MSE News: Atom Bank to slash best-buy savings rate - act NOW to secure 2% 1-year fix

Former_MSE_Karl
Former_MSE_Karl Posts: 175 Forumite
First Post I've been Money Tipped! Newshound! Best Buy Bear
edited 10 March 2017 at 11:45AM in Savings & investments
Savers have until midnight tomorrow to sign-up for Atom Bank's one-year fixed savings account paying a market-leading 2%, with MoneySavingExpert.com exclusively revealing that the app-only bank plans to cut the rate to 1.8% from 10 March...
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'Atom Bank to slash best-buy savings rate - act NOW to secure 2% 1-year fix'
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  • isasmurf
    isasmurf Posts: 1,999 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    I'd hardly call reducing 2% to 1.8% as a 'slash' to the rate
  • Jo_Blogs
    Jo_Blogs Posts: 753 Forumite
    Debt-free and Proud! Mortgage-free Glee!
    isasmurf wrote: »
    I'd hardly call reducing 2% to 1.8% as a 'slash' to the rate

    Me neither. Still, a cut is a cut :(:o
    Saved Nitty Gritty £7440.75 [149%] / £5000-[Sep] £58.44:starmod: for the 'Save 12k in 2017' #157
    2017 Womble #35 £3463.27 ;)Sept NSDs 4/15:staradminCCCChl 9/12 months:D
    Sept PPChl#002 Pts 71
  • No_Name
    No_Name Posts: 137 Forumite
    Is application a breeze?

    My only concern is no solid confirmation of funds sitting in an account.
  • Malthusian
    Malthusian Posts: 10,931 Forumite
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    isasmurf wrote: »
    I'd hardly call reducing 2% to 1.8% as a 'slash' to the rate

    Given the last article described 2% as a "lifeline for stricken savers", as if Atom was sending lifeboats out to drowning refugees instead of offering a slightly higher interest rate than its competitors, I'm surprised MSE didn't go for "Atom commit 'savings war crime' by reducing 1-year interest rates and murdering a million kittens - apply now OR DIE (POSSIBLY)"

    I'm just disappointed that they didn't spot a rare opportunity to use the word "decimate" both hyperbolically and yet also accurately.
  • Thanks for the info, was going to wait to see if any ISA's were going to be up to much but sorted an account today, £20,000 switched from a Santander 123. Very easy process. Handy amount as well to have available this time next year, just in time to bump up the ISA again.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    edited 8 March 2017 at 5:42PM
    No_Name wrote: »
    Is application a breeze?

    My only concern is no solid confirmation of funds sitting in an account.

    Yes its very easy.

    What do mean by no "solid confirmation" ? You can take a screen shot which shows the amount in each account, and according to a previous poster you can call them up and they will issue a "statement" which is then viewable in your documents section. But ultimately either is still just pixels on a JPEG.

    You can of course link it back to the outgoing transaction(s) from wherever you funded it from. (Those of course are 0's and 1's on spinning rust somewhere, which get transformed to pixels on a screen, that you could then print as dots of ink on paper. "hah its not real unless its microscopic dots of pigment on paper, none of these fly-by-night pixels for me"

    Why trust one representation and not the other ?
  • No_Name wrote: »
    Is application a breeze?

    My only concern is no solid confirmation of funds sitting in an account.

    I sort of know what you mean, but I find it re-assuring that the funds show up online within about an hour of a transfer which is much quicker than some savings accounts where you have to wait until the account updates overnight.
  • Hi Mark, my Atom account showed the deposit about 10 minutes after I transferred the money.

    I also opted for the monthly payment as a way to keep an eye on things. I imagine I'll hardly ever have to use the App but I'll certainly see the interest arrive in my nominated "other" account.
  • redux
    redux Posts: 22,976 Forumite
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    Malthusian wrote: »
    I'm just disappointed that they didn't spot a rare opportunity to use the word "decimate" both hyperbolically and yet also accurately.

    For a bit of unwanted pedantry, surely a more accurate version of decimation would be to take 10% of all your money away?
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
    Name Dropper First Post First Anniversary Post of the Month
    redux wrote: »
    For a bit of unwanted pedantry, surely a more accurate version of decimation would be to take 10% of all your money away?

    They take all the interest they were going to pay you, smash it into tenths, and then snaffle one. They're decimating your potential income rather than your existing wealth.
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