Atom Bank announces savings rate increase – good news for savers ‘looking to boost income’ | Personal Finance | Finance


It’s something which money comparison website Moneyfacts has highlighted this week. The website showcases the best of the latest products and rate changes to hit the consumer finance market via its Moneyfacts Pick of the Week.

At the other end of the scale, there is a maximum investment amount of £100,000.

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said: “This week, Atom Bank has made rate increases on a selection of its Fixed Savers.

“The One Year option now pays 0.62 percent on anniversary, while savers who are looking to boost their income may be pleased to note that there is also the facility to take a monthly interest option.

“Following the update this account assumes a position in our top rate tables when compared to other bonds with similar terms.

“As is common with fixed products earlier access is not permitted, therefore investors need to ensure they are comfortable to secure their funds for the account’s term, however, further additions can be made to the account for one week from opening.

“On balance, the account secures an Excellent Moneyfacts product rating.”

Access to the savings in this account are not permitted during the fixed term, except for one week from account opening.

The account can be opened via the Atom Bank app – where it can also be managed.

Savers should be aware the minimum applicant age is 18.

Also highlighted by Moneyfacts this week was Yorkshire Building Society’s Annual Access Account Issue Eight.

This account has a minimum opening amount of £100 and a maximum investment amount of £2,000,000.

“Amongst various updates to its range of savings products, Yorkshire Building Society has reduced the rate on its Annual Access Account by 0.05 percent,” Ms Williams said.

“Now paying 0.45 percent on anniversary, this product retains its position in our top rate tables when compared to other easy access products currently available.

“The account can be opened in trust for those under the age of 11 and has a minimum investment amount of £100.

“Savers may well be tempted by the competitive return, but should note that while further additions are permitted, access is permitted on only one withdrawal day per anniversary year, therefore careful planning is recommended.

“Overall, the account earns an Excellent Moneyfacts product rating.”





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