Atom bank has announced the addition of two new products to its fixed saver range.
The digital challenger bank has added a three-month saver and a six-month saver.
The three-month fixed saver offers a rate of 1.30% AER, while the six-month saver has a rate of 1.80% AER.
Customers can open these saving accounts with a £50 balance.
The Durham-based bank has now received over £1.5bn of deposits from UK savers since it launched in 2016.
Lisa Wood, chief marketing officer at Atom bank (pictured above), said: “Launching our three- and six-month fixed savers allows customers to lock their cash away for a shorter period of time, but still at a great rate.
“Low interest rates and rising inflation mean savers have had a really tough time for a while now, but Atom is determined to offer a better alternative to that available from traditional banks.
“We’re hoping that by having shorter-term products available, our great savings rates are opened up to a larger number of UK savers, not just those that are able to lock their money away for a significant period of time.
“Being purely digital, we are able to operate a lower-cost model and pass these savings back through better rates, and as a UK licensed bank, we offer FSCS [Financial Services Compensation Scheme] protection on savings for up to £85,000 per person to provide reassurance to our customers.”
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