For most people, it takes time and effort to build up a savings pot so it’s very important to make sure that it’s well looked after.
In customer surveys, you consistently tell us that competitive interest rates, FSCS protection1 and online access are the things that matter most to you when looking for a home for your money.
We’ve built our savings range to meet these needs and that’s why we’re delighted that 75% of customers have chosen to keep their Fixed Rate savings with Paragon even after they’ve matured. What’s more, 91% of those customers who leave tell us they’d be happy to consider us again in the future, so there’s no hard feelings2.
If you’ve got a Fixed Rate savings account that’s approaching maturity, you need to know what to expect as it approaches the end of its term. While every bank will follow a different process, this is what we do at Paragon.
- We will always notify you at least four weeks before your account reaches the end of its term to remind you and let you know what your options are
- We will let you review the latest range of products available to customers with maturing accounts and, if we increase our rates between emailing you and your maturity date, you’ll automatically get the higher rate
- If you don’t tell us what you want to do two days before the date of maturity, we’ll put your money into an Easy Access account. That way, you can access your savings whenever you want
- If you want us to return your money, all you need to do is instruct us to return it to your nominated account or another one of your Paragon savings accounts
- Finally, after we’ve carried out your instructions, we’ll let you know via email or a secure message.
While it’s great to welcome new customers, it’s also important to us that existing customers choose to stay.
If you have a Fixed Rate savings account with us that’s about to draw to a close, please look for our correspondence setting out your options and, in the words of the old song, ‘Why don’t you stay, just a little bit longer?’
1. The FSCS provides automatic protection for deposits of up to £85,000 per person, per authorised firm in the unlikely event that a bank, building society or credit union goes out of business
2. Source - Paragon Savings Maturity Survey, April 2018