Atom Bank

Atom Bank is a UK digital bank that offers savings accounts, cash ISAs and mortgages, all managed through its mobile app. It does not offer a current account, so you cannot have your salary paid in, set up direct debits from Atom or use an Atom debit card: you keep your everyday account elsewhere and move money to and from Atom when you want to save¹. Because it is a UK bank, eligible savings held with Atom are protected by the Financial Services Compensation Scheme up to £120,000 per eligible saver, and that limit applies to the total of all savings you hold with Atom, not to each account separately¹.

Because Atom has no branches and no counter services, everything happens in its app: opening accounts, moving money, servicing a mortgage and contacting support. Atom says being branch free keeps its overheads down¹. Its mortgages are sold only through independent brokers for new customers, though existing customers can switch deals directly with the bank³.

Eligible savings with Atom are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person, across all the savings you hold with the bank rather than per account⁴.

What Atom Bank offers: savings and mortgages, no current account

Atom Bank's product range is deliberately narrow: savings, mortgages and commercial mortgages (business loans)¹. On the savings side it offers fixed term accounts, instant access accounts and a cash ISA, all opened and run in the app. On the lending side it offers residential mortgages for buying a home, remortgaging and switching deals, plus a Near Prime range for people whose credit history is less than perfect, and commercial mortgages for businesses.

What it does not offer matters just as much. There is no Atom current account, no overdraft, no debit card and no cheque book, so Atom cannot be your main bank. If you want an everyday account with no borrowing attached, a basic bank account from another provider works alongside an Atom savings account; basic bank accounts work like any current account but without an overdraft or cheque book⁶. Atom also does not offer credit cards, personal loans or insurance, so a reader comparing those products will need other providers.

Atom is a standalone bank rather than a brand of a larger high street group. It is privately owned, with a broad range of shareholders including BBVA and Toscafund Asset Management¹. None of this changes what a customer does day to day, but it means Atom's fortunes are not tied to a big parent bank, and its app-only savings and mortgage business is the whole of what it does.

Atom Bank savings accounts: fixed and instant access

Atom's savings range covers the three main types: fixed term accounts, where your money is locked away for a set period; instant access accounts, where you can withdraw at any time; and a cash ISA, where interest is tax free within your ISA allowance. Savings accounts in general come as ISAs, instant access and fixed term options, and Atom fits that pattern⁷. Its Easy Access Cash ISA pays interest monthly, and you can read more on the Atom bank Easy Access Cash ISA page⁸.

To open a Fixed Saver you must be at least 18 years old and a UK resident⁹. Interest on Atom savings is paid gross, in line with the Personal Savings Allowance, which means tax is not deducted and whether you owe tax depends on your own allowance⁹. Atom gives 30 days' notice of changes to its savings terms unless the change is to your advantage⁹.

For the instant access side, Atom's Instant Saver and Instant Saver Reward accounts are opened and managed in the app, and you link a UK personal current account in your own name, registered to your address, to move money in and out; a business current account cannot be used as the linked account¹⁰. Independent guidance is clear on which type suits which purpose: if you are building an emergency fund, use an instant access account rather than fixing your money, because you need to reach it at short notice¹².

Which type tends to suit whom is a matter of circumstance rather than one being better. Fixed term accounts suit money you are certain not to need for the term; instant access suits an emergency fund or short-term goals; an ISA suits savers who have used their personal savings allowance or want to keep interest tax free. Atom's own site carries today's rates for each account, and rates on its remortgage and moving home deals are likewise subject to change¹³.

Atom Bank mortgages: what is and is not available

Atom offers residential mortgages for buying a home, remortgaging and product transfers, and a Near Prime range for applicants with adverse credit. Near Prime mortgages are available for purchase, remortgage and product transfer, with and without a product fee, and are still available even if you have defaults¹⁴. Its representative moving home example carries no product fee and no valuation fee, though deals are subject to change¹³.

The list of what Atom does not lend on is long, and knowing it saves wasted applications. Atom does not currently offer buy-to-let, does not accept applications against self-build properties, is not accepting applications for lifetime mortgages, and does not lend for interest only or part-and-part mortgages¹⁵. It will not lend for business purposes, and will not lend against sub-sale transactions¹⁶. It does not currently lend to British expatriates, because all applicants must have been resident in the UK for at least the last three years¹⁵.

For new customers, Atom only offers its mortgages through independent brokers¹³. Near Prime mortgages work the same way: new customers must apply through an independent broker¹⁴. Existing customers can go direct for a product switch (covered later in this page). On fees-assisted products, the firm that completes the legal work is determined by Atom's panel manager, LMS, and Atom is currently unable to accept separate representation on residential applications, meaning you cannot instruct your own solicitor on those cases¹⁵.

Atom also supports the Homes for Ukraine scheme. If you are sponsoring someone under the scheme, there are no changes to your Atom mortgage and you must continue to make your monthly payments as normal; it is possible to become a sponsor while applying for a mortgage, and Atom asks that it be contacted once you are matched¹⁷.

Who can open an account or get a mortgage with Atom Bank

For savings, the basics are simple: you must be at least 18 and a UK resident, and you need a UK personal current account in your own name to act as the linked account⁹. For mortgages, Atom mortgages can be opened as a sole account or as a joint account with one other person¹⁸. Applicants must be at least 18, meet the lending criteria, be a UK resident, and be no more than 80 years old when the mortgage ends¹⁵.

Residency is the strictest rule. All applicants must have been resident in the UK for at least the last three years, which rules out expatriates¹⁵. Foreign nationals must have been resident in the UK for a minimum of three years and have unrestricted rights to live and work in the UK¹⁵.

How much you can borrow depends on income and employment type:

Employed applicants must provide a 24 month employment history and have a minimum of 12 months in employment¹⁵. Contractors need a minimum day rate of £250 or a minimum annual income of £50,000, with income assessed as the lower of day rate multiplied by 5 multiplied by 46 and supplied annual income¹⁵. Bank or supply contract workers need a minimum annual income of £20,000, fixed term contract workers £25,000, and zero hours or agency workers a minimum of 24 months in current employment¹⁵. In affordability assessments, credit cards and overdrafts are taken at 3% of balance, and where current unsecured debt to income is 50% or more the application will be declined¹⁵. A Decision in Principle is valid for 13 weeks, and mortgage offers are valid for 180 days¹⁵.

Deposit sources matter too: unacceptable sources include money raised via a secured loan (including Help to Buy), money raised by an unsecured loan, vendor cash deposits and directors' loans¹⁵. Capital raising for debt consolidation is allowed up to 90% loan to value on Prime and Near Prime products, and for home improvements up to 95% on Prime and 90% on Near Prime¹⁵. Atom defines a first time buyer as someone who has never previously held a residential or buy-to-let mortgage in the UK¹⁵.

Banking with Atom Bank: app only, no branches

Atom has no physical branches and describes itself as branch free, which it says keeps overheads down¹. All banking is done through the app: there is no branch to visit and no counter service¹. The app is available for iOS and Android devices, and only via the UK App Store and the UK Google Play store¹⁹. The app supports the latest version of your operating system plus the two preceding versions, on both iOS and Android¹.

The app terms set some practical limits worth knowing. The app may not install updates when you are temporarily overseas, and there are some countries where it will not work at all¹⁹. Use of the app is conditional on following Atom's terms, which it can change at any time¹⁹. It can suspend use of the app where it has security concerns, suspects fraudulent or unauthorised use, or needs to meet legal obligations, and can terminate use immediately for serious or persistent breach, false information, fraud, illegal use, inappropriate account sharing, or threatening or abusive behaviour towards staff¹⁹. Atom is not liable for losses caused by abnormal and unforeseeable circumstances outside its reasonable control¹⁹.

Mortgage applicants should note that each applicant needs their own compatible device, their own unique email address and their own unique mobile number, and once the mortgage is running you must install the Atom app to service it¹⁵. The app supports native accessibility functionality, including voiceover and font settings, and Atom uploads all your documents to a Vault in the app and notifies you of any changes it makes²¹.

How to open an Atom Bank savings account

Opening a savings account is done entirely in the app, with no paperwork. Atom says you can open one in minutes: you need a compatible device to download the app on, and your bank details registered in your name and to your address⁴. For the Instant Saver Reward, the steps are to download the app, register, then open an account, linking a UK current account in your own name¹¹.

Opening an Atom savings account, from downloading the app to paying in.

The credit check side is reassuring: Atom only carries out a soft check when you open a savings account, leaving a "soft footprint" on your credit file that will not affect your credit history⁴. That is different from a mortgage, where submitting a full application triggers a "hard" credit search footprint on your file¹⁵. If you want to understand the difference before applying, see our guide to credit scores and credit reports.

Switching or moving your Atom Bank mortgage

Existing Atom mortgage customers can switch to another Atom product, known as a product transfer, which secures a new mortgage deal without applying to another lender²³. You can apply to switch at any time, and eligible customers can do it in the app by heading to the mortgage account screen and tapping the "Switch product" button²³. The in-app route requires that you are up to date with your mortgage payments, not currently in arrears, and have had no issues with your payments over the past 12 months²³. Atom also states that a product switch can be applied for up to 6 months before a fixed rate ends¹⁵.

Two routes for switching an Atom mortgage, and when each applies.

A broker comes back into the picture in three situations: you want to change your term, you want to take out additional borrowing, or switching means you will need to pay an early repayment charge²³. Existing customers can also complete a direct product switch without broker advice, subject to eligibility²⁴.

If you are moving home, the position is similar. If your new home is worth more than your current one you may need to borrow more, and Atom directs returning customers either to the broker they used before or to its find a broker tool¹³. Porting is possible if your mortgage is portable and at least 6 months have passed since completion, provided the new mortgage starts within 90 days of closing your existing mortgage¹⁸. Two things to watch: at the end of a fixed term the interest rate automatically changes to Atom's Standard Variable Rate, so it is worth reviewing your options before then¹⁸; and Atom may sell, transfer or otherwise dispose of all or part of its interest in the loan without your consent, which is standard for mortgages but means your lender can change¹⁸.

Help if you are struggling with mortgage payments

If you cannot keep up payments on an Atom mortgage, the first step is to contact the lender. Official guidance on the Help to Buy mortgage guarantee scheme is blunt: if you are finding it difficult to pay your mortgage, contact your lender immediately²⁵. Lenders may be able to help by reducing your monthly payments or arranging a break from payments for a few months²⁶. In Scotland, the Help to Stay scheme may provide financial help and support if you are having or facing difficulty making mortgage payments²⁷.

Atom's own money worries support sets out what it can consider: reducing your payments for a period of time, arranging a plan to repay money owed at an affordable monthly amount, extending your term, temporarily changing the type of mortgage (for example converting repayment to interest only), or giving you time to sell the property⁵. Speaking to Atom about money worries does not affect your credit score, but any solution involving missed payments may be reported to credit reference agencies and could affect your eligibility for future borrowing⁵. You can also log a need for additional support in the app, via the main menu, "My Details" and "Additional support"⁵.

The consequences of not acting are set out in Atom's mortgage terms. Where the loan is secured on your primary residence, Atom can demand immediate repayment if you have failed to make two or more monthly payments; where the property is not your primary residence, one or more missed payments can trigger it¹⁸. Once you have made at least one monthly payment, you can ask to change your payment date via the Help and Support button in the app¹⁸. Free, independent help is available from debt charities and from MoneyHelper, and it costs nothing to talk through options before arrears build up.

Complaints and customer support

Atom's Customer Support team is available 8am to 8pm, seven days a week, on 0333 399 0050⁵. You can also contact the team via in-app chat, email or phone, or raise questions through the Help and Support button in the app; Atom also lists customersupport@atombank.co.uk as a contact route²¹. For bereavement, Atom assigns a dedicated member of the team to help you through the process²¹.

How a complaint about Atom Bank escalates, and where it can end up.

The complaint route follows the standard banking process: complain to the bank's customer services first, then make a formal complaint, giving the bank eight weeks to investigate and give a final response, and then take an unresolved complaint to the free Financial Ombudsman Service³⁰. Atom's own terms confirm the Financial Ombudsman Service may be able to help when a complaint is not resolved²². You can check at any stage whether a financial service has followed the rules using Citizens Advice guidance³¹.

A few support details are worth knowing. Power of attorney arrangements must be made by calling Customer Support, not through app chat, for security reasons²¹. A trusted nominee you register will not be able to conduct any actions on your account or access the app, so third party access is more limited than at some banks²¹. If you are experiencing economic abuse, specialist charities describe how banks can help, and Atom's support line is one route to start that conversation³². If you move abroad, Atom's rules are: living overseas for three years or less and you can still manage your account from outside the UK; more than three years and Atom will need you to close your account²².

How your money is protected with Atom Bank

Atom is covered by the Financial Services Compensation Scheme²⁹. Eligible deposits are protected up to £120,000 per eligible saver, and the limit applies to the total of all savings you hold with Atom, not to each account separately²⁹. Eligible deposits in business accounts are treated as if made by a single depositor, so a business account is protected up to £120,000 too³³. For joint accounts, each eligible account holder is entitled to £120,000 protection in total, so two holders of one joint account are protected up to £240,000 between them³³.

If Atom were to fail, FSCS would typically return deposits within seven business days, by cheque or electronic payment into an alternative account³³. Your account statement will confirm whether your deposits with Atom are eligible³³.

Protection has edges. Deposits are excluded if the account holder is a credit institution, financial institution, investment firm, insurance undertaking, reinsurance undertaking, collective investment undertaking, pension or retirement fund, or a public authority other than a small local authority; deposits not held at a UK establishment are also excluded, as are deposits linked to a money laundering conviction³³. Deposits held on behalf of underlying beneficiaries who are themselves eligible are not excluded, and pension schemes for micro, small and medium sized companies are not excluded either³³.

Beyond deposit protection, Atom's terms give some practical safeguards. It encrypts app and device data and holds it in a secure environment¹⁹. If a payment out of your account was not made by you, Atom will refund it by the next working day unless you acted fraudulently or with gross negligence, unless it is required to investigate or act differently²². For authorised push payment fraud, a successful claim is usually reimbursed within five working days, though it can take up to 35 working days in certain circumstances²². You must tell Atom without undue delay, and within 13 months at the most, if you think something is wrong with a payment to or from your account²². If you are worried about scams, people may contact you pretending to be a bank, so never act on an unexpected call or message about your Atom account; our scams and fraud guide covers the warning signs³⁴.