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Act fast: some top savings deals last just days

Paloma Kubiak
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Paloma Kubiak

Just over a week ago, Atom Bank launched a market-leading one-year bond paying 2.05%. But if other top deals are anything to go by, savers may need to move quickly to bag the best rates.

Atom Bank’s new one-year bond launched on 7 June, paying 2.05% which secured it a place at the top of the best buy tables. It’s the highest rate seen for almost two-and-a-half years, offering savers a ray of light in the low interest rate world.

But if history is anything to go by, this rate may not be around for long.

Data from independent savings advice site, Savings Champion, revealed that in the last three months, a number of market-leading deals have been very short-lived, lasting between just three and eight days (click to expand):


Analysis of Atom Bank’s deals shows it has changed the interest rate on its one-year bond 16 times since June 2017, and on three occasions rates were available for just eight days. Earlier this year, you could get 1.80% from 9 January to 16 January. Last year, you could have got 1.70% from 13 December to 20 December. And 1.85% from 5 December to 12 December.

The longest time period a deal lasted was 77 days (the rate was 1.80%).

The short periods of availability are down to high demand as Atom’s deals of late have tended to be either market-leading or high up the best buy tables.

Other short-lived Atom deals were available for just 12 or 13 days and on average (not including the current offering), deals lasted 24 days.

Two and three-year products

Atom Bank changed the rates on its two-year product 12 times in a year, with the rate flitting between 1.90% and 2.15% (its current offering). The average deal lasted 32 days but some were available for just eight days.

The three-year rate changed 13 times in a year, moving between 2.05% and its current 2.30% offering. Twice, its rates at the higher end (2.15% and 2.20%) were only available for eight days, in December 2017 and January 2018. But, at the other end of the scale, it offered a rate of 2.15% between 6 March and 21 May 2018, lasting 77 days. On average, deals were available to savers for around 30 days each.

Atom’s latest deal: should you act fast?

When it comes to the current best-buy deals, Atom Bank said it is getting a lot of interest but has “no immediate plans to change the rates”.

But as we’ve seen with previous popular deals from the likes of Ford Money and Tesco, deals can be pulled or amended quickly, making them less appealing and often, with greater hurdles to jump, such as requiring savers to set up an extra direct debit.

‘Strike while the iron’s hot’

Tom Adams, head of research at Savings Champion, said: “Much of the competition in the savings market at the moment comes from small numbers of providers and while this is great news for savers because rates are being pushed in the right direction, often deals are short-lived as providers take their fill and then cut off the supply.

“Unfortunately providers that release market-leading deals are often on their own at the front of the pack and unless others join them, they may well be overwhelmed with applications from those looking for a top rate.

“However, while frustrating at times, savers can stay ahead of the game by keeping a keen eye on the market and striking while the iron is hot. If there is a good deal out there that suits you, it’s no good delaying as it may not be around for long. Take positive action and you will be one of those lucky ones that take advantage of the better rates”.