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Atom bank is one of the “challenger banks”“ aiming to bring banking into the present. Atom works entirely through your smartphone or tablet, making banking more streamlined and accessible. However, unlike many of its competitors, Atom offers savings accounts and mortgages rather than simply current accounts.
This review will look at Atom’s app and its Fixed Savers product, if you’re interested in Atom’s mortgages then we have a review for that too.
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Atom attracts customers with value for money and convenience. It believes its small pool of products and promise of trustworthiness should be enough for customers to make the right choice.
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Completely through an app on your tablet or smartphone. It doesn’t even send a card, you just move your money via bank transfers.
Atom makes the app personal to you, giving the option to alter your brand, theme and the name of your account. The design focusses on the products offered by Atom, with added extras like a blog and videos about the company.
The basic app functions include:
The app also features:
With Atom you can open a savings account lasting up to five years. Interest rates vary depending on the saving period and the type of interest chosen.
Annual equivalent rates are competitive:
| Product | Interest Type | Rates (Gross) | Rates (AER) |
|---|---|---|---|
| 3 Month Fixed Saver | Annual interest | 0.75% | 0.75% |
| 3 Month Fixed Saver (monthly interest) | Monthly interest | 0.75% | 0.75% |
| 6 Month Fixed Saver | Annual interest | 0.75% | 0.75% |
| 6 Month Fixed Saver (monthly interest) | Monthly interest | 0.75% | 0.75% |
| 1 Year Fixed Saver | Annual interest | 1.50% | 1.50% |
| 1 Year Fixed Saver (monthly interest) | Monthly interest | 1.49% | 1.50% |
| 2 Year Fixed Saver | Annual interest | 1.50% | 1.50% |
| 2 Year Fixed Saver (monthly interest) | Monthly interest | 1.49% | 1.50% |
| 3 Year Fixed Saver | Annual interest | 1.50% | 1.50% |
| 3 Year Fixed Saver (monthly interest) | Monthly interest | 1.49% | 1.50% |
| 5 Year Fixed Saver | Annual interest | 1.50% | 1.50% |
| 5 Year Fixed Saver (monthly interest) | Monthly interest | 1.49% | 1.50% |
There are no withdrawals on the account until it has matured, and day-to-day payments cannot be made so there are no fees.
You might also have concerns about the bank’s day-to-day security features – how effective is the bank at stopping fraud?
Well, it offers broadly the same security features as a traditional banking app. Instead of using the standard passcode and password combination, Atom bank uses face and voice recognition to keep your money safe. The Atom app asks for a selfie and voice clip when logging in.
Along with your personal details and address Atom also requests your existing bank details when registering with them.
Pros
Cons
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Revolut
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How does Atom bank notify you at the end of the savings period and how easy is it to recover your invested funds?
Hi Eddy,
Thank you for your comment.
When your account is due to mature, they will notify you in advance through notifications in your Atom app, and through SMS and email. These notifications will guide you through the next steps and what your options are upon maturity. All instructions can be given and acted upon within the app to make this as easy as possible for you.
Eligible deposits in Atom bank plc (UK mainland only) are protected by the Financial Services Compensation Scheme. You are advised to contact their customer service when accessing your funds or withdrawing it. There is an option in the app as well for doing that.
Regards,
Jhezelyn