Digital-only bank Atom Bank has launched its first product for customers in the form of a savings account compatible with iOS devices.

Initially the service will only be available to Apple customers but the bank plans to launch for Android users in the near future.

The account is a one-year fixed term savings account which will give its customers around 2% interest – a competitive rate that is likely designed to carve Atom a share of the market. A current account is in the works.

“By the end of 2016, customers will have access to fixed savings, current accounts, overdrafts, debit and credit cards, instant access savings and residential mortgages, all serviced via the app,” says Atom.

The challenger received its licence from the Bank of England in June 2015.

Laying the groundwork

Last year was busy for Atom Bank as it furnished its technology portfolio ready for the launch.

It selected Sungard as its treasury and risk management software provider.

Atom is implementing the vendor’s Ambit Quantum for treasury management and Ambit Focus for application lifecycle management, liquidity risk and funds transfer pricing.

The bank chose Wolters Kluwer Financial Services’ OneSumX to manage its UK and European Banking Authority regulatory reporting requirements.

It signed a strategic partnership with technology supplier Iress; and will be the first client to implement Iress’ latest version of its flagship Mortgage Sales & Origination (MSO) suite. The MSO platform will support Atom Bank’s mortgage business, front-to-back office.

The bank went on the record about its work with Intelligent Environments (IE), a local front-end software supplier. However, there was a spanner in the works because Atom’s CTO, Paul Hanks, left the bank.

Finally, back in July 2014, IBS Intelligence did an analysis of the bank in the report ‘Atom Bank: second mover advantage’.

By Alex Hamilton

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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