Paragon Bank: Rainy Day Easy Access Account

/ 4.60% Gross

Interest is calculated daily on the full closing balance in the account.

If you make a withdrawal request, interest will be calculated on the total amount in the account up to, but not including the day of withdrawal.

Interest is applied to the account on the first business day of each month.

The interest rate applicable to your deposit is variable.

Should the bank set a date to lower the interest rate, you will be given a minimum of 14 days’ notice. You may receive less notice if the rate increases.

Please review the Meteor Asset Management (MAM) Terms and Conditions for more information.

The estimated balance after 12 months on a deposit of £1,000 is £1,046.98. This projection is for illustrative purposes only and does not take into account individual circumstances.

To open this savings account, you must apply online through Raisin. Savings accounts at Raisin are only available through this online application process, and to be eligible to apply, you must:

●      Be a UK resident who is aged 18 or over

●      Hold a UK bank or building society account from which you will fund your application

●      Have a valid mobile phone number and email address

●      Have a UK National Insurance Number

Your application acceptance will be subject to the successful completion of Anti-Money Laundering/Know Your Customer (AML/KYC) check.

The minimum amount you can open and operate this account with is £20,000.

You can top up your account with the minimum amount of £1,000 per transaction and the maximum balance you can have is £85,000 (per product and banking institution).

You can manage your savings account through Raisin by logging into your Raisin Account. You can contact Raisin by telephone, by email or in writing by using the contact details provided in the Raisin Terms & Conditions.

Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.

Yes. There is no limit to the amount of withdrawals you can make; however, you are unable to withdraw less than £500 in a single withdrawal transaction and a withdrawal will not be authorised if it leaves your balance below £20,000. To withdraw below your minimum balance you may close your account at any time by requesting closure from within Raisin.

If termination is received on a non business day (either weekend or public Holiday), the termination will be initiated on the next business day.

Once termination has been requested it can’t be revoked.

Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.

Funds will be remitted to Paragon Bank by MIM on the business day after they arrive in the MIM account. It can therefore take up to 2 business days for an ordered product to be set up and start earning interest, and up to 2 business days for withdrawals and closures to be processed and funds received back in your Raisin account.

All cash in transit and deposits once established, will be held by MIM and MAM in trust for you under FCA client money and asset rules.

You have the right to cancel your account without charge and without giving any reason, within 14 calendar days from the day of opening this savings account.  For further information, please refer to clauses 1.18 and 1.19 of the MAM Terms and Conditions.