Atom Bank - Challanger bank

john1002

Just had my invitation code to sign up. They are currently only have a 1 or 2 year fixed saver paying up to 2.20% for annual interest so not too bad. App is slick and be interesting to see how they do once they move into current accounts, mortgages and credit products.

John

alternate

They are something like up to 10k limit are they not? I looked at them but could not be bothered for such a sum.

Anthorn

I signed up when it first started. Not a lot happening. Looks like they've done a Fidor to me. Probably a long wait for a complete banking service such as current accounts and DDs so don't hold your breath.

john1002

Anthorn,

It looks like the end of the year for current accounts and they are slowly sending out invite codes.

John

HornetSaver

Market-leading rates for one and two year fixed savers, but it's the best rate of interest overall that most people are looking for.

To give an example, I read critical commentary in the past from Atom about the "current account game" and "short term switching gimmicks". They have an excellent point - the reason MSE members play the current account game is that the best interest rates are not in savings accounts and that the gimmicks are in many cases worth more in year one than the interest.

But logically the best saving rate should be on a long term fixed saver. In the current climate I would very happily tie up £2,000 on a fixed 5.1% APR for five years. The actual market-leading rate is considerably less than half that, hence (after a bit of juggling) I use TSB Classic Plus for the same purpose, with the bonus that it's instant access.

So, I'm encouraged that they've started off by offering the best deal on the market on these products, but doubt they will succeed in doing what savers are desperate for someone to do. Namely, put an upward pressure on the highest overall savings rate.

Stompa

I can't say I was overly impressed when they sent me an invitation code, shortly followed by an email saying:

"We made a little mistake

As you may know, we’re continuing to send out invitation codes and welcoming customers to Atom, daily. We’ve also let you know that we’re rolling codes out to iOS users first.

You may have seen an invitation email with an invite code hit your inbox recently. Unfortunately, this has been sent prematurely, as it is a code for an iOS device.

It wasn’t a mean joke, we promise. It was a genuine mistake on our part, sorry."

fromtheshires

Stompa wrote: »

I can't say I was overly impressed when they sent me an invitation code, shortly followed by an email saying:

"We made a little mistake

As you may know, we’re continuing to send out invitation codes and welcoming customers to Atom, daily. We’ve also let you know that we’re rolling codes out to iOS users first.

You may have seen an invitation email with an invite code hit your inbox recently. Unfortunately, this has been sent prematurely, as it is a code for an iOS device.

It wasn’t a mean joke, we promise. It was a genuine mistake on our part, sorry."

I think that this is quite a good message to send out. Its not stuffy and formal full of jargon, but a more personal message. Some people wont like it but I always like these type of informal messages.

OK, you clearly arent happy they sent you a code for the wrong device, but the way they have contacted you is pretty cool.

john1002

The app has a lot of these informal messages that like you I like, it's different and so far I'm happy.

John

Doctor_Duke

I wouldn't bother they don't offer anything when compared to most major banks and building society's whose online services are improving all the time!

colsten

Got my code, downloaded the app and registered. I am impressed that they use technology to verify my login (selfie and voice) but I am vastly un-impressed with their ID verification. As there was literally none. I could have registered as anybody if I had wanted to. Granted, they have a mugshot and a voice recording, but no Police force has these. So how would they find me if I ran away with lots of money?

Sadly, Atom Bank are one of the incubators in the Woodford Patient Capital Fund I hold. And which had tanked 14% from launch when I last checked. I won't be throwing good money after bad by using the Atom savings accounts. Atom rates are pants, compared with the 3/4/5/6% I can get with current accounts and regular savers.

Justdesserts

Got codes for myself and my husband. Downloaded the app, applied for an account each. We both got on screen messages saying we could not open an account. On ringing the company, I was told it may be that their software is having a problem communicating with some banks. They recommended I try again when the software is updated. Never had a problem opening a bank or savings account before. Hmmmmm

Anyone else had problems?