Its one-year fixed account now pays 2.03% AER variable interest on deposits of £50 or more, up from 1.97%.

You can earn a higher rate with BLME (2.20%) and Al Rayan (2.17%), but they require a minimum deposit of £1,000.

Atom Bank has also increased the rate on its two-year fixed from 2.00% to 2.30% on £50 and above.

You can do better with Al Rayan (2.42%) and BLME (2.35%), but again the minimum capital requirement is £1,000.

Atom Bank products can only be opened and operated by app on your smartphone or tablet. They are FSCS protected meaning the first £85,000 of your savings is covered if the bank fails.

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The challenger bank, which was founded in 2014, also offers mortgages and business loans.