Savings rates have been boosted as Atom Bank has unveiled four new best buy rates - although you will need a smartphone app to take advantage.
The new range includes a three-year fixed rate saver at 2.2%, a rate which matches National Savings & Investments’ market leading Three Year Investment Guaranteed Growth Bond. However, the boon with Atom’s account is that it’s available for balances of up to £100,000 rather than £3,000 NS&I limit.
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The full new range of Atom Bank products is as follows:
- One-year fixed saver, 1.8% - this beats the previous top paying account of 1.7% - also offered by Atom
- Two- year fixed saver, 2% - this beats Secure Trust Bank’s former market leading 1.85% savings account
- Three-year fixed saver, 2.2% - this matches NS&I’s market leading rate but allows people to save more
- Five-year fixed saver, 2.4% - this beats the previous top paying account of 2.3% - again, also offered by Atom
Account holders can choose to have interest paid monthly or on an annual basis. However, you must own an Android or Apple smartphone and use the Atom Bank app to open and manage your account. No other access is available.
The bank is based in the UK and savers have the full Financial Services Compensation Scheme protection of £85,000 in the event the bank fails.
‘Savers have had a tough time’
Lisa Wood, Atom Bank’s chief marketing officer, says: “Low interest rates and rising inflation mean savers have had a really tough time for a while now, but Atom is determined to offer a better alternative to that available from the traditional banks.
“We raise our rates whenever we can and are delighted to be able to offer savers a range of market leading fixed savers. We believe in giving customers great value products, with a hassle free account opening experience, no paperwork or branches, fully digital.”