UK’s Atom bank has announced the launch of its Easy Access Cash Individual Savings Account (ISA).
The new ISA will over a tax-free variable rate of 4% AER on new deposits. The account was formed as a result of increased customer demand for tax-efficient savings product, and the potential cut to the annual tax-free cash ISA limit announced in the UK.
HMRC data revealed that ISA subscriptions skyrocketed during the 2023/24 tax year, with 15 million ISA accounts opened, £103 billion subscribed to ISAs, and cash ISAs rising 67%.
Chris Storey, chief commercial officer at Atom bank said: "As the cost of living continues to be a concern and Christmas on the horizon, people are rightly focused on making their money work harder. With the Personal Savings Allowance being frozen, the tax drag on returns has never been more evident.
Storey added: “With the Budget on the horizon and speculation around potential changes to the annual tax-free allowance, now is a critical time for savers to get ahead and maximise their tax-efficient savings.”
In April 2025, Atom bank deployed an AI decisioning platform backed by Provenir.