Mark Mullen/Atom Bank.
Atom Bank tweaks savings rates following Bank of England rate rise
Up to 1.8 per cent now up for grabs on a five-year fixed savings account.
After slashing its rates over the Christmas period, Atom Bank returned several of its savings account interest rates back to their September highs.
A six-month fixed savings account now pays 0.75 per cent, and a 2-year saver pays 1.6 per cent, both rates which Atom says are market leading.
That compares to the 0.2 and 1.37 per cent that Atom has been paying since October, and returns to just about match the 0.75 and 1.75 per cent which were briefly offered in September 2021.
“Another new year but the same old story from the traditional high street banks who continue to offer rock bottom rates to savers,” said CEO Mark Mullen.
“Atom has always helped savers get a fair return on their hard-earned money, and once again when other, much bigger banks are sitting on their hands and looking embarrassed, Atom are increasing rates on all of fixed rate savings products.”
The rise comes after the Bank of England last week lifted its base rate to 0.25 per cent from 0.1 per cent, the first rise in more than three years.
While Mullen didn’t directly reference the base rate, he did say that Atom’s decision was part of the bank’s mantra of trying to give great value to both savers and borrowers.
“It’s about time that other banks did the same, but in the meantime we’re delighted to be on the side of both savers and borrowers as we create a new model for banking in the UK.”