Paragon Bank hits milestone £10bn in savings deposits

Eight years after launching its first savings account, Paragon Bank has reached the £10bn customer savings deposits milestones.

The company has also reached almost 250,000 direct savings customers and established partnerships with third parties offering additional savings products to their customers.

Its savings deposits support British businesses across a number of sectors, including asset finance for SMEs and development finance, funding the construction of new houses.

“Passing £10 billion in savings deposits is an important milestone for Paragon, not only because it speaks to the trust our customers place in us to look after their savings, but also highlighting the benefit Paragon brings to wider economic growth,” Paragon CEO Nigel Terrington said.

The bank has more than £329bn sitting in accounts offering rates of 0.1 per cent and below, Terrington said.

Now Paragon aims to continue offering more competitive rates than are available on the high street.

“Through financing assets we’ve enabled SMEs to increase both the range of services available to their customers and the business they can undertake, and by supporting the rented accommodation sector Paragon has played a leading role in improving the availability and quantity of high standard properties,” Terrington added.

Other milestones for the bank include launching ISAs in 2016, building partnerships with companies including Monzo and Hargreaves Lansdown and supporting the Lifetime ISA since 2019.