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Paragon Bank

General Information

Overview

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.

Banking Licence

Paragon have their own banking licence which isn’t shared with any other banks

Registration Numbers

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

Chief Executive

Nigel Terrington

Saving Information

No. of Savers

180,000

Amount of Deposits

£6.4bn as at 31st December 2019

Loan Book

£12.2bn as of 31st December 2019

Account Opening and Management

How Do I Open a Savings Account

Internet, Post

How Do I Manage a Savings Account

Internet, Post, Telephone

 

Lending Activities

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.

Reviews

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.

Contact Information for Paragon Bank

Contact Details

Savings:

Paragon
PO Box 850
Wallsend
NE28 5BJ

Head Office:

Paragon
51 Homer Road
Solihull
West Midlands
B91 3QJ

Telephone: 0800 052 2222

Website: https://www.paragonbank.co.uk/

Email: savings@online.paragonbank.co.uk

Monday – Friday, 9am – 5pm

About The Savings Guru

We help savers get the best deal for their money by providing unique insight in to the savings market.  We help prospective banks apply for a banking licence and we help build customer services, products and marketing for them.  We also work with existing banks and building societies to improve their savings propositions.  This  insider view of savings means we are uniquely placed to help savers.

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