Instant or Fixed: Which Saver is right for you?

14 January 2024


Jonathan Smith
Jonathan Smith
Two people pointing at a laptop

Early bird or night owl? Coffee or tea? Blur or Oasis? Life is full of difficult choices that we each have to make — especially when it comes to money.

If you’re looking to start your savings journey with Atom, you might be wondering which of our savings products is right for you: an Instant Saver or a Fixed Saver.

The good news is that we won’t make you choose one or the other. In fact, we’d love it if you opened one of each and benefited from them!

Having said that, each of our Savers works slightly differently and offer distinct benefits, so it’s very useful to know what they can offer before you start saving. To help you out, we’ve summarised the main points to know below.

Instant Saver

What is it? An easy access savings account that lets you connect a UK current account and add or withdraw funds at any time, without penalty. Open an account with £0 in seconds through our app.

Who is it for? Anyone! Whether you’re just starting out on your savings journey and want some flexibility or are a seasoned saver who wants to be able to access their money while earning interest, you’ll find a lot to like in our Instant Saver.

Deposit anytime

Our Instant Saver is here for you whenever you want to save. Waiting to get paid at midnight and want to put away your savings? Go ahead. Prefer to save small amounts on an irregular basis? No problem. Pay in at any time and start earning your interest.

Unlimited withdrawals

You can make as many withdrawals as you like with our Instant Saver, with no penalties for doing so. This makes it ideal if you prefer to dip into your savings fairly often or if you want to make sure you have access to your funds in an emergency.

Instant access

Whether you’re depositing or withdrawing, our app allows you to have instant access to your savings. Moving money to and from your Instant Saver is easy, quick and secure.

Variable interest rate

The interest rate for our Instant Saver is variable, so it can go up or down at any time. While this does mean the interest rate you’re paid on your savings can fall, it also means it can go up and you can earn more.

No minimum deposit required

You can open an Instant Saver without a deposit, so there’s no pressure up front and it’s fine if you want to pay in later.

Maximum Balance Limit

You can add up to the £100,000 Instant Saver limit (which also includes any Holding Accounts). There’s also a Maximum Balance Limit of £200,000 across all of your savings accounts (including Fixed Savers).

Interest is paid monthly

When you’ve opened your account and made a deposit, we’ll then pay your interest on a monthly basis. So, there’s no need to wait ages to see your money grow. We’ll even send you a notification when your interest has been paid.

Funds protected by FSCS

All of your savings with us, including any in your Instant Saver, are protected by the Financial Services Compensation Scheme (FSCS) up to the total value of £85,000.

Fixed Saver

What is it? A fixed rate savings account that pays a set rate of interest for a period. You have a limited window to make a deposit and can’t access your funds during the term, but you’re rewarded with a higher interest rate.

Who is it for? If you have a lump sum you won’t need to access anytime soon, you can deposit it in a Fixed Saver and benefit from extra growth compared to other accounts.

Competitive, fixed interest rate

Your savings will benefit from a fixed interest rate that’s typically higher than easy access options for the term of your Fixed Saver. What’s more, as your interest rate won’t change, you’ll know exactly how much you’ll earn by the time it matures.

Choose your preferred term length

We have a number of different term lengths available for you to choose from. You can lock in a fixed rate for 6 months, 9 months, 1 year, 2 years, 3 years or 5 years.

Annual or monthly interest options available

With an Atom Fixed Saver, you can choose whether you’d prefer to have your interest paid annually or monthly when you open your account.

Interest can be paid into Fixed Saver or external account

If you wish, you can choose to have your interest paid out to an external account, so you can benefit from it right away. Alternatively, your interest can be added to the balance of your Fixed Saver, where it will, in turn, earn interest.

Seven-day deposit window

Once you’ve opened your account, you’ll have seven days to deposit the funds that you want to keep in your Fixed Saver. Don’t worry, we’ll remind you in our app and keep you updated the whole time with notifications.

Several funding options

You can make payments into a Fixed Saver directly from your Instant Saver, if you have one, or from another bank or building society during the deposit window. You shouldn’t have long to wait, as these payments typically show up immediately.

Minimum deposit required

To open a Fixed Saver, you’ll need a minimum deposit of £50.

Maximum Balance Limit

You can add up to the £100,000 Fixed Saver limit. There’s also a Maximum Balance Limit of £200,000 across your savings accounts (including Instant Savers/Holding Accounts).

Can only withdraw at maturity

Before you fund a Fixed Saver, you should be completely sure that you won’t need access to your savings, as you can only withdraw from the account once it matures at the end of its term (or in the case of financial hardship).

Funds protected by FSCS

All of your savings with us, including any in your Fixed Saver, are protected by the Financial Services Compensation Scheme (FSCS) up to the total value of £85,000.

Ready, set, save?

We hope that this blog post has helped you to choose which Atom saving account you need, or maybe you’ve decided you need both! Head over to our savings page to find out more, or jump straight in and download our app.

You also find more information in our FAQs and our Instant Saver T&Cs and Fixed Saver T&Cs.

If you’re still working on building up your savings, you might find some of our other blog posts helpful, including: