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Paragon Bank Review

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Paragon Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 2005, Paragon Bank has assets totaling $377 million as well as deposits totaling $302 million, which makes the institution a small bank. Paragon Bank, whose headquarters are in Memphis, Tennessee, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. At a SmartAsset rating of 4.4 stars out of 5, Paragon Bank should be solidly in contention for your choice of bank. Paragon Bank offers a full suite of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. If you're looking for a checking account for everyday use, Paragon Bank offers an option without a monthly fee. Institutions that offer free checking, in addition to a high savings APY are the best option for accruing the highest income on your deposits while having easy 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

Paragon Bank has a savings rate of 0.05%, which is fair as compared against the national average. Paragon Bank's one-year CD has a rate of 1.00% and the five-year CD has a rate of 1.00%, while its highest-yielding money market account earns at a rate of 0.15%. Given Paragon Bank's poor savings rate, you should think about taking a look at other banks for 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 charges its customers extremely low fees compared to the average U.S. bank. Paragon Bank's checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Paragon Bank doesn't reimburse out-of-network ATM fees, which means you will be required to find a Paragon Bank ATM or eat 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 account access convenient, even on the go. Paragon Bank's online and mobile banking platforms get high marks from users. With 4 ratings on both iOS and Android platforms, the Paragon Bank mobile app has an overall rating of 4.8 out of 5 (compared to the national average of 3.8). You can utilize Paragon Bank's mobile app to control your accounts by reviewing monthly statements, transferring money as well as reaching customer service. Paragon Bank gets a superb consumer satisfaction rating based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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 assets totaling $377 million and deposits totaling $302 million. Paragon Bank's Texas Ratio is 2.72%, indicating that the bank is in excellent financial health and far from 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 Account 0.1% APY $1001

Paragon Bank offers 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 consider 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 the average U.S. bank.

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Find a Paragon Bank Near Me

Paragon Bank has four locations in the U.S.

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