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Our T&Cs

Banking with Atom is straightforward, so our contract with you consists of four sets of T&Cs: App T&Cs; General T&Cs; Product T&Cs; and a product specific summary, based on the product you open. Please ensure you read all of these documents, so you understand the terms of our agreement with you.

These T&Cs detail the agreement between you and Atom (‘we’/’us’) when you have a Fixed Saver account with us.

Each condition of these T&Cs operates separately. If any court or competent authority decides that any of them are unlawful or unenforceable, the other conditions will remain in full force and effect.

Opening a Fixed Saver account

When you open an account, you’ll receive a fixed rate of interest on the money in that account for the specified term, starting from the day you open the account. You can see the term and rate that apply to your product in the ‘Account Nucleus’ in the App.

Fixed Saver accounts don’t have a ‘cooling off’ period (reflection time when you have the option to change your mind and close the account), so please make sure this product is right for you before you open an account and pay money into it.

Once you’ve downloaded the App, registered Your ID and verified your identity (ID&V), you can open an account in the App.

Deposit window

Once you’ve opened your account, you can only make payments into it for a specified period. We call this the ‘deposit window’. The deposit window starts as soon as you open your account and closes at a fixed point in the future. You can find details of the deposit window for your account in the App and in your Fixed Saver Summary Box (which will be stored in your in-App Vault).

Once you’ve made your minimum initial payment, which is specified in your Fixed Saver Summary Box, you can make as many payments as you like into your account during the deposit window, up to the Maximum Balance Limit.

If you open an account and don’t pay anything into it during the deposit window, the account will be registered as an 'unfunded' account, and we'll close it in due course. Please note that because we don't class this as an open account, we won't send you a statement when we close it.

Eligibility

You must be at least 18 years old and a UK resident to open a Fixed Saver account.

Account holders

Currently, accounts can only be opened as sole accounts (just you). There’s no limit to the number of Fixed Saver accounts you can hold, as long as the total amount deposited in your combined accounts doesn’t exceed the Maximum Balance Limit.

Once a Fixed Saver account is open, we can register a Power of Attorney for it. Please call us on 0333 399 0050 if you need to set this up.

Minimum and maximum balances

When you open an account, your first payment into it must be more than the minimum initial payment specified in your Fixed Saver Summary Box.

The total of all the funds held in your savings accounts with us cannot exceed our Maximum Balance Limit, which is currently £100,000. This limit excludes any interest we’ve paid into your account(s). We may change this limit from time to time – if we do, we’ll let you know and send you an updated version of these T&Cs.

Payments in and out

You can make payments into your account during the deposit window by electronic transfer from another bank or building society. We suggest that you check with them that they’re able to transfer the funds before your deposit window closes. We cannot accept liability for any payments from other institutions that we don’t receive during your deposit window.

You’ll find more details about making payments in the ‘General T&Cs (Personal Banking customers)’.

Once you’ve paid money into your account, you can’t withdraw it until the end of your product term. The only exception is in cases of financial hardship, which will be assessed on a case-by-case basis and may result in us allowing you to withdraw some or all of the money from your account before the end of the term. If you ever need to tell us about financial hardship, please call us on 0333 399 0050 to discuss your situation – we’re here to help.

Our Fixed Saver is a non-transactional account, which means you cannot use it to deposit income or pay bills.

Interest

As soon as we receive a payment into your account, you’ll start to earn interest. Interest on your balance is calculated daily and will be paid at the rate stated in your Fixed Saver Summary Box (based on the number of actual days in the relevant period and a year of 365 days).

All interest is paid gross, in line with the introduction of the Personal Savings Allowance (PSA) on 6th April 2016. You can find more information about the PSA at

You can choose how you want the interest on your account to be paid:

Fixed Saver: monthly interest

Your interest will be paid monthly on the day of the month you open the account (e.g. if you open the account on the 16th, your interest will be paid on the 16th every month). If you open your account on the 29th, 30th or 31st and that date doesn’t appear in a subsequent month, your interest will be paid on the last day of the month.

Once your account is open, you can choose to receive your interest on an alternative date between 1st and 28th of the month.

Fixed Saver: annual interest – term of one year or more

Your interest will be paid annually on the date of account opening, except if you open your account on 29th February, when your interest will be paid on 28th February in non-leap years.

Fixed Saver: annual interest – term of less than one year

Your interest will be paid at the end of the product term, on the day of the month you open the account. If you open your account on the 29th, 30th or 31st and that date doesn’t appear in the month at the end of your term, your interest will be paid on the last day of the month.

Interest paid in or paid out

You may choose to have interest added to your account (‘paid in’) or paid into your nominated account, which is another bank or building society account in your name (‘paid out’). If you choose to have your interest paid out, then change your nominated account and don’t tell us, your interest payment will automatically be returned to us. If this happens, we’ll pay it into your Fixed Saver account and change your preference to ‘pay in’. You’ll be able to change it back to ‘paid out’ at a later date, by updating your nominated account details in the App and changing your preference back to ‘pay out’.

Charges

There are no charges applied to your Fixed Saver account.

We won’t charge you if you have to withdraw funds from your Fixed Saver by CHAPS either in the case of financial hardship or at maturity. (CHAPS is the Clearing House Automated Payments System, which is used when Faster Payments is not appropriate or available to transfer money.)

Statements

You can access your account and check your balance at any time in the App.

Your statement will be placed in your in-App Vault and we’ll notify you by email or SMS that it’s ready. It will be issued annually on the anniversary of account opening (if you choose a product with a term of at least one year) and at the end of your product term. If your account is opened on 29th February, your statement(s) will be issued annually on 28th February.

If you need a statement for a specific reason, you can request one by calling us on 0333 399 0050 at any time.

Maturity

When your account reaches maturity (i.e. when the fixed product term ends), you’ll need to decide what to do with your money.

We’ll contact you before your maturity date with your available options, so you can log into the App and tell us what you want to do with your money. We’ll complete your instructions on the maturity date, and send you all the relevant information to confirm what we’ve done.

If you don’t provide maturity instructions, or if they’re incomplete, at maturity we’ll transfer the money from your Fixed Saver account into a Holding Account. You’ll retain your Fixed Saver sort code and account number and we’ll provide you with new T&Cs for this account. Our Instant Access Saver interest rate will be applied to this account. You won’t be able to make any additional payments into this account, and you can only make a single withdrawal from it, to enable you to take out all of your money in one go.

Compensation arrangements

Atom is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors – including individuals and small businesses – are covered by the scheme.

An eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim for their share, so the maximum amount that the two eligible depositors could claim would be £85,000 each (making a total of £170,000). The £85,000 relates to the combined amount in all the eligible depositors’ accounts with the bank, including their share of any joint account, and not to each separate account.

We’ll share detailed FSCS information with you when you apply for a Fixed Saver account; and we’ll save this in your Vault once your account is opened. For more information about the FSCS (including amounts covered and eligibility to claim) you can visit their website at http://www.fscs.org.uk/. You can contact the FSCS directly with any compensation-related queries on 0800 678 1100 or 020 7741 4100.

Foreign Account Tax Compliance Act (FATCA)

When you apply for an account we’ll ask you if you’re liable to pay tax or report to tax authorities in another country.

If you tell us you are, or we believe you are, we have to provide relevant information (your account number, account balance, interest earned, name and address details and tax identification number) to the relevant authorities.

It’s your responsibility to tell us if your circumstances change, so if you become liable to pay tax or report to tax authorities in another country, please let us know straight away.

Changes to these Terms and Conditions

If we need to make any changes to these T&Cs, we’ll explain the changes 30 days before they happen, except where they are to your advantage (when we’ll make the changes straight away). This allows you to consider the changes, and in most cases you’ll be able to close an impacted account if you’re not happy. If you have an account with terms that we have described as fixed, then we won’t make changes that disadvantage you.

We’ll only make changes to these T&Cs to:

  • reflect developments in our App or proposition (including our products / services); or
  • respond proportionately to changes in general law or decisions of the Financial Ombudsman Service; or
  • meet regulatory requirements; or
  • reflect new industry guidance or codes of practice which raise standards of consumer protection; or
  • proportionately reflect other legitimate cost increases or reductions associated with providing the particular product or service you use.

Need these in another format?

Our digital format goes a long way towards achieving full accessibility for all, but if you need these T&Cs supplied in another format, or if we can help you to use our service in any other way, simply contact us via the App or call us on 0333 399 0050.

Applicable law

These T&Cs are governed by the laws of England and Wales and if there’s any disagreement about them, or between us about your account(s), we each agree that this’ll be dealt with by the Courts of England and Wales.