Atom Bank

seacaitch

From the Atom Bank website:

"Interest can be added to your account or paid into a nominated account held in your name. It’s typically paid monthly on the day of the month you opened your account, or annually on the anniversary of account opening."

To the best of my knowledge, and in accordance with the above, the 'nominated account' is only needed if choose the option for interest to be paid away to a different account rather than paid into the Atom account itself.

The only question remaining is whether, on maturity, this 'nominated account' can also fulfill a role, ie. as a withdrawal destination. In any case, Atom will contact account holders nearer to maturity to ask them what they want to do:

" We’ll contact you with options before your account matures, so you can tell us what you want to do with your money."

Therefore, unless you wish to have the interest paid elsewhere there is no need to specify a 'nominated account'. Deposits into the account during the funding window can come from anywhere.

coyrls

seacaitch wrote: »

Therefore, unless you wish to have the interest paid elsewhere there is no need to specify a 'nominated account'. Deposits into the account during the funding window can come from anywhere.

It is part of the application process to nominate an account, even if you don't have interest paid into it. They use it as part of their ID check process:

At Atom we only ever ask for info we need, and the reason we request your bank details is so we can carry out an ID check, not to check your credit. However before completing this step it’s a good idea to check that your bank is happy to share your account info, as this’ll help prevent you from being unexpectedly declined.

http://www.atombank.co.uk/faq

seacaitch

coyrls wrote: »

It is part of the application process to nominate an account, even if you don't have interest paid into it. They use it as part of their ID check process

Not for me.

AnotherJoe

They did for me and MrsAJ we both needed the account details. Perhaps you are squeaky clean and didn't need it

takman

caveman38 wrote: »

Can you download app, open account and furnish money from a PC without using your phone to pass the money.
Can you simply obtain the details of the Atom Deposit Account and not need to leave bank details on the phone.
I ask as someone who doesn't use their mobiles for any transactions for security reasons. My hang-up, I know but feel more secure on PC.

Generally mobile devices are more secure than PC's because they are more restrictive on what can be installed and far less likely to get a virus or malware. Plus to add to PC's being insecure its surprising how many people don't have antivirus, don't update it or have a free one that isn't very good.


But i've actually got an android emulator on my PC so i could run my banking app's from that, but i wouldn't because it's less secure than my mobile phone.

mad_rich

I've just opened an account with these guys. I have to say it was the easiest account opening I've ever done, and the app worked flawlessly.

Voice and face recognition made me smile, too, and the login process is quick and easy.

There are big backers behind this, including Neil Woodford. I don't have any qualms about the lack of branches.

B_G_B

I have neither an iOS or Android device so downloaded an emulator - Bluestacks on Mac os 10. Unable to download Atom bank app as not compatible with this version of Android. Anyone had any luck trying this route. Maybe it’s too clever to be “fooled”, or maybe i’m not clever enough.

AnotherJoe

B_G_B wrote: »

I have neither an iOS or Android device so downloaded an emulator - Bluestacks on Mac os 10. Unable to download Atom bank app as not compatible with this version of Android. Anyone had any luck trying this route. Maybe it’s too clever to be “fooled”, or maybe i’m not clever enough.

Do you know someone who does have one of these phones? A relative?
Download the app, sign up, transfer money into the account, delete the app.
In 1/2/etc years time, same again and then transfer the money out or renew.

tony2go

eskbanker wrote: »

For the record, I wasn't suggesting it's in any way risky as such, especially with FSCS coverage, just that on the face of it it's not an obvious choice of institution for someone who sees himself as 'very old school', which to me has connotations of only wanting to deal with managers in branches and so on!

oh dear

for the record esbanker let me spell it out "plain and simple"

"very old school, my primary school had gas lighting I kid you not" gas lighting as in a very old school, hope that clears that up

Now when I said "old school" I ment in the context ...........if I'm going to partake in a transaction wherebye I hand over a not inconsiderable sum. I wont be doing it unless I receive in return a "statement of fact" that said transactions have taken place.

And as I stated in that very same post.... I contacted customer services and had it clarified that such a statement would be up loaded to the in App "Vault" The key being "at my request" as in, said upload would not automatically happen as a default action.

It's a new concept, there are issues needing looking at in any new App, as it happens I highlighted one, and it was resolved.

Another issue is that the account "Smartie" will indicate the correct Bond Balance.
However on clicking on the "Smartie" the Account Information page opens which gives details of sort code, account number, fixed term etc, but the balance can differ from the actual balance. In that if you add funds in stages, the later stage payments may be missing from the total on said account page. I have three accounts and two have not recorded the last stage payments in each, the third is correct. It's a bug they know about and working on it.

I'm I concerned?

Of course not being "old school" I have statements of fact

[Deleted User]

I think this is the way to go with larger amounts and none of that direct debits/minimum monthly pay-in malarkey. I too opened up an account, it was a breeze. Gone for the monthly interest option, nice to see a bit of regular money coming in.