should proceed or not.
Are the links on here safe to follow for investors? Or maybe LLoyds are being over cautious and this is just a standard warning?
Grateful of any advice please. Thanks 

Paragon's been around for ages and it's an established FTSE250 company, LSE:PAG, so it's easy to research. I've had a few fixed rate savings bonds with it, first one opened in 2015. These days Lloyds and every other bank gives warnings like that for every new payee and quite often existing ones. Chase is always asking me whether I trust my main and first ever current account...

poseidon1

Bassplayer48 said:

Following the recommendation and link on here I set up a fixed rate ISA account with Paragon as currently one of the top fixed rate ISA's.
Upon trying to transfer money to fund it from my current account, my bank, Lloyds warns that that Paragon should not be trusted and I may be risking my money.
I don't know now whether I should proceed or not.
Are the links on here safe to follow for investors? Or maybe LLoyds are being over cautious and this is just a standard warning?
Grateful of any advice please. Thanks 

It's something very few people do, but might suggest you learn to do some basic due diligence to learn how the bank you are interested in saving with makes their money,  and perhaps via their published accounts, the strength of their balance sheet.

As advised by wmb194 Paragon Bank is a ftse 250 stockmarket listed company market cap of around £1.56 billion. Primary business is as lender to businesses and the buy to let landlord market.

 Therefore, unlike some of the other unquoted small saving institutions offering favourable interest rates touted on this forum, they have a wholly transparent and understandable business model of lending to businesses at rates higher than those paid to savers. You should feel considerable confidence saving with a stockmarket quoted entity of this pedigree.

VNX

I have and am using paragon I like them and totally legit 

Rich2808

I have been a customer for years and had no issues - they are very efficient and their customer services are very helpful. Administering and opening accounts and isa transfers - internal or external - are swift and efficient.

They were also extremely helpful when dealing with an isa transfer which went wrong due to an administrative error by a large bank (starts with V and second word begins with M) - taking time to help me resolve the issue when the big bank was impossible to deal with.

Also - importantly - lots of best buy accounts offered regularly both fixed and easy access.

So would 100 per cent recommend them!