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Atom Bank review

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Atom Bank deal with three areas in particular; saving, buying and growing. That translates to fixed savings accounts, mortgages and business loans, providing products that many challengers aren’t exactly well-versed in. This makes them a unique alternative in the world of challenger banks.

Launching in 2016, Atom have gone from strength to strength in the challenger space, evolving as a popular alternative to high-street banks and priding themselves on a no-nonsense approach to lending. Read on to find out more or use the links below to navigate to different chapters in the article.

Pros and Cons

 Offers products for saving, buying and growing

 Save money with a fixed saver account

 One of the only challengers to offer mortgages

 Business loans available

 Free app to track ongoing payments

 Competitive rates

 Good app-based alternative to high street lenders

 Available on App Store and Google Play store

 Existing current account required

 Doesn’t offer current accounts

 Doesn’t offer personal loans or credit cards

 Good credit score required

 No flexible savings pots available


  • Fixed Savers – there are 6 separate term options to choose from, with varying interest rates that go up to 1.81% for those willing to keep savings locked away for 5 years
  • Mortgages – Atom provide all kinds of mortgage options going from 60% LTV all the way up to 95% LTV, with varying interest rates to suit you
  • Business loans – get a quick decision on business loans for limited companies, LLPs, partnerships and sole traders, all through the Atom Bank app

Eligibility criteria

  • At least 18 years old
  • UK resident
  • Proof of address
  • Accepted proof of ID
  • Have a compatible smartphone or tablet

App features

The Atom Bank app is your first port of call for keeping track of any products you happen to have with them, including any savings accounts, business loans or mortgages. This can be very useful to check on your long-term progress, ensuring you can keep on top of repayments.

Your Hub is the place where you can check up on your accounts, providing live information on any products you have as well as relevant news related to Atom.

The Portal is the area of the app where you’re able to view your profile and look through any important documents in a space called the Vault.

Help & Support is available directly through the app, allowing you to get common questions answered and to access the live chat or contact centre for further information.


Your Atom account is secured by a standard username and password, alongside additional biometric checks such as Face ID if you have an Apple device. In addition, they also take samples of your voice to verify who you are (it is referred to as your Biometric ID) when you are signing up to one of their products.

To keep your details safe, Atom have made sure that none of your personal data is held on the app. Alternatively it is stored on secure servers so your details can’t fall into the wrong hands.

Spending abroad

Since Atom Bank don’t provide any current account services, there isn’t really the option of spending abroad with any of their products.

Instead, if you’ve got a business loan for example and you’re looking to spend a portion of the money abroad, check the details of your existing current account to find out whether you will incur a charge.

Fees and charges

Given that Atom Bank do such varied products compared to other challengers, they have a very different structure for fees that revolves mostly around their mortgages. Fees included in getting a mortgage with Atom include:

  • Product fees – this can depend on the offer you’ve chosen but can be up to £900
  • Valuation fees – this can vary depending on the value of the property that you intend to get a mortgage for
  • Late fees – for missing a mortgage payment you will usually incur an £8 charge
  • Change of mortgage – there are several charges involved in changing the terms of your mortgage, including early repayment fees and fees for extending or reducing the term of your mortgage


You can access support pages on Atom’s website easily enough, but the most direct method for gaining support is through the app.

The Help & Support section allows you to access the live chat feature for any issues you may have. Alternatively, you can get in touch with the Atom contact centre if you would prefer to talk to a representative about questions relating to savings, business loans or mortgages.


Overall, even though Atom Bank doesn’t provide current accounts, what they do provide is a valuable addition to the current pool of challenger banks on the market.

By focussing on mortgages and business loans, they are disrupting the traditional high-street banks who previously were the only place to go for these important products. This gives customers more options to choose from and an app-based solution for getting on the property ladder or starting their own business.

Do you like the sound of Atom Bank? Make sure you have a current account you’re happy with before you sign up for any further products. Take a look at our list of current accounts using the link below.

Robert Bester

Updated on 2nd January 2020