One of the UK’s “challenger banks,” Atom Bank aims to modernize banking. It makes banking more accessible because it runs solely through your smartphone or tablet. However, it offers savings accounts and mortgages rather than current accounts, in contrast to many of its digital banking competitors (such as Monzo or Starling). Also available are business loans.
What is Atom Bank
One of the first waves of UK challenger banks, it debuted in 2016. Since it offers all its services through an app, it sees no need for physical branches. Value for money and convenience are two of its strong points, and users love how simple it is to use. It solely provides savings accounts, mortgages, business loans, and no current accounts.
Fixed-rate savings accounts
Atom offers several “Fixed Saver” accounts. These fixed-rate savings accounts have periods ranging from six months to five years. The money must be kept in the account for a predetermined amount of time to earn the predetermined rate of interest.
Ease of opening a top-up account
Within a week of signing up, you can transfer up to £100,000 to your savings account, where you can then see your money grow. But keep in mind that you have a week after opening a Fixed Saver account to deposit your funds.
How does Atom Bank work
You use an app on your tablet or phone to access it. It doesn’t even send a card; instead, you just transfer money between banks.
By allowing you to change your app theme and account name, it helps you make the app uniquely yours. With additional features like a blog and movies about the company, the design is centered on the things it offers.
App features
Basic app features include:
Your savings
Analyze your savings and the amount of money you will make from interest. On the screen are also your interest rates.
Products from Atom
Along with a limited selection of savings accounts, it also provides competitively priced mortgages. You can choose or apply for one of these choices from the products screen.
Your mortgage
If you’ve opened a mortgage with Atom, a popup pops up with a view repayments option. This will inform you of the loan repayment amount and due date.
Business loans
Small enterprises and individual proprietors can apply for business loans and buy-to-let loans from Atom through middlemen brokers.
Additionally, the app offers the following:
Blog
Every month, it updates its blog, “Atomised,” which covers a range of social and financial issues.
Videos
On the app’s home page, you may watch videos about security and Atom Bank’s history thus far.
Daily Quote
For clients who wish to be motivated, it offers a new quote every day.
How safe is Atom Bank
You might be concerned about what would happen to your money if an upstart bank like Atom fails. The Financial Services Compensation Scheme applies to Atom (FSCS). If it unexpectedly became insolvent, you would be protected for up to £85,000.
You can also be worried about the bank’s ongoing security measures; specifically, how successful is the bank in preventing fraud? It does, however, provide largely the same security features as a conventional banking app. Atom Bank uses voice and faces recognition technology in place of the customary passcode and password combination to protect your money. When logging in, the Atom app requests a selfie and audio clip.
Is Atom usable abroad?
If you’re looking for a mobile-based bank account to travel with, it does not provide a current account option, so you might want to seek elsewhere. You can register an account and use the Atom app when you’re abroad but getting updates may be problematic.
