Atom app only bank opens doors in UK

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27 years ago First Direct didn’t open their doors for business, mainly because they launched as a telephone and internet-based bank. It seemed revolutionary at the time that a bank could assist without a single high street branch.

Atom BankThis month another new bank has launched and they’re making First Direct look very old fashioned. The Atom Bank has launched as a mobile app only bank. They’ve set up on iPhone and iPad but aim to bring out an Android version towards the end of May with Windows and Mac OS versions to follow eventually.

Atom Bank app shotAtom have no intention to even set up website banking. Everything will be done through their app including their first two savings products which are now available for the first customers to sign up. They aim to add business loans, current accounts, residential mortgages and credit card services in the future.

The thing I find most bizarre about Atom, is that it appears the easiest way to get money into one of their accounts is to transfer it from another bank. I haven’t a clue what they’ll do if you ever need to pay in a cheque, it seems a shame with an app based bank to revert to postal banking, but with no branches you may not to rely on Atom as your one and only bank.

I use app based banking almost exclusively, but I do use cash points an occasionally visit a branch to pay in a cheque. Could you live with a bank with no branches, if so than becoming an app only Atom customer might appeal to you.

7 Responses

  1. so if you lose your iphone, you must have enough cash on hand to buy a new iphone, top up, and re-install the app, before you can access your money again.
    best idea ever.

  2. This is not new news, there are already several ‘app only’ banks in the uk, as well as a few prepay/charge/credit cards.

    I can’t understand why any business would want to limit their customer base by not allowing website logins, or indeed by only having an iphone app and not android.

    It’s hardly the same as first direct who’s customers have access to the whole HSBC UK branch network.


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