Paragon Bank launched in 2014 and is part of FTSE 250 listed Paragon Group. It is a specialist buy to let lender which has diversified in to other areas of lending.
Paragon have their own banking licence which isn’t shared with any other banks
Companies House Number: 2336032
Financial Conduct Authority: 604551
Based: Head Office is in Solihull but its savings business is based in Newcastle
Date Launched: February 2014
FSCS Protected? Yes
Branches: Paragon does not have any branches
People of Interest
Head of Savings
Michael Helsby is MD of Savings
No. of Savers
187,000 as at 31st December 2020
Amount of Deposits
£9.1bn as at 30th June 2021
£13.1bn as of 30th June 2021
Account Opening and Management
How Do I Open a Savings Account
How Do I Manage a Savings Account
Internet, Post, Telephone
Paragon has six principle areas of lending:
- Mortgages - Buy-to-let mortgage finance for landlords operating in the private rented sector within the UK, including second charge mortgage products. Accounts for 85% of Paragon's lending by value.
- Motor Finance - finance for cars, light commercial vehicles, motorhomes and caravans
- Asset Finance - for business equipment for SMEs covering sectors including agriculture, aviation, construction, technology and print packaging
- Development Finance - for property developers operating across the UK
- Structure Finance - finance for non-bank specialist lenders
- Idem Capital - Paragon owns Idem, which acquires loan portfolios including products such as leases, motor finance agreements, mortgages and unsecured loans. It also services portfolios for clients including banks, private equity houses and specialist lenders.
Savings Guru Verdict
Paragon offers a wide range of savings products including easy access, notice, fixed rates and ISAs. It was the first bank to offer the cash Lifetime ISA and one of only five providers who currently do. It offers a consistent range in the market, unlike some providers who withdraw products from sale completely, and has been consistently priced. Although it rarely tops our best buys, it often has products which do feature in our tables, particularly for ISAs where it has been very competitive.