Atom launches best buy 9 month fixed rate product to offer savers more flexibility
08 November 2022
- Atom’s new short-term fixed saver tops the best buy table* with a rate of 3.95% AER
- The bank has had savings offers in the top five of best buy tables for 40 of the 44 weeks so far this year.
- Customers need only a £50 deposit to access the table-topping rate and can open an account in minutes
- 9 month launch comes after Atom increased its Instant Saver rate to 2.55% AER last week
Atom bank, the UK’s first app-based bank, has launched a 9 month fixed rate savings product with a table topping rate, as it continues on its mission to make the experience of saving with Atom faster, simpler and better value than anyone else.
The new Fixed Saver account has been launched to offer savers more choice and flexibility in the current market, and comes with an attractive rate of 3.95% AER. Atom has striven to offer savings customers a better deal as interest rates have risen, and has had savings products in the top five of best buy tables for 40 of the 44 weeks so far this year. Today’s launch comes after Atom last week increased its Instant Access Saver rate to 2.55% AER following the latest BoE base rate hike.
Atom has listened to feedback from customers and understands that people may not want to lock their money away for long periods during the current cost of living crisis, particularly as the government continues to raise interest rates in an attempt to tackle soaring inflation.
Unlike many savings products on the market, Atom’s 9 month Fixed Saver has no catches and requires only a £50 deposit to open an account. Like all fixed rate savers, once the money is deposited in the account, it can’t be withdrawn until the end of the 9 month term. Atom’s top rated app (rated 4.7/5 by Apple users and 4.7/5 by Android users) also means that both existing and new customers can access this new deal in minutes.
Mark Mullen, Chief Executive Officer at Atom, said: “Warm words butter no bread. With rising inflation, customers want better rates and more choice. Their money needs to work harder for them. We’re here to give customers what they want and need.
“We understand that not everyone wants to lock their cash away for years, so we’ve launched the 9 month product to help those who may have more short-term goals. We’re not here to catch people out either, so like all of our products this is easy to open, with no hidden requirements.
“While many high street banks are refusing to pass on rising rates to savers, we continue to be the bank that does. Now more than ever, loyalty to your bank can be bad for your financial health, and we think it’s important that people understand that their bank may be taking advantage of them.”
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About Atom bank
Atom bank is the UK’s first app-based bank, on a mission to make the experience of borrowing and saving faster, simpler and better value than anyone else.
The bank launched operations in April 2016, and offers award-winning mortgages and savings through its app, alongside secured business lending for small and medium-sized enterprises.
Based in the North East of England with a team of over 470 people, Atom is here to change banking for the good, for the better, and for everyone. This means focusing on customers’ needs, delivering better value than the incumbents, providing an exceptional app-based experience and offering award-winning customer support via phone, chat, email and social channels.
Based in Durham, Atom is an engaged and active member of the North East Community. In 2022 Atom signed a five-year Memorandum of Understanding with Durham University to progress key research and diversity initiatives. The region has one of the highest levels of youth unemployment in the UK and Atom is passionate about addressing the critical digital skills gap and helping develop young people and other groups that are under-represented within the industry.
As of November 2021, all employees enjoy a four-day working week, after Atom became the largest company - and only bank - in Britain to introduce the policy, with no reduction in salary.
The Atom executive team are highly experienced, having built and run some of the most well-respected banks in the UK. CEO Mark Mullen has 30 years’ experience in the sector and was previously CEO at the multi- award-winning telephone and internet bank first direct. The team is supported by a strong non-exec board, chaired by Bridget Rosewell CBE.