Atom Bank reaches £3bn mortgage completions and £1bn savings mark
By Joy Dumasia
Atom Bank, the UK’s first app-based bank, achieved two significant milestones this week when it exceeded £3bn of residential mortgage completions and, on the same day, hit £1bn in deposits into its Instant Saver accounts.
Since November 2016, Atom has provided 21,700 mortgage offers worth £3.97bn and has now helped 16,400 households complete new mortgages to a total value of £3bn.
Atom continues to combine app-based customer experience and competitive pricing to those parts of the market where competition is most important, particularly for customers with smaller deposits and those with less than perfect credit history.
Reaching £1bn in Instant Saver balances is a crucial moment of truth for both Atom’s new tech platform. Instant Saver was the first product Atom built on its cloud-hosted banking core – and Atom’s decision to compete in instant access savings alongside its fixed-rate products.
Edward Twiddy, Chief Customer Officer at Atom, said: “These milestones are significant achievements for Atom. We are here to solve two key questions for customers – where should I save to get a proper return on my savings, and where can I get a well-priced mortgage that I can manage on my terms. We don’t carry excess costs in our business, and so in a price lead market, we can pay our savers more and charge our borrowers less; that has to be better for everyone, and the progress we continue to make suggests that we are getting a lot right.”
Recently, IBS Intelligence reported that Atom has today started to offer quotes on its secured lending products under the Recovery Loan Scheme (RLS). RLS gives UK businesses access to finance as they recover and grow following the COVID-19 pandemic, with funding that can be used for managing cash flow, investment, and growth.