Atom Bank

Who they are

Atom Bank is the UK's first bank built purely for smartphone or tablet - no branches, and the first digital-only challenger bank to be granted a full UK regulatory licence.

It was founded in 2013 by Anthony Thomson, co-founder of Metro Bank, and Mark Mullen, the former CEO of First Direct.

The bank is based in Newcastle upon Tyne and has stayed deliberately focused - unlike Monzo or Starling, Atom never launched a current account, choosing instead to concentrate on savings, mortgages and business loans.

Everything is managed through the Atom app. Customer support is available seven days a week , which puts it a step ahead of many high-street banks on accessibility. In June 2024 Atom reported a record £27 million operating profit - roughly seven times higher than the prior year - and its first annual pre-tax profit since launch.

Savings accounts

Atom's savings range covers instant access and fixed terms, all opened and managed through the app. The Easy Access Cash ISA currently pays 4.25% AER variable, with instant access and no minimum balance. It is worth noting that Atom's Cash ISA does not currently accept transfers in from other providers, so it is new money only.

For easy access savings outside an ISA wrapper, there are two options: the standard Instant Saver at 2.50% AER variable, and the Instant Saver Reward at 3.49% AER variable - worth checking the eligibility conditions on the latter before applying.

The fixed-rate range is where Atom has historically been competitive. Terms run from 6 months through to 5 years, all requiring a minimum of just £50. Current rates range from 4.55% AER on the 6-month and 9-month fixes up to 5.20% AER on the 5-year Fixed Saver. The 1-year fix sits at 4.90% AER, and both 2-year and 3-year options pay 5.10% AER. No access is permitted until maturity on any of the fixed accounts, so only commit what you can genuinely set aside.

Deposits up to £120,000 are covered by the FSCS Atom Bank's eligible deposits are protected by the FSCS up to £120,000 per person, per authorised firm (banking licence).

Is it right for you?

Atom suits savers who are comfortable managing everything through a smartphone app and want competitive rates without the complexity of branch banking. The fixed-rate range is particularly strong if you can lock money away - and the low £50 minimum makes it accessible whether you are saving a modest sum or a larger pot.

The main limitations to weigh up: there is no current account, so Atom works alongside your main bank rather than replacing it. The standard Instant Saver rate is modest compared with the market, so if easy access is your priority, it is worth comparing carefully. And if you hold old Cash ISAs you want to consolidate, Atom currently does not accept transfers in.

There is no current switch incentive on offer. Atom's appeal is straightforward: clean app experience, FSCS protection up to £120,000, and fixed rates that hold their own against the wider market.

As always, the live rates shown on this page are the most up-to-date figures - specific rates change regularly, so check them before you apply.