Paragon Bank is celebrating a decade of success as a savings provider by hitting the £15 billion customer deposits milestone.

Since launching its first savings account in June 2014, Paragon has grown rapidly to become a leading name in UK savings. This £15 billion milestone, achieved just two years after reaching £10 billion, underlines the bank's solid foundations and impressive momentum.

Award-winning Paragon is a regular feature of the best buy tables for UK savers and today has nearly 300,000 direct savings customers and well-established partnerships with third parties offering savings products to their customers, including Monzo, Revolut and Hargreaves Lansdown.

Paragon has also won awards from Moneyfacts, Savings Champion, Money Age and MoneyComms for its savings products.

The bank has built a particularly strong ISA proposition and recently reported record applications at the start of the new tax year as ISA savers looked to maximise their tax-free allowance.

Beyond savings, Paragon plays a vital role in supporting British businesses. Paragon uses savings deposits to support British businesses across a range of sectors, from asset finance for SMEs through to development finance, funding the construction of much-needed new housing across the country.

The company also specialises in providing finance for landlords, helping to provide homes for the UK private rented sector.

Derek Sprawling, Paragon Bank Savings Managing Director, said: “After a great 10 years we’re pleased to have hit the £15 billion savings deposit milestone, as it’s a signal that so many savers entrust Paragon with their hard-earned money.

“The rate of growth in our savings book over the past two years has been phenomenal as higher interest rates trigger a bigger proportion of savers to reconsider their savings provider – with many choosing Paragon. I put our success down to an intense focus on delivering for our customers.”

He added: "Our savings book supports the bank’s lending activities. This allows small-to-medium-sized businesses to invest in growth, small housebuilders to deliver much-needed housing and landlords to provide homes for those who choose to rent."

For further information contact:

Michael Clarke
Head of Media Relations
Paragon Bank
07740090746

Notes to editors:

Paragon Bank PLC is a subsidiary of the Paragon Banking Group PLC which is a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group PLC has over £15 billion of assets under management, helping more than 340,000 customers to achieve their ambitions.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551.