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Paragon Bank launches ‘bolstered’ market-leading fixed rate ISAs paying 5.82% | Personal Finance | Finance

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Paragon Bank has launched two top-paying , for a one- and two-year term.

Both of the accounts pay 5.82 percent interest and can be launched with a deposit of £500.

A person can hold up to £500,000 in and customers also get an ISA Wallet meaning they can open more than one cash ISA with Paragon in the same tax year.

Derek Sprawling, savings director at Paragon Bank, said: “We pride ourselves on our award-winning ISA offering, so we are pleased to increase our one and two-year fixed rates to market-leading positions.

“Whilst we’ve been here all along, this bolstered product range comes at a time when ISA savings are enjoying a resurgence as people look to protect their interest against tax.”

A saver can make any number of deposits by bank transfer, cheque or transferring from another ISA within 28 days of their application request.

A person must make all the deposits from their nominated bank account and they must be in the name of the ISA holder.

Interest is paid on the anniversary of the date when the account is opened. A person who deposits £1,000 would have a balance of £1,005.82 after a year.

Any withdrawals made before the term ends are subject to a penalty of 90 days’ interest.

A person can deposit up to £20,000 each tax year into the accounts as per the ISA allowance.

People interested in fixed rate accounts may also want to look at NS&I’s Guaranteed Growth Bonds and Guaranteed Income Bonds, which pay a top 6.2 percent.

Financial journalist urged people as they have the advantage of being Government backed.

He said on his BBC podcast this week: “When you put money in a UK regulated savings account, you’re protected by the UK financial services compensation scheme, up to £85,000 per person, per financial institution.

“But with NS&I, because every penny saved is backed by the Treasury, whatever you have in there has the same level of safety.”

He said the accounts may suit an individual who currently has a large amount of cash as they have just sold a property, and are waiting for house prices to fall before they use the funds to buy another home.

For the latest personal finance news, follow us on Twitter at @ExpressMoney_.



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IRGC Vows To ‘Kill’ Netanyahu, Trump Seeks Help To Reopen Strait Of Hormuz While Not Being Keen On Ceasefire

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Iran War News Live Updates: Trump Attempt To Open Strait of Hormuz

US President Donald Trump called on allied countries to deploy warships to protect shipping in the Strait of Hormuz, and there were no indications on Sunday that the ongoing war would end soon.

“The Countries of the World that ​receive Oil through the Hormuz Strait must take care of that passage, and we will help — ⁠A LOT!” Trump wrote in a social media post on Saturday. “The U.S. will also coordinate with those Countries so that ​everything goes quickly, smoothly, and well.”

The president said military facilities on the Persian Gulf island had been “obliterated,” adding that he chose not to hit oil infrastructure “for reasons of decency.” He threatened to do just that should Iran “do anything to interfere with the Free and Safe Passage of Ships through the Strait of Hormuz.”



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upGrad Signs Term Sheet To Acquire Unacademy In 100% Share-Swap Deal

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upGrad has signed a term sheet to acquire Unacademy in a 100% share swap deal.

“Neither side will disclose the valuation until closing, when the papers are filed and the transaction becomes public,” Unacademy founder Gaurav Munjal tweeted on Sunday.

“I will be staying back as Co-Founder and CEO Unacademy – with the Goal to build Great Online Products for Learners in India and Globally,” Munjal added.

upGrad co-founder Ronnie Screwvala said his firm also agreed to a break fee if the deal is not closed. “If this closes. upGrad’s integrated model with an expanded focus from K12 to forever learning will be on a strong trajectory,”  Screwvala added.

“We at upGrad have signed a term sheet to acquire Unacademy in an all-stock deal, with Founder and CEO @gauravmunjal staying on to build Unacademy and focus on what it does best, creating online education products that learners love,” he added.

In January, UpGrad had called off a deal to acquire Unacademy at a valuation of around $290 million, citing valuation concerns and various business-related challenges within the Temasek and SoftBank-backed startup, according to sources.

Sources said that UpGrad changed its mind after realising the business of Unacademy is shrinking and there is fierce competition around the offline centre business of the edtech firm, which will require massive investments.

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Light Rains Bring Relief To City On Sunday Morning, AQI ‘Moderate’

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Many areas of the city witnessed light rainfall on Sunday morning, bringing a much-needed respite from the prevailing dry conditions, the IMD said.

The India Meteorological Department (IMD) stated that 5 mm of rainfall was recorded till 8.30 am.

According to the IMD data, Safdarjung and Lodhi Road recorded 0.8 mm rainfall each, while Palam received 0.4 mm. Ayanagar recorded 2.6 mm rainfall and Pitampura 3.5 mm, the highest among the stations.

ALSO READ: Mumbai Mayor Ritu Tawde Responds To Deepika Padukone’s ‘Children Are Choking’ AQI Post

Additionally, Mayur Vihar recorded 1.0 mm rainfall and Janakpuri 0.5 mm, while Ridge reported only a trace of rainfall.

The minimum temperature was recorded at 20.2 degrees Celsius, which is 5.1 notches above the seasonal average, while the maximum temperature is expected to settle around 28 degrees Celsius, the weather office said.

The AQI stood in the ‘moderate’ category at 9 am, with an Air Quality Index (AQI) reading of 190, Central Pollution Control Board (CPCB) data showed.

According to the CPCB, an AQI between zero and 50 is considered ‘good’, 51 to 100 ‘satisfactory’, 101 to 200 ‘moderate’, 201 to 300 ‘poor’, 301 to 400 ‘very poor’, and 401 to 500 ‘severe’.

ALSO READ: Delhi Gasps For Air: AQI Over 200 On Nearly Every Other Day, Winter Peaks Hit 466

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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