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Ian

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All reviews (4)

Review of the Atom Bank, Savings:

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Great bank when offering competitive interest rates

Atom basically runs through the app so I have no need for any customer service support. I did get a proactive email from Atom customer service saying that I needed to change the name I was using on my bank transfer details which was useful. Not for everyone as access is through a smartphone app which may be a step too far for the digitally challenged. Also need to keep an eye on interest rates as they are not always higher than other providers, sometimes 1 year fixed rate are better elsewhere. The Instant Saver Reward account offers a good rate at the moment and is attractive so long as you can leave your money in the account without withdraws for most months so you get the reward rate. Generally Atom is a good savings provider to track and use when the rates are competitive with the market. Reviewed on: 25th March 2025

Review of the Chip, Savings App:

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Chip channel the brand new customers only advert

Remember the Nationwide Brand New Customers Only advert in 2020 when a customer could only have something if they are a new customer and were not allowed to have it if they were an existing customer, e.g. free pens were only for brand new customers only. Well the Chip marketing team must have remembered this advert as they are only offering the new 5.01% rate to brand new customers only for a year. It then reduces to the standard rate that existing customers get, currently 4.84%.. So the current standard rate is obviously not attracting new customers well so they have to offer a better rate to attract them. However they want to save money by not offering this rate to existing customers. As highlighted in the Nationwide advert not a great customer service approach that may impact customer loyalty down the line as if the customers see a better offer they will be less likely to stay with Chip as they do not feel they are dealt with fairly there. I may move to another provide that offers a better 12 month brand new customers only rate if I can find one as I see no reason to have any customer loyalty for Chip. with this sort of focused offer. Reviewed on: 31st May 2024

Review of the Atom Bank, Savings:

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Atom provides a good fixed saver that is easy to use

Atom provides a good fixed saver that is easy to apply for and fund. The account can be funded for seven days with multiple payments but make sure your first deposit is more than £50 to be accepted. If making a electronic transfer the name of the account you are transferring to is your name (not Atom Bank) to allow the transfer process to make your payment to the account. Overall a easy to set up account with clear options at maturity. Reviewed on: 10th April 2024

Review of the Chip, Savings App:

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Good app with fairly competitive interest rates

Good app to access a instant access savings account. The open banking connection allows money to be transferred to and from your bank account effectively instantly. Offers a fairly competitive rate of interest, which in February 2024 was explicitly linked to the Bank Of England base rate so it would reflect any Bank of England interest rate movements immediately. Reviewed on: 14th February 2024

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