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Review of the Paragon Bank, Fixed Rate Cash ISA:

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No complaints department!

I had fixed term ISA coming to maturity with another provider and with Paragon offering the best of the very poor rates that are currently around, I completed an online form to transfer it to Paragon, being very careful to tick the "on maturity" box, as Paragon's rate was lower than the fixed term ISA and I wanted to maximise the higher rate. Despite this, the transfer was undertaken a few days early. Paragon said they have evidence they sent the other provider the correct instructions but refused to send it to them. Later they said that the previous account was not fixed interest, so had no end date, i.e. no maturity date! They are refusing to reimburse the lost interest and refusing to accept anything has been done incorrectly They logged the complaint and said they would investigate, but three days later they merely repeated what I had been told before. Clearly no investigation had taken place. I have sent them evidence that it was a fixed term account, which has matured, and no longer exists, evidence that the early closure has resulted in lost interest and proof that I ticked the "on maturity" box . They now say they have to start the complaints process from scratch! I have told them that I now want compensation as well as the interest reimbursed. Incidentally they have no discrete complaints department, so the people who "investigate" the complaint are in the same department as those who made the error! Total shambles of a bank. Reviewed on: 3rd December 2020

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