Paragon Bank is targeting a top-of-the-market position with its 1 Year Fixed Rate ISA after increasing the rate to 0.80%.

Paragon’s range of savings products can be opened and managed online, over the phone or by post and are available to both new and existing customers.

All of Paragon’s ISAs are eligible for the ISA Wallet feature. This allows savers to spread their £20,000 annual ISA allowance with Paragon across multiple cash ISAs, rather than just open one specific account. The easy access ISAs are also eligible for the ‘Flexibility’ feature, which allows any money withdrawn from an ISA to be replaced without the year’s allowance being impacted.

Derek Sprawling, savings director at Paragon Bank, said: “We want to support people who are looking to build up their tax-free savings by offering a range of competitive cash ISAs that are suited to all needs. Our range of products is available to both new and existing customers.

“Our ISAs are designed with flexibility in mind. Our ISA Wallet feature gives savers the opportunity to split their ISA allowance across different ISA accounts. On top of this, we also offer a ‘flexibility’ feature on our easy access ISAs that allow customers to replace funds withdrawn from an ISA without their allowance being impacted.

“It’s easy for people looking for a competitive deal to open and manage an account with Paragon and they can choose to apply online, by telephone or by post. Our 28-day rate guarantee ensures that any customers part way through the application process already, or with an imminent maturity with us, will also benefit from our new rates automatically.”

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