We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Paragon - Are they quick to follow base rate changes?
boingy
Posts: 2,017 Forumite
Paragon are currently top of the pops for EA savings rates but they are not a bank I've ever really paid any attention to. In general, are they quick to change interest rates after BoE base rate changes or do they tend to drop down the league table and just occasionally leap to the top again?
0
Comments
-
boingy said:Paragon are currently top of the pops for EA savings rates but they are not a bank I've ever really paid any attention to. In general, are they quick to change interest rates after BoE base rate changes or do they tend to drop down the league table and just occasionally leap to the top again?On Hargreaves Active Savings they are very slow to increase rates on existing EA accounts whilst making new EA accounts more competitive. The version I have pays 3.2% but they offer 3.55% for a new account. Not sure how that compares with going direct.0
-
Direct it's 4.25% but limited to three withdrawals per year.FIREDreamer said:?On Hargreaves Active Savings they are very slow to increase rates on existing EA accounts whilst making new EA accounts more competitive. The version I have pays 3.2% but they offer 3.55% for a new account. Not sure how that compares with going direct.0 -
I'd not heard of the Active Savings thing but it seems that they make their money from offering lower interest rates on the accounts compared with going direct. So on the one hand you get a one-stop shop for easily comparing rates and switching between accounts but on the other hand the rates are not as good as if you went direct. I can see the attraction for some but it's not for me.
My question is about Paragon and whether they tend to stay competitive all of the time or do you end up having to move the money around to get better rates? It's a particularly important question with Paragon as I'm looking at their "Triple Access" accounts, where you can only withdraw three times per year. Any more than that and the interest rates fall to comedy levels.0 -
Following the latest increase, Paragon informed me on 29/6 that my Triple Access account rate would increase from 5/7.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards