Atom fixed term maturity options?

metrobus

Would anyone know if Atom allow you to split your maturity options when the end of a fixed term bond is maturing?
eg if it’s for £10k could you instruct £5K go to the linked account and £5K to a new fixed term bond with Atom.Or must the £10K go to one or the other.
Thank you,

The_Green_Hornet

https://www.atombank.co.uk/help/faqs/

What are my options when reaching maturity?

At maturity, you can choose to:

Reinvest the full amount into a new Fixed Saver

Withdraw the full amount to an external bank account in your name

Reinvest some of the funds into a new Fixed Saver and withdraw the rest to an external bank account

Invest the full amount into a new Instant Saver account (if you don’t already have one open)

Invest the full amount into an existing Instant Saver account (if you already have an account open)

Invest some of the funds into an existing Instant Saver account and withdraw the rest to an external bank account

If you fail to provide instructions within the maturity window, we will move your funds to an Instant Saver (if you have one open with us), otherwise, your funds will move to a Holding Account, where you’ll typically earn a lower rate of interest.

If your money is moved into a Holding Account, you will have the same options as at maturity, so you can choose to withdraw, reinvest into a new Fixed or Instant Saver, or split between reinvesting and withdrawing. However, you must move all of your money in one go.

jimexbox

Out of interest (i have a fixed term bond, not with Atom), do providers tend to offer you whatever they have available at the time, or more a advantages rate to leave it in? 

badger09

jimexbox said:

Out of interest (i have a fixed term bond, not with Atom), do providers tend to offer you whatever they have available at the time, or more a advantages rate to leave it in? 

I wouldn’t say providers   tend to do this, but I have known ‘Loyalty’ preferential rates offered in the past. It will be set out in your maturity options letter which  is usually sent out 4-6 weeks ahead. 

ZeroSum

Atom is that fast & easy to set up, its really no effort in just having the full £10k go to linked account, then reinvest £5k back to Atom

ZeroSum

jimexbox said:

Out of interest (i have a fixed term bond, not with Atom), do providers tend to offer you whatever they have available at the time, or more a advantages rate to leave it in? 

I've not known it. They just offer what's currently available. Some building societies have loyalty products once you've been a member for over a year etc

refluxer

jimexbox said:

Out of interest (i have a fixed term bond, not with Atom), do providers tend to offer you whatever they have available at the time, or more a advantages rate to leave it in? 

Generally, I find that most banks tend to offer the same rates that are available to new customers but I have come across some exceptions. For example, I took advantage of a fixed term renewal with Oaknorth that was paying substantially higher at the time, however I'd had previous experience with Oaknorth only offering a token amount more (eg. 0.01%) so it presumably just depends how keen they are to keep hold of your money at the time, as it must be easier to retain existing customers than attract new ones.

I've also taken advantage of higher renewal rates offered by Ford Money in the past although not recently, it has to be said. They often also make their fixed rate accounts available to existing customers for quite a while (many weeks) after those accounts have been withdrawn.  

PParka

metrobus said:

Would anyone know if Atom allow you to split your maturity options when the end of a fixed term bond is maturing?
eg if it’s for £10k could you instruct £5K go to the linked account and £5K to a new fixed term bond with Atom.Or must the £10K go to one or the other.
Thank you,

Yes you can. I’ve done this a few times. 

About 3 days before the account matures you choose a new fixed term account.  It will then ask how much you want to save in the new account. The rest (plus the interest) will be sent to your external linked account. 

Really easy to do.