Atom bank launches Instant Saver with 75x more interest than the Big 6 banks
21 September 2020
Atom, the UK’s first bank built for mobile, has today launched an Instant Saver, with a highly competitive interest rate of 0.75% AER (variable rate), that’s 75x more than the high street banks.1
This is the first product to be launched on Atom’s state of the art cloud-native banking platform and has none of the catches associated with most ‘instant access’ accounts. Customers can make deposits and withdrawals without penalty, 24 hours a day, seven days a week on savings from 1p up to as much as £100k.
Mark Mullen, CEO and co-founder of Atom commented: “We’re here to do the right thing by our customers and the launch of our Instant Saver offers customers genuine value, empowering them to take control of their finances.
“With shockingly poor interest rates, the UK’s biggest banks are taking advantage of their customers with 0.01% interest on equivalent products. We think their money should be working a whole lot harder for them.”
“With no short term bonus rate to lure you in, no limits on withdrawals and no minimum amount required, our Instant Saver can be accessed from the comfort of your own home and our app means your savings are with you 24/7, whenever you need them.
“We’ve built a bank that’s super efficient, has award-winning customer experience and support and is determined to push the market in the favour of customers. This launch is an important next step. Built on our world leading technology stack with Thought Machine and Google and signalling our continued growth, be assured we aren’t resting here.”
Atom is also back in the mortgage market with top three deals on many products following a concerted effort to support smaller businesses affected by the pandemic. Over the summer Atom was one of a small number of banks to offer secured loans to new and existing customers through the Government backed Coronavirus Business Interruption Loan Scheme (CBILS).
New customers can open an Instant Saver by downloading the Atom app to apply for an account in minutes. Visit the Atom bank website for more information.
1 Average AER rate taken from Instant Saver accounts of Barclays, HSBC, Lloyds Banking Group, Santander, Standard Chartered and RBS on 14/09/20.
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About Atom bank
After securing its banking license in June 2015, Atom bank launched operations in April 2016, offering market-leading Fixed Saver accounts and secured business lending for small and medium-sized enterprises (‘SMEs’).
Atom launched its first mobile mortgage product in December 2016 and has taken £1.8bn in deposits and lent over £2.4bn to small businesses and homeowners to date.
Atom are a mobile only and customer first bank. Based in the North East of England with a team of over 400 people, they’re here to do the right thing by their customers. To stand up against the big banks, to save customers time, offer the best products and to offer them genuine value, empowering them to take control of their finances. At the heart of the bank is the app, with an award-winning customer support team on hand to help with any queries through phone, chat, email and social media.
Atom is an engaged and active part of the North East Community and in 2017 announced a four year STEM partnership with the Prince’s Trust in North East England.
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 are supported by a strong non-exec board, chaired by Bridget Rosewell CBE.