Paragon Bank reaches £1bn in savings deposits

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Paragon Bank has collected £1bn in deposits in just under two years.

Since launching in February 2014, the online-only bank has attracted more than 25,000 customers.

Paragon Bank managing director Richard Doe says: “From a standing start last year we’ve hit a key milestone in the journey of Paragon Bank. We now have a significant presence in the savings market, being the savings provider of choice for more than 25,000 savers.

“Our best buy listings, survey results and a growing proportion of secondary account openings by existing customers, make us incredibly proud that we’re delivering to expectations.  We look forward to continuing our straightforward approach and consistently competitive rates throughout 2016.”