<?xml version="1.0" encoding="utf-8"?>
<xs:schema xmlns:paragonbankinggroupplc="http://paragonbankinggroupplc.com/xbrl/2024" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2020-01-21" xmlns:num="http://www.xbrl.org/dtr/type/numeric" targetNamespace="http://paragonbankinggroupplc.com/xbrl/2024" xmlns:xs="http://www.w3.org/2001/XMLSchema">
  <xs:import schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" namespace="http://www.xbrl.org/2003/instance" />
  <xs:import schemaLocation="https://www.esma.europa.eu/taxonomy/2022-03-24/esef_cor.xsd" namespace="https://www.esma.europa.eu/taxonomy/2022-03-24/esef_cor" />
  <xs:import schemaLocation="http://www.xbrl.org/lrr/arcrole/esma-arcrole-2018-11-21.xsd" namespace="http://www.esma.europa.eu/xbrl/esef/arcrole/wider-narrower" />
  <xs:import schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" namespace="http://xbrl.org/2005/xbrldt" />
  <xs:import schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd" namespace="http://www.xbrl.org/dtr/type/2020-01-21" />
  <xs:import schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" namespace="http://www.xbrl.org/dtr/type/numeric" />
  <xs:annotation>
    <xs:appinfo>
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="213800S1TDKIB1IUTS72-2024-09-30_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="213800S1TDKIB1IUTS72-2024-09-30_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="213800S1TDKIB1IUTS72-2024-09-30_lab-en.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="213800S1TDKIB1IUTS72-2024-09-30_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="https://www.esma.europa.eu/taxonomy/2022-03-24/esef_cor-lab-en.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:type="simple" />
      <link:linkbaseRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:href="https://www.esma.europa.eu/taxonomy/2022-03-24/esef_cor-gen-en.xml" xlink:type="simple" />
      <link:roleType id="NotesAndMandatoryItems" roleURI="http://paragonbankinggroupplc.com/xbrl/2024/roles/NotesAndMandatoryItems">
        <link:definition>01 - Notes and Mandatory Items</link:definition>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:labelLink</link:usedOn>
      </link:roleType>
      <link:roleType id="ProfitOrLoss" roleURI="http://paragonbankinggroupplc.com/xbrl/2024/roles/ProfitOrLoss">
        <link:definition>02 - Profit or loss</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:labelLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StatementOfComprehensiveIncome" roleURI="http://paragonbankinggroupplc.com/xbrl/2024/roles/StatementOfComprehensiveIncome">
        <link:definition>03 - Statement of comprehensive income</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:labelLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StatementOfFinancialPosition" roleURI="http://paragonbankinggroupplc.com/xbrl/2024/roles/StatementOfFinancialPosition">
        <link:definition>04 - Statement of financial position</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:labelLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StatementOfCashFlows" roleURI="http://paragonbankinggroupplc.com/xbrl/2024/roles/StatementOfCashFlows">
        <link:definition>05 - Statement of cash flows</link:definition>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:labelLink</link:usedOn>
      </link:roleType>
      <link:roleType id="StatementOfChangesInEquity" roleURI="http://paragonbankinggroupplc.com/xbrl/2024/roles/StatementOfChangesInEquity">
        <link:definition>06 - Statement of changes in equity</link:definition>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:labelLink</link:usedOn>
      </link:roleType>
      <link:roleType id="Anchoring" roleURI="http://paragonbankinggroupplc.com/xbrl/2024/roles/Anchoring">
        <link:definition>99 - Groups all anchored elements</link:definition>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:labelLink</link:usedOn>
      </link:roleType>
    </xs:appinfo>
  </xs:annotation>
  <xs:element id="paragonbankinggroupplc_OtherLeasingIncome" xbrli:balance="credit" xbrli:periodType="duration" name="OtherLeasingIncome" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" />
  <xs:element id="paragonbankinggroupplc_OtherOperatingIncome" xbrli:balance="credit" xbrli:periodType="duration" name="OtherOperatingIncome" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" />
  <xs:element id="paragonbankinggroupplc_OperatingProfitBeforeFairValueItems" xbrli:balance="credit" xbrli:periodType="duration" name="OperatingProfitBeforeFairValueItems" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" />
  <xs:element id="paragonbankinggroupplc_AssetBackedLoanNotes" xbrli:balance="credit" xbrli:periodType="instant" name="AssetBackedLoanNotes" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" />
  <xs:element id="paragonbankinggroupplc_RetailBondIssuance" xbrli:balance="credit" xbrli:periodType="instant" name="RetailBondIssuance" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" />
  <xs:element id="paragonbankinggroupplc_CorporateBondIssuance" xbrli:balance="credit" xbrli:periodType="instant" name="CorporateBondIssuance" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" />
  <xs:element id="paragonbankinggroupplc_CentralBankFacilities" xbrli:balance="credit" xbrli:periodType="instant" name="CentralBankFacilities" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" />
  <xs:element id="paragonbankinggroupplc_SaleAndRepurchaseAgreements" xbrli:balance="credit" xbrli:periodType="instant" name="SaleAndRepurchaseAgreements" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" />
  <xs:element id="paragonbankinggroupplc_Reserves" xbrli:balance="credit" xbrli:periodType="instant" name="Reserves" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" />
  <xs:element id="paragonbankinggroupplc_IrrevocableInstructionAccrual" xbrli:balance="credit" xbrli:periodType="duration" name="IrrevocableInstructionAccrual" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" />
  <xs:element id="paragonbankinggroupplc_CapitalReorganisation" xbrli:balance="credit" xbrli:periodType="duration" name="CapitalReorganisation" nillable="true" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType" />
  <xs:element id="paragonbankinggroupplc_DisclosureOfTBMCClosure" xbrli:periodType="duration" name="DisclosureOfTBMCClosure" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" />
  <xs:element id="paragonbankinggroupplc_DisclosureOfLoansImpairmentsProvisionsChargedCreditedToIncome" xbrli:periodType="duration" name="DisclosureOfLoansImpairmentsProvisionsChargedCreditedToIncome" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" />
  <xs:element id="paragonbankinggroupplc_DisclosureOfInvestmentSecurities" xbrli:periodType="duration" name="DisclosureOfInvestmentSecurities" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" />
  <xs:element id="paragonbankinggroupplc_DisclosureOfAssetBackedLoanNotes" xbrli:periodType="duration" name="DisclosureOfAssetBackedLoanNotes" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" />
  <xs:element id="paragonbankinggroupplc_DisclosureOfRetailBonds" xbrli:periodType="duration" name="DisclosureOfRetailBonds" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" />
  <xs:element id="paragonbankinggroupplc_DisclosureOfCorporateBonds" xbrli:periodType="duration" name="DisclosureOfCorporateBonds" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" />
  <xs:element id="paragonbankinggroupplc_DisclosureOfCentralBankFacilities" xbrli:periodType="duration" name="DisclosureOfCentralBankFacilities" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" />
  <xs:element id="paragonbankinggroupplc_FinalDividendForThePreviousYear" xbrli:periodType="duration" name="FinalDividendForThePreviousYear" nillable="true" substitutionGroup="xbrli:item" type="num:perShareItemType" />
  <xs:element id="paragonbankinggroupplc_InterimDividendForTheCurrentYear" xbrli:periodType="duration" name="InterimDividendForTheCurrentYear" nillable="true" substitutionGroup="xbrli:item" type="num:perShareItemType" />
  <xs:element id="paragonbankinggroupplc_DescriptionOfAccountingPolicyForAccountingConvention" xbrli:periodType="duration" name="DescriptionOfAccountingPolicyForAccountingConvention" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" />
  <xs:element id="paragonbankinggroupplc_DescriptionOfAccountingPolicyForInvestmentInSecurities" xbrli:periodType="duration" name="DescriptionOfAccountingPolicyForInvestmentInSecurities" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" />
  <xs:element id="paragonbankinggroupplc_DescriptionOfAccountingPolicyForAmountsOwedByOrToGroupCompanies" xbrli:periodType="duration" name="DescriptionOfAccountingPolicyForAmountsOwedByOrToGroupCompanies" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" />
  <xs:element id="paragonbankinggroupplc_DescriptionOfAccountingPolicyForRetailDeposits" xbrli:periodType="duration" name="DescriptionOfAccountingPolicyForRetailDeposits" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" />
  <xs:element id="paragonbankinggroupplc_DescriptionOfAccountingPolicyForCentralBankFacilities" xbrli:periodType="duration" name="DescriptionOfAccountingPolicyForCentralBankFacilities" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" />
  <xs:element id="paragonbankinggroupplc_DescriptionOfAccountingPolicyForOtherIncome" xbrli:periodType="duration" name="DescriptionOfAccountingPolicyForOtherIncome" nillable="true" substitutionGroup="xbrli:item" type="dtr-types:textBlockItemType" />
</xs:schema>