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Paragon Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Paragon Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 2005, Paragon Bank has $377 million in assets as well as deposits totaling $302 million, classifying it as a small bank. Paragon Bank, whose headquarters are in Memphis, Tennessee, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. Overall, Paragon Bank is a solid contender in your bank search, with a rating of 4.4 out of 5 stars from our experts. Paragon Bank has a complete array of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Paragon Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, the bank's standard checking does not carry a monthly fee. Obtaining a checking account with no monthly fee and a savings account with a high APY at the same bank is your best option for accruing the most income on your deposits while having convenient access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.4/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

3.3
SmartAsset Average: 3.5

With a savings rate of 0.05%, Paragon Bank ranks poorly in comparison to the average U.S. bank. Its one-year CD has a rate of 1.00% and the five-year CD earns at a rate of 1.00%, while its highest-yielding money market account earns at a rate of 0.15%. Given Paragon Bank's below average savings rate, you should think about looking elsewhere to open savings accounts.

How Paragon Bank's Savings Rates Compare

Paragon Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Paragon Bank generally has extremely low fees compared to other U.S. banks. With no monthly fee, Paragon Bank's checking account is perfect for those who need an easy banking experience. Paragon Bank doesn't reimburse out-of-network ATM fees, meaning you will have to locate a Paragon Bank ATM or pay the fee.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

4.4
SmartAsset Average: 3.7

Paragon Bank is a brick-and-mortar bank, with four total bank locations in Tennessee. With mobile and web apps, Paragon Bank makes mobile banking straightforward, even on the go. Paragon Bank's online and mobile banking services get high marks from users. With 4 customer reviews on iOS and Android platforms, the Paragon Bank mobile app rates a 4.8 out of 5 (compared to the national average of 3.8). You can utilize Paragon Bank's app to control your bank accounts by monitoring current statements, transferring funds and accessing support representatives. Paragon Bank receives an excellent consumer satisfaction score due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.8/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Paragon Bank is currently a small bank with $377 million in assets and $302 million in deposits. Paragon Bank's Texas Ratio is 2.72%, denoting a negligible chance of failure. Additionally, Paragon Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Paragon Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.05% APY $1000
Certificates of Deposit
  • 12 Month: 1.00% APY
  • 24 Month: 1.00% APY
  • 36 Month: 1.00% APY
  • 48 Month: 1.00% APY
  • 60 Month: 1.00% APY
$1000 for all terms
Money Market Accounts 0.1% APY 0.15% APY $10000 $15000

Paragon Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Paragon Bank does not have the best savings rate, which means you should think about other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Paragon Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Paragon Bank Near Me

Paragon Bank has four physical locations across the U.S.

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