Overview
Atom Bank is the UK’s first app-based, digital bank, launched in 2016, revolutionizing banking with a mobile-first approach. The platform offers savings accounts, mortgages, and business loans through their digital banking app, with FSCS protection.
Designed for UK residents and businesses, Atom Bank eliminates traditional branch banking costs to offer competitive interest rates. The bank is regulated by the FCA and PRA, providing customers with award-winning customer support. Perfect for digitally-savvy individuals seeking high-yield savings accounts, competitive mortgages, and streamlined business financing.
Key Features
Digital-First Banking
Complete mobile app experience with no physical branches
High-Yield Savings
Interest rates up to 4.75% on savings products
Multiple Savings Options
Instant Saver, Fixed Saver, and Instant Saver Reward accounts
Mortgage Services
Competitive residential and commercial mortgages up to 75% LTV
Business Lending
Fixed and variable business loans with Growth Guarantee Scheme options
Real-Time Tracking
Monitor mortgage applications through the app
Award-Winning Support
Human customer service representatives available
Pros & Cons
Advantages
- Excellent app ratings (4.8/5) across platforms
- Competitive savings rates up to 4.75%
- FSCS protects deposits up to £85,000
- No monthly account maintenance fees
- Real-time application tracking
Limitations
- No physical branches for in-person service
- Limited to UK residents only
- Mortgage services are only available through brokers
- Business loan arrangement fees (1-2%)
Security Features
Secure Infrastructure
Regulatory Compliance
Data Protection
Banking License
Risk Assessment
Pricing & Fees
| Service | Fee | Details |
|---|---|---|
| Instant Saver Account | 0% fees | 2.90% AER interest rate, easy access |
| Fixed Saver Account | 0% fees | Up to 4.75% AER, fixed terms available |
| Instant Saver Reward | 0% fees | 4.60% AER reward rate, 2.50% AER withdrawal rate |
| Business Loans 1-2% arrangement fees No setup or maintenance fees | 1-2% arrangement fees | No setup or maintenance fees |
Getting Started
Detailed Ratings
Final Verdict
Atom Bank excels as the UK’s pioneering digital bank, offering competitive rates and an exceptional user experience. With consistently high ratings of 4.8/5 across major platforms and FSCS protection, it provides secure, efficient banking for modern consumers. The platform’s strength lies in high-yield savings and streamlined digital processes, though it may not suit customers preferring traditional branch banking.