It’s alive! Instant Saver Reward is here to bring your savings back to life

Ready for some exciting news? We just breathed life into a brand new easy access savings account: Instant Saver Reward!

Our new saver has arrived to rescue you from the rotten rates that many high street banks are offering. With a Reward rate of 4.85% AER (and a Withdrawal rate 3.25% AER), this ‘zombie’ account killer is here to inject some life into your savings.

What’s more, Instant Saver Reward is an innovative new product that allows you to earn more when you don’t withdraw your money. It’s designed to help you build up a healthy savings habit so you can watch your money grow. Want to hear more about our heroic saver? Pull up a chair and we’ll tell you the tale.

How does Instant Saver Reward work?

The idea behind Instant Saver Reward is simple: get a Reward rate of 4.85% AER when you keep your savings in, get a lower rate of 3.25% AER if you take money out.

But the best part is that, if you withdraw, your rate switches back to the Reward rate at the start of the next monthly interest period, so you can easily get back on track. This means we won’t keep you hanging around for ages waiting for your rate to be resurrected.

We’ve even made it easy to track your progress with a dashboard in the app that lets you see your current saving streak. It’s a nice way to challenge yourself and add a little bit of fun to your savings habit.

It’s also worth noting that Instant Saver Reward doesn’t limit how much or when you can access your money, whereas many similar accounts will put limitations on funds. When you withdraw, you will simply move to our Withdrawal rate for the current monthly interest period, which then resets to our Reward rate at the start of the next month.

Plus, you get all the benefits of our other easy access account, our Instant Saver:

• Get started in minutes in the Atom app
• No minimum or regular deposit required — open an account with £0
• Add or withdraw funds whenever you like
• Your money is protected up to £85,000 through FSCS
• Access customer support 7 days a week if you need help
• Save with a 5-star Trustpilot rated bank

Need more details? Find out more about our Instant Saver Reward.

And how will it slay ‘zombie’ savings accounts?

Our new Reward rate of 4.85% AER is one of the highest rates currently available. Even if you make a withdrawal, and your rate drops to the Withdrawal rate of 3.25% AER for the monthly interest period, you’ll still be getting a rate that is better than the best easy access rates from the high street (average 1.74% AER*).

Additionally, recent data from the Building Societies Association (BSA) found that a third of savers are keeping their money in low or no interest current accounts paying them next to nothing. On top of that, our own research discovered that a third (30%) of people had never switched their savings account to a different provider**.

With so many of these ‘zombie’ savings accounts ambling about, we’re excited by the extra choice that Instant Saver Reward will offer those looking to escape from the low interest wasteland. We hope more people will see that their money could be working harder to deliver the value they deserve.

What did Atom’s Chief Zombie Slayer have to say?

Just kidding — here’s what Mark Mullen, our Chief Executive Officer, had to say about Instant Saver Reward:

“Loyalty to your bank can be bad for your financial health. All too often, high street banks offer products that are designed to pay customers as little as possible. Millions of accounts that pay less than 2.00% aren’t even keeping pace with inflation. They’re the banking equivalent of zombies.

“Our new Instant Saver Reward is a zombie killer. It’s another example of how Atom delivers better value for UK savers. Switch to Atom and bring your money back to life.”

What did others say?

Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said:

“It’s exciting to see a new easy access account launched for consumers that offers flexibility and rewards savers with a competitive return on their cash. The Instant Saver Reward from Atom Bank sits highly in the top rate tables and may be an attractive choice for savers who don’t want to lock their money away for too long.

“It’s positive to see Atom Bank recognise the needs of savers to access their pots. Unlike other easy access accounts, the rate reduction for making a withdrawal will reset the following month, plus, there is no limit to the number of withdrawals someone may need to make throughout the year. “Saving little and often is the key to building up a decent nest egg over time, and keeping track of a rising pot and the subsequent interest earned can motivate the savings habit.”

Ready to reward yourself?

If you’ve been waiting to escape ‘zombie’ account land, now’s your chance! Find out more about Instant Saver Reward and what it can offer you, then download our app and start your savings journey today.

*Atom analysis shows 1.74% AER as the average easy access rate from Lloyds, Barclays, HSBC, Natwest, Nationwide and Santander vs Atom bank 4.85% AER Reward rate and 3.25% Withdrawal rate. Correct as of 14th October 2024. ** This research was conducted by Opinium, on behalf of Atom bank. They surveyed 2,000 UK adults aged 18+ online between 3rd and 8th October 2024. The results have been weighted to be nationally representative.