About Atom Bank

Launched in 2016, Atom bank is a relatively new ‘challenger bank’. It is entirely app-based, operated from your smartphone or tablet. It promises to be a simpler and more customer-centric bank. Atom bank offers fixed-term savings accounts, mortgages and business loans – there are no current accounts.

What is Atom bank?

‘Born digital’

Atom bank’s CEO, Mark Mullen, describes Atom as ‘a new kind of bank – it’s a bank that was born digital’. Atom is an app-only bank. Without branches, your accounts are operated exclusively via the Atom bank app on your smartphone or tablet. It is technological, streamlined and accessible – modern banking. Will.i.am is their Strategic Board Advisor – it doesn’t get much more modern than that!

Atom bank does not offer current accounts. It offers Fixed Savers and mortgages. Because it has no branches, overheads are kept low, enabling Atom to offer competitive rates.

How Does Atom Bank Work? 

The app

You will need to download the Atom bank app on your smartphone or tablet. The Atom Bank website has lots of information, but you’ll need the app to apply for its products. You can also browse Atom’s products on the app.

Once downloaded, you will see that the Atom bank app is simple and user-friendly. The home screen is referred to as ‘Your Hub’, from which you’ll access the various app functions.

Basic app functions:

Join Atom – this is where you register in the app. To register, you will need to provide your name, email address and mobile number; these are used to set up your customer record. Atom bank utilises biometric data for log-in security – you will, therefore, be asked for your photo and a recording of your voice.

Browse our products – this takes you to Fixed Saver and Mortgages. Here you will find a summary of the products and how they work. From here, you can go on to view the available Fixed Savers or ‘Call Us’ for more about Atom bank’s mortgages. 

Atom Info-motion – Atom has put together 3 short info-motion videos explaining their ‘story so far’, ‘opening an account’ and ‘keeping things secure’ to cover some key FAQs. 

Fixed Saver (Demo account) – this is a neat little feature which allows you to preview what a live account looks like. You can swipe and click through this demo account to see how your account information and notifications will be presented.

Enter a code – you may be sent codes to check the progress of your mortgage. Enter them here.

Hints and tips – a handy user guide for the app.

The other main area of the app is called The Portal. The Portal is where you’ll manage your account settings. You can personalise your app, changing the name and look of your accounts.

The Portal:

My Profile – choose your name and colours.

Vault – this is where your account documentation e.g. statements, terms & conditions and certificates will be stored securely.

Settings – choose how you log in.

Help & Support – access 24/7 support.

How to complain – complaints procedure and address.

Feedback – this takes you to UserZoom where you can let Atom bank know how well they’re doing.

Atom bank is committed to transparency and simplicity. Its aim is to offer ‘very few products, very simple products’.

Fixed Savers

A Fixed Saver is a savings account that pays a fixed rate of interest for a certain period of time (a fixed term). You will not be able to make any withdrawals until the fixed term ends (maturity).

Key Features

  • Save between £50 and £100,000
  • Fixed terms from 3 months to 5 years
  • Apply in 10 minutes
  • Deposit funds via electronic transfer
  • 7-day deposit window
  • No withdrawals until your fixed term ends
  • Choose between monthly and annual interest
  • Choose to have your interest paid in or paid out
  • Open as many Fixed Saver accounts as you like, as long as the total of your deposits doesn’t exceed £100,000
  • Covered by the Financial Services Compensation Scheme (FSCS) up to £85,000
  • No cooling off period

Eligibility

To open a Fixed Saver account, you must be:

  • 18+
  • a UK resident

Atom Bank’s Fixed Saver Products

You can view and compare Atom bank’s current Fixed Savers in the app. As well as the products and rates, there is a handy tool for estimating your interest. You enter the amount of your deposit and it will calculate the estimated total interest on your savings;

 

PRODUCT INTEREST PAID… RATE (GROSS) RATE (AER)
3 Month Fixed Saver Annually 0.90% 0.90%
3 Month Fixed Saver (monthly interest) Monthly 0.90% 0.90%
6 Month Fixed Saver Annually 1.69% 1.70%
6 Month Fixed Saver (monthly interest) Monthly 1.69% 1.70%
1 Year Fixed Saver Annually 1.95% 1.95%
1 Year Fixed Saver (monthly interest) Monthly 1.93% 1.95%
2 Year Fixed Saver Annually 2.10% 2.10%
2 Year Fixed Saver (monthly interest) Monthly 2.08% 2.10%
3 Year Fixed Saver Annually 2.37% 2.37%
3 Year Fixed Saver (monthly interest) Monthly 2.34% 2.37%
5 Year Fixed Saver Annually 2.49% 2.49%
5 Year Fixed Saver (monthly interest) Monthly 2.46% 2.49%

How To Apply

‘So straightforward you can do it whilst making a cup of tea’ – as long as you can manage your phone, ID and the kettle. Applying for a Fixed Saver takes as little as 10 minutes.

Once you’ve chosen the right product you can:

  • Register

Atom bank utilises state of the art biometric technology for secure logins. This removes the need to remember dozens of obscure passwords and security questions.

  • Verify your ID

Use your smartphone to go through Atom bank’s ID checks.

  • Finish your application

Accept the terms and conditions of the account.

  • Deposit funds

You can deposit funds via electronic transfer from your bank or building society. You can only deposit funds when the deposit window is open. The deposit window starts as soon as your account opens, and closes at 9pm on the same day the following week. Any additional funds must be added during this time.

Fixed Savers have no cooling off period – make sure you’ve considered the decision carefully.

How Safe Is Atom Bank?

When something new or innovative arrives on the scene, we’re often worried about security – we want to know that our details and our money are being kept safe.

FSCS

Atom bank is covered by the Financial Services Compensation Scheme (FSCS). If Atom bank was to suddenly go bust, you’re covered for up to £85,000. It’s worth noting here that the maximum total across all your savings products with Atom bank exceeds this limit as you can save up to £100,000 in their Fixer Savers.

Biometric security

Rather than the traditional passcode and password, Atom bank uses biometric technology to keep your account safe. You’ll register your face and voice biometrics and a six-digit passcode. Atom will then ask you for a selfie and voice clip when you go to log in.  Atom are also hoping to introduce fingerprint recognition in the future.

Protecting your data

Atom bank also do a number of other things, like traditional banks, to ensure your data is secure. Your data is not stored on the app – it is all encrypted and stored on Atom bank’s servers.

Pros

  • Quick registration process
  • Entirely app-based – manage all your accounts wherever and whenever you like
  • Biometric security to keep your account safe
  • Competitive AER interest rates
  • Good choice of fixed terms – choose how long you want to save for
  • Save from £50 to £100,000
  • Easy-to-use app
  • 24/7 support
  • Personalise your bank account
  • See how it grows – seeing your account balance and interest may encourage you to save
  • You can request some documents like Terms & Conditions in other formats by email

Cons

  • App-only
  • Sometimes takes several attempts to successfully log-in
  • Indiscreet – you may not want to take a selfie or voice clip to login when you’re out and about
  • Occasionally the app crashes
  • You’ll need an internet connection to use the app
  • Limited products – you’ll still need to use traditional banks for full money management and current accounts

FAQs

Who owns Atom?

Atom is a privately-owned company with a broad range of shareholders, including BBVA, Woodford Investment Management and Toscafund Asset Management.

Where is Atom based?

There are no branches, but Atom bank’s headquarters are in Durham and they have a small office in London too.

Can I open an account by post or online?

No. You can only open an account through your smartphone or tablet.

Will the app work on my mobile or tablet?

Atom bank checks regularly that its app works for as many people as possible and monitors the 20 most popular devices in the UK. If you’re running old operating systems or devices, there is a chance the app won’t work.

Can I access my account on multiple devices?

Yes – download the app on your other devices and follow the steps to ‘Add a Device’.

Do I need an internet connection to use the app?

Yes – you will need a minimum of 3G internet connection to use the app, unless you’re using Wi-Fi.

Mortgages

Atom bank also offers a range of fixed mortgages, whether you’re buying your first home, a new home or remortgaging. Atom use independent mortgage brokers to find the best deals for you and, because Atom are branch-free, the rates are competitive.

If you are interested in one of Atom’s mortgage products, you will need to discuss this with one of the independent mortgage brokers (you are able to call through the app). If the product is suitable for you, the broker will submit the application on your behalf. You can then track your application and view your mortgage details, e.g. repayments, on the app.

What Other People Think About Atom Bank

https://www.reevoo.com/retailer/atom-bank-3

https://uk.trustpilot.com/review/atombank.co.uk

Atom Bank Social Channels:

Twitter

Facebook


Company Details
  • Company Name: ATOM BANK PLC
  • Registration Number: 08632552
  • Incorporation Date: 2013-07-31
  • Status: Active
Loan Details
  • APR 0.90%
  • Loan Amount: See Website
  • Repayment Duration: See Website
Contact Atom Bank
  • via Phone: 0191 256 2935 Call
  • via Post: The Rivergreen Centre, Aykley Heads, Durham, England, DH1 5TS