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Paragon reaches £5bn deposit milestone

Theo Osborn | 13:06 Friday 3rd August 2018

Paragon has announced that it has reached £5bn in deposits.

The specialist bank has reached the milestone four years after launching its first savings product.

Deposits are used by Paragon to support small businesses and entrepreneurs across the UK, including asset finance loans and property development finance.

Richard Doe, managing director of savings at Paragon (pictured above), said: “This is another milestone for the savings side of the business and we feel honoured that in a short time so many people have trusted us with their savings. 

“We have not only reached £5bn in deposits, but also become a trusted name with consumers who want consistency. 

“That matters to us as a smaller, specialist bank that cares about its customers.

“We also feel proud that money from our savings accounts can fund a wide variety of businesses and play a part in supporting Britain’s economy.”

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