Atom Bank

Who they are

Atom Bank was founded as the UK's first app-based bank and was the country's first digital-only bank to be granted a regulatory licence. It was set up by Anthony Thomson, co-founder of Metro Bank, and Mark Mullen, the former CEO of First Direct - two people who between them had seen both the old world of branch banking and the early days of telephone banking up close. The bank is based in the North East of England , which makes it something of an outlier in a UK fintech scene heavily concentrated in London.

Unlike Monzo or Starling, Atom has never launched a current account. Instead it has focused on savings, mortgages and business loans. That narrow focus has served it reasonably well: in June 2024 the bank reported a £27 million operating profit - roughly seven times higher than the previous year - and its first annual pre-tax profit since launching a decade ago.

Everything is done through the app. There are no branches and no telephone banking line for day-to-day account management, so this is one to bear in mind if you prefer face-to-face service.

Savings accounts

Atom's savings range sits in the easy access and fixed-rate space. The one product that consistently appears in our rate data is their Easy Access Cash ISA, which has been a fixture in the top ten of that market. It is a non-flexible ISA, which means withdrawals do not free up your allowance again within the same tax year. Atom does not currently accept ISA transfers in, so it is a new-money-only option.

As with all savings rates, the figures move - check the live table on this page for the current rate before you apply.

FSCS protection

Atom has its own banking licence, which is not shared with any other banks. That matters because it means your FSCS protection is not split with another brand. FSCS cover sits at £120,000 per depositor, applied to the total eligible balance held with Atom bank. For a joint account, each account holder gets their own £120,000 limit. The bank is regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Is it right for you?

Atom works well for savers who are comfortable doing everything on a smartphone and want a straightforward, no-frills home for their money. The app has a solid reputation, there are no account fees, and the savings products tend to be competitive enough to appear in best-buy tables without relying on short-lived teaser rates.

The main limitations are worth knowing upfront. There is no current account, so you will always need a separate bank for day-to-day spending. The ISA does not accept transfers in, which rules it out if you want to consolidate existing ISA money. And as a fully app-based bank, it will not suit anyone who prefers managing finances by phone or in person.

For savers happy with a clean digital experience, Atom is a reasonable choice - particularly for a Cash ISA where they tend to offer a straightforward rate without too many strings attached.

Check the live rates shown on this page to see where Atom currently sits against the rest of the market before you decide.