Savers have until 11.59pm tonight (Wednesday 15 March) to bag one of Atom Bank's market-leading accounts before the app-only bank cuts the rate on all four of its fixed saver offerings, MoneySavingExpert.com can reveal.

In an email to customers this morning, Atom blamed high demand for its decision to reduce rates on its one-, two-, three- and five-year accounts – demand which it said was "mainly" due to "several favourable mentions" by MoneySavingExpert.

We've featured all four accounts in our Top Savings Accounts guide as our fixed savings top picks, and warned in the weekly email sent out this morning that the rate on its three-year fix, which at 2.2% matches the new NS&I Investment Bond, was likely to drop.

The cuts announced today come just a week after the bank chopped its best-buy one-year fixed saver from 2% to 1.8% – and as of midnight that rate will be further reduced. Here's how rates will move:

  • One-year fix – down to 1.6% from 1.8% (no longer a best buy – United Trust Bank at 1.65% and OakNorth Bank at 1.62% will pay more)
  • Two-year fix – down to 1.7% from 2.1% (no longer a best buy – United Trust Bank at 1.8% will pay more)
  • Three-year fix – down to 1.9% from 2.2% (still a best buy – the next best is Vanquis Bank at 1.85%)
  • Five-year fix – down to 2.25% from 2.4% (joint best, Secure Trust Bank is also 2.25%)

Martin Lewis
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Can I still apply for the current rate?

Yes you can, but you'll have to act fast. All four of Atom's fixed saver accounts will be reduced at midnight tonight, so make sure you download the app and apply by 11.59pm.

It's particularly important to do this as soon as you can as when Atom cut the rate on its one-year fix last week, the app crashed as savers rushed to beat the deadline.

If you're already signed up to one of the soon-to-be reduced rates then you can rest easy in the knowledge that your current rate will be protected for the duration of your fix.

I've never heard of Atom Bank – who are they?

Atom is a challenger bank – the company doesn't have any high-street branches and operates via an app that customers can download to their Android or Apple smartphone.

Atom is UK-regulated, which means your savings are protected under the Financial Services Compensation Scheme for up to £85,000 per person – read more in our Are My Savings Safe? guide.

Atom unveiled its fixed savings products last year and has since launched a range of mortgages. It's preparing to launch easy-access savings and current accounts in the next few months.

What does Atom Bank say?

An Atom spokesperson said: "We've given UK savers a great deal over recent weeks and with strong support from the press, we've seen a high volume of new customers come and join us. We are however a start-up business and a responsible bank, so we need to control the flow of money in and out of the business.  

"We make money by bringing in savings and lending it back out to SME [small and medium-sized enterprises] and residential mortgage customers. Because we've had lots of savings customers join us over the past few weeks, we're now reducing our rates for a while to ensure we're taking a balanced approach to managing our business."