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Digital-only Atom Bank launches with two savings products

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The latest challenger bank has launched in the UK today, hoping to threaten the stronghold of the traditional high street players .  

Digital-only Atom Bank has unveiled two fixed rate savings accounts via its app available for iPhone and iPad users. An Android version is set to launch later this year.

The one-year fixed saver product pays 2% interest, while the two-year fixed pays 2.2%.

The products are currently only available to pre-registered applicants.

Atom plans to roll out current accounts, instant access savings and residential mortgages via the app later this year.

Atom is the UK’s first ‘all digital’ bank. It enables customers to use face and voice biometrics to log in to the app and is backed up by a Durham-based customer support team available 24/7.

Chief executive Mark Mullen said: “This is the start of a remarkable transformation of the banking landscape for everyone. Atom aims to offer a genuine alternative to the insidious and self-interested banks that dominate the UK banking landscape.”

Kevin Mountford, banking expert at Moneysupermarket, said: “There is clearly an aim to boost competition within banking and the launch of Atom Bank is a welcome addition. The Atom Bank proposition no doubt reflects the fact that consumer behaviour is changing and for some a slick online or mobile offering makes sense.

“Typically as a new operator Atom is kicking off with a savings offer as it looks to raise liabilities and to be fair at two per cent for a one-year fixed rate product, and 2.2 per cent for a two-year fixed product, it looks like the business is prepared to back its digital offering with competitive products.”

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