Savings accounts: Bank reissues account offering ‘competitive’ interest rate

Inflation rate: Expert discusses rise in April

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The savings provider has announced it has reissued its Triple Access Savings Account. It pays a rate of 0.41 percent variable.

The bank said the decision was to “increase competitive options” available for savers in the access space.

Paragon Bank is launching the Triple Access Savings Account from today, Friday May 21, 2021.

The account offers a variable rate, meaning it could change.

It is available to open and manage the account online.

Via this account, savers can make up to three withdrawals a year without it impacting the interest rate.

After the third withdrawal, the interest rate will go to 0.25 percent AER variable.

As such, Paragon Bank said it means the account is a good choice for people who are looking to save for the medium to long-term, but who want the flexibility of accessing funds if they need to.

The bank also suggested it could suit those looking to earn interest on their emergency fund.

Derek Sprawling, savings director at Paragon Bank, said: “Paragon has been supporting UK savers with consistently competitive products against a backdrop of falling market rates.

“We remain committed to adding value by launching a competitive access account for savers.

“The Triple Access Savings Account offers people more choice in the access space and is a great option for people looking to earn a good interest rate on their emergency fund, or for those saving for a specific goal.

“We offer a broad range of saving products to suit all requirements that are straightforward to open and manage, and we will continue to look at ways we can innovate to offer great saving solutions for our customers.”

According to money comparison Moneyfacts.co.uk, the reissuing of the bank’s Triple Access Savings Account has taken it to the top of the market in terms of triple access accounts.

Meanwhile, Nationwide Building Society’s One Year Triple Access Online Saver 11 pays 0.40 percent AER variable.

Elsewhere, when it comes to the best easy access savings accounts market, Atom Bank is paying 0.50 percent AER variable via its Instant Saver.

ICICI Bank UK is also offering a 0.50 percent AER variable rate via its SuperSaver Savings Account.

Virgin Money is also paying 0.50 percent AER variable via the Club M Saver.

Yorkshire Building Society, meanwhile, is offering a 0.45 percent interest rate via the Annual Access Account Issue Eight account.

Earlier this week, the latest figures on the rate of inflation in the UK were published by the Office for National Statistics (ONS).

In just one month, the Consumer Prices Index (CPI) jumped from 0.7 percent to 1.5 percent in April 2021, the statistics show.

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