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  • FIRST POST
    • mike_bacon
    • By mike_bacon 9th Aug 18, 9:31 AM
    • 2Posts
    • 0Thanks
    mike_bacon
    ATOM Bank
    • #1
    • 9th Aug 18, 9:31 AM
    ATOM Bank 9th Aug 18 at 9:31 AM
    Does anyone know why the ATOM Bank Cash ISA doesn't show up in the MSE best buy charts? The one year fixed rate at 2.05% seems to beat all the one's shown in the charts so am I missing something? Are they a dodgy outfit to be avoided
Page 1
    • TUVOK
    • By TUVOK 9th Aug 18, 9:36 AM
    • 42 Posts
    • 5 Thanks
    TUVOK
    • #2
    • 9th Aug 18, 9:36 AM
    • #2
    • 9th Aug 18, 9:36 AM
    Not sure why they are not in the list, but I have invested in a large number of their fixed rate bonds since they first opened and have always found them to be excellent.
    • dixon-bainbridge
    • By dixon-bainbridge 9th Aug 18, 9:38 AM
    • 110 Posts
    • 117 Thanks
    dixon-bainbridge
    • #3
    • 9th Aug 18, 9:38 AM
    • #3
    • 9th Aug 18, 9:38 AM
    All the fixed ISAs in MSE's list allow early access/closure. Atom's does not. I am assuming that's the reason.
    Learn to speak Norfolk:
    Translations: Naarfok = Norfolk, Narridge = Norwich, jargon = like running, but slower, cooo = queue, how're yer gettin arn = Norfolk greeting, on the huh = Something being uneven.
    • eskbanker
    • By eskbanker 9th Aug 18, 10:31 AM
    • 8,769 Posts
    • 10,037 Thanks
    eskbanker
    • #4
    • 9th Aug 18, 10:31 AM
    • #4
    • 9th Aug 18, 10:31 AM
    Unless I'm missing something here, the 2.05% one-year fixed term account isn't listed within the ISA article because it isn't an ISA, Atom don't do ISAs!

    It's listed within https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#fixedsavings which is where it should be....

    All ISAs must offer access to funds, even if there are early withdrawal penalties imposed.
    • mike_bacon
    • By mike_bacon 9th Aug 18, 10:38 AM
    • 2 Posts
    • 0 Thanks
    mike_bacon
    • #5
    • 9th Aug 18, 10:38 AM
    ATOM savings
    • #5
    • 9th Aug 18, 10:38 AM
    Thank You - because my wife paid no tax on her gross interest I had automatically asumed it was an ISA. So that means I can still put 20k in an ISA this FY as I haven't used any of the allowance?
    • eskbanker
    • By eskbanker 9th Aug 18, 10:47 AM
    • 8,769 Posts
    • 10,037 Thanks
    eskbanker
    • #6
    • 9th Aug 18, 10:47 AM
    • #6
    • 9th Aug 18, 10:47 AM
    because my wife paid no tax on her gross interest I had automatically asumed it was an ISA.
    Originally posted by mike_bacon
    All savings interest is now paid gross of tax and tax is typically only payable (if applicable) once the interest earned over the full tax year can be compared with the personal savings allowance, so the fact that no tax is deducted at source doesn't signify an ISA! It remains important for the account holder to be able to differentiate between ISAs and taxable products when working out whether or not they're subject to tax, or indeed whether or not they should be declared to HMRC in the first place.

    So that means I can still put 20k in an ISA this FY as I haven't used any of the allowance?
    Originally posted by mike_bacon
    If you paid into an Atom account mistakenly thinking it was an ISA and haven't paid into any actual ISAs then yes, you still have your full annual allowance available for use.
    • Cliddy
    • By Cliddy 9th Aug 18, 4:57 PM
    • 191 Posts
    • 19 Thanks
    Cliddy
    • #7
    • 9th Aug 18, 4:57 PM
    • #7
    • 9th Aug 18, 4:57 PM
    I think it's already been said, but the Atom offering is not an ISA. Also it's got knocked off some lists because it's got beaten by a very small percentage elsewhere.
    And it gets paid gross as with all savings accounts now, but is not tax free.

    I find Atom very good if you overlook their terrible screen graphics designed by some kids I think.
    Also I don't quite know why they say they are the first app based bank. I've been using nationwide and first direct for years.
    • eskbanker
    • By eskbanker 9th Aug 18, 5:04 PM
    • 8,769 Posts
    • 10,037 Thanks
    eskbanker
    • #8
    • 9th Aug 18, 5:04 PM
    • #8
    • 9th Aug 18, 5:04 PM
    I don't quite know why they say they are the first app based bank. I've been using nationwide and first direct for years.
    Originally posted by Cliddy
    They say "Were the UKs first bank built exclusively for your smartphone or tablet", whereas interactions with Nationwide and First Direct have been via branches (HSBC for FD) and phone and web browser for many years before any apps were created for them, so for those longstanding names apps are a belated additional channel, whereas for Atom the app is the only way of dealing with them.
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