Why I’m thinking of ditching the UK high street banks

Digital Banking: Why I’m getting ready to ditch my high street bank

I’ve spoken and written quite widely about digital banking and the up and coming financial tech startups. Especially how they’re really setting fire to the banking marketplace. Fewer costs and overheads due to not needing much more than a customer service department and techies, means better rates for the public. Back in April, Atom Bank really made this point clear by offering up an eye-watering 1.29% 5 Year Fixed Mortgage as part of their digital mortgage push. It was a short lived offer, as the rate was so brilliant, but it really showed their potential power in the market place and best buy tables. Atom currently is centred around the Atom App, working a little like the fintech offerings from Oval Money  and Plum that I’m keenly looking at right now.




Why Atom Bank are primed and ready to roll

Simply download the android or ios app from Atom Bank and within minutes you’ll see the merits and promise it offers. You’ll be welcomed by a fluid and intuitive UI. Create your ID in seconds and link it with your voice and face for some cutting edge security via smart biometrics. Name your bank, and after an average 10 minutes, according to Atom staff, you’ll be up and running. You’ll have access 24/7 to the savings account functions and customer service. Currently they are offering savings and their 1.4 % AER Fixed Saver is a great rate to start out with. Their looking to branch out into current accounts soon. But, until that happens, you’ll need to link your existing banks to the app. This is no real hardship, but it’s worth noting that you may wish to contact your bank first to let them know your lining the app to avoid linking issues.

 

Atom

At just over a year old, the Atom brand empire is growing fast and showing real presence to the point high street banks and lenders must start paying notice. 85,000 downloads, 18,000 customers, and current accounts in beta testing all bode extremely well. Plus, if you’re not completely at home with a bank account that requires selfies and facial recognition you can still rely on pin and passcodes too. A great offering from atom in the digital mortgage and digital banking fields, we’ve added our details to their email list awaiting news of the current account roll out. Great stuff Atom!

One thought on “Why I’m thinking of ditching the UK high street banks

  • May 6, 2017 at 4:36 pm
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    I’m liking these fintech articles, not heard the term until I read your blog 😉

    Reply

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