Member Article

Atom Bank breaks through £110m deposit mark just three months after launch

Durham-based Atom Bank has broken through the £110m deposit mark despite only fully launching across the UK in October.

The app-only bank, which bills itself as the the UK’s first bank built entirely for mobile, has said customers have already deposited over £110m in its Fixed Saver accounts after it launched a pair of saver accounts earlier this year.

It comes following a breakout year for the bank, which included its official launch, the launch of its iOS and Android apps, and its inclusion in top top 10 of the 2016 Global KPMG Fintech 100 list.

The bank has also revealed that its app-only savings accounts are proving popular with savers of all ages, and not just the technologically savvy ‘millennials’ age bracket.

According to Atom’s Chief Executive Officer, Mark Mullen, the average age of savers utilising its Fixed Saver accounts is over 50, which Mullen said attests to people of all ages being prepared to ‘embrace new ways of banking’.

Mullen commented: “There’s a lot more to come from Atom. In 2017 we look forward to welcoming more new customers, with a wider range of savings and mortgage products and a new current account all in the works.”