Atom Bank. Investor beware, they have your money & they keep it as long as possible.

keithfm

In January I signed up for one of their six month bonds, choosing the option of interest paid monthly. Everything seemed OK, it was all done on one of their Apps. But there was no clear confirmation of whether it was end of term or monthly payment in any of their communications. In fact I received only two emails; registration and when the balance adding period had ended. The account information on the app is basic and limited. When the first month date arrived, no funds appeared. I went on the chat and was told it wasn’t monthly? They repeated it robotically. I got no where. I told them I wouldn’t have chosen end of term and went to them because that’s what they were offering. And I was VERY careful to choose that option on sign up. Because I wanted, needed & budgeted for the income monthly. I’ve logged a compliant. They offered a ‘hardship option’ which was to take money out but that erodes my capital & voids the interest. Clearly end of term suits them because they keep the interest. Seems like deliberately poor App information, communication & functionality. Investor beware with this company, they like keeping your money as long as possible.

Olinda99

I have had nothing but good experiences with Atom - they are in all ways excellent

jaypers

Sorry but I do not agree with this at all, although you’ve obviously had some sort of misunderstanding with Atom. I currently do not have anything invested with them as their interest rates are comparatively poor now IMHO. I have had both Easy Access and Fixed Accounts paying monthly interest. Sign up and communication was clear and excellent and had no issues at all. Was also very impressed with their end of term arrangements which were also very clear. Wouldn’t hesitate to use Atom again if they up their game on rates. 

eskbanker

keithfm said:

Clearly end of term suits them because they keep the interest. Seems like deliberately poor App information, communication & functionality. Investor beware with this company, they like keeping your money as long as possible.

I'd suggest that this is far more likely to be a simple human admin error rather than a cynical and deliberate attempt to deprive you and others of monthly interest! 🙄

boingy

I'm also a happy Atom customer. Clear comms, simple rules and a straightforward app. Ideally I would like the option to specify the maturation preference earlier in the process rather than in the last three days but apart from that I can't fault them. I'm pretty sure the "more" option in the app listed whether interest was monthly or annual.

wmb194

keithfm said:

In January I signed up for one of their six month bonds, choosing the option of interest paid monthly. Everything seemed OK, it was all done on one of their Apps. But there was no clear confirmation of whether it was end of term or monthly payment in any of their communications. In fact I received only two emails; registration and when the balance adding period had ended. The account information on the app is basic and limited. When the first month date arrived, no funds appeared. I went on the chat and was told it wasn’t monthly? They repeated it robotically. I got no where. I told them I wouldn’t have chosen end of term and went to them because that’s what they were offering. And I was VERY careful to choose that option on sign up. Because I wanted, needed & budgeted for the income monthly. I’ve logged a compliant. They offered a ‘hardship option’ which was to take money out but that erodes my capital & voids the interest. Clearly end of term suits them because they keep the interest. Seems like deliberately poor App information, communication & functionality. Investor beware with this company, they like keeping your money as long as possible.

Ooops, you selected the wrong version of the bond. At least it's only six months and not five years... I did this one time as well but quickly realised my mistake and opened the correct version. Otherwise, I've never had a problem with Atom and it's nice that you can choose the date of the month when monthly interest is paid.

brucefan_2

I have to say that I have had nothing but positive experiences with Atom and getting hold of my money at the expiry of fixed-term accounts has been swift and straightforward. I also find their app very clear and straightforward to use.

masonic

It's generally true of fixed term accounts that the savings provider will want to keep your money for the full term you choose. Some do not permit access even in cases of hardship. It's why you are offered a higher rate than easy access. Anyone can make a mistake when signing up, but there is always an opportunity to check over the details carefully before locking up your money.

Polly05

Another happy atom customer here. Had a fixed account for a year. Plenty of communication. Interest paid in monthly. Communication when it was coming to and end. Options of what to do with it. Opened an instant access and moved the money into there...Just opened another fix..

Ocelot

Never had any problems with them in 7 years. Indeed, last year they kept on telling me I should move my money out as it was in a holding account after a bond finished, earning a poor rate.

pecunianonolet

Another very happy Atom customer. No issues at all and would use them again without hesitation if rates would be competitive.