Atom Bank is a British online bank that was designed for smartphone and tablet. The bank provides savings account, mortgages and business loans. It is UK’s first virtual bank to be granted a full banking licence.
Where is Atom Bank Based?
The British challenger bank’s headquarters are in Durham, United Kingdom. The bank also has a small office in London. However, the bank has no physical branches since it provides all of its services from the app.
Pros and Cons of Atom bank
- You can register in under 30 minutes. This saves on time
- Atom bank gives you the privilege to choose how long you want to save
- It offers tight security that will ensure your money is safe
- It displays your account balance and interest rates, and how much you will earn at the end of the saving period
- Atom bank does not have current account
- The bank does not offer any card
- The security features often take several tries to work
- Atom bank app is clunky. Users have reported cases of crashing
- The bank asks for a lot of information from you
How Atom Bank Works
It works entirely through an app on your smartphone or tablet. The bank does not have a card since money is moved via bank transfers. The app is made personal to you, and you can change your brand, theme, and your account name. Atom is available on Apple Store and Android.
So, what are the basic app functions?
- Atom bank products. It offers a small pool of different savings accounts, business loans and mortgages at competitive rates. You can apply for one of these options.
- Atom bank savings. Here, you can see how much money you have saved and how much money you will earn through Atom bank interest rates. The interest rate will be displayed on the screen.
- Atom bank mortgages. Once you choose a mortgage plan with Atom, an option to view your repayments becomes available on your screen. It shows how much and when you need to repay your loan.
How to Open Atom Bank Account
You need to be a UK resident of at least 18 years old to open your account. To open Atom bank account you don’t need any paper documents. The bank will verify your identity electronically through the Atom bank app. You need to provide basic personal details such as full name, date of birth and address.
To complete the identification and verification (‘ID&V’) process, we’ll run an identity search with a credit reference agency. If you apply for a savings product, this will leave a ‘soft footprint’ on your credit file, so won’t affect your credit history. If you apply for a mortgage, it’ll leave a ‘credit footprint’ on your file which means other providers will be able to see that we’ve run a search.
How to Withdraw and Add Money to Atom Bank Account
The only method to use to add and withdraw money from your Atom bank account is through the Atom bank app and your connected UK current account. When adding money to Atom bank account, your money will usually reflect in your account as soon as your other bank sends the money to Atom bank.
Atom Bank’s Products and Services
Atom bank offers three main products:
- Atom bank savings account. Atom savings products offered include fixed-term options that range from 3 months to 5 years. With the savings account, the bank offers Atom bank fixed saver and Atom bank instant saver.
- Atom bank mortgages. Atom bank offers mortgages for first time buyers, customers moving home, and those who want to remortgage.
- Atom bank business loans. The business loans are provided to limited liability partnerships, limited companies, partnerships, and sole traders. The loans offered come with a maximum Loan-to-Value rate (LTV) of 75% for commercial property investment, commercial owner-occupied and semi-commercial borrowers.
Atom Bank Customers
To be Atom bank customer, you must be a UK resident. If you are a resident but you are going to live out of the country for more than three years, you will have to close your account. Atom bank was also granted permission to offer retail deposits in Germany via a partnership with Deposit Solutions.
Atom Customer Service
Atom bank app has a 24/7 support team on hand to help with any customer queries. This is done through phone, chat, email, and social media. Atom bank contact number is 0333 399 0050. The team ensures the right products, excellent service, and great value to their customers. Atom bank login is done via face and voice biometrics. Atom bank also uses machine learning technology to guide its customer support team.
Is Atom Bank Safe to Use?
Yes, Atom bank is safe. It has been authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority. Customers’ savings accounts are protected by the Financial Services Compensation Scheme up to the sum of £85000. To ensure safety of customers’ money, Atom bank has stopped using password for login. Instead, Atom login can only be done using biometrics.
Atom Bank Reviews
This digital bank offers the best services to its customers. 98% of online reviews through Reevoo are positive. Every customer has a story to tell. They recommend this bank to other people. According to the Smart Money People reviews, customers have rated the fixed saver account 2.84 out of 5, and 2.10 out of 5 for the Digital Mortgages.
Atom Bank Alternatives
it is possible that Atom bank does not offer products that meet your specific needs. Fortunately, there are many other Atom bank alternatives. Some of them are the following:
German online bank, N26, launched its services in the UK in October 2018. However, it left the UK market after Brexit in 2020.