Atom hikes rates to beat traditional UK banks

Atom bank has said it is taking on the ‘Big 6’ UK banks by increasing the rates on its instant and fixed-rate savings products for the second time this year.

The challenger bank claims its instant saver now offers 75 times more rewards than Lloyds, HSBC, and Barclays’ equivalent products.

“In contrast to most banks, who continue to offer rock bottom rates to savers, we have increased the rates across our savings range for the second time this year,” said Mark Mullen, chief executive, Atom. “Savers have had it rough for a long time, and traditional high street banks have done very little to support them for many years.”

Mullen added: “The notion that many banks take away the umbrella just as it starts to rain is clearly illustrated by their reluctance to pass on the returns they are making and the recent base rate movements to savers.”

The announcement comes a week after the digital-first bank raised more than £75 million as it heads towards a planned listing. The funding followed a £40 million raise in April last year – bringing the total raised by the digital lender to over £115 million in the past 12-months.

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