Atom bank has increased the rates on its range of Instant and fixed rate savings products for the second time this year, as it leads the drive to put value back into the UK savings market.
Atom’s Instant Saver now offers 75x times more reward than Lloyds, HSBC and Barclays’ equivalent products*.
Atom is also offering table topping fixed saver rates, making sure savings are working hard as cost pressures pile on to households.
Atom’s top rated app (rated 4.8/5 by Apple users and 4.9/5 by Android users) means that these rates are available in minutes to both existing and new to bank customers.
Mark Mullen, Chief Executive Officer at Atom, said:
“In contrast to most banks, who continue to offer rock bottom rates to savers, we have increased the rates across our savings range for the second time this year. Savers have had it rough for a long time, and traditional high street banks have done very little to support them for many years. The notion that many banks take away the umbrella just as it starts to rain is clearly illustrated by their reluctance to pass on the returns they are making and the recent base rate movements to savers.
“Saving with Atom is easy and quick, and our award-winning savings range is available to everyone through our top rated app. Because of our highly efficient digital business model and our focus on lending to UK homeowners and small businesses, we can give savers better rates whilst also giving great value to our borrowers. It’s about time that other banks did the same, but in the meantime we’re delighted to be on the side of savers as we work to create a new model for banking in the UK.
“Atom is trusted with over £2.5bn of UK savers’ deposits, and our 4.6 Trustpilot rating shows the current high level of customer satisfaction. We’re here to grow and to create competition in a market that has not treated consumers well; this is a moment to make that promise real to UK savers.”
Details of the new rates:
Instant Access Saver: Increase from 0.65% to 0.75%
1 year fixed saver: Increase from 1.35% to 1.45%
2 year fixed saver: Increase from 1.60% to 1.70%
3 year fixed saver: Increase from 1.75% to 1.85%
5 year fixed saver: Increase from 1.80% to 1.85%
*Comparison of Atom Instant Access Saver versus average rate of RBS Instant Saver 0.01%, Lloyds Bank Easy Saver 0.01%, HSBC Flexible Saver Standard 0.01%, Barclays Bank Everyday Saver 0.01%. Rates correct as of 17th February 2022.