FSCS Protection

What’s this then? In a nutshell, it’s basic information about the protection of your eligible deposits. It’s issued by the PRA (Prudential Regulation Authority) who run the FSCS. As Atom’s covered by the scheme, we want you to fully understand how your money is protected by the FSCS.

  • Eligible deposits in Atom bank plc (UK mainland only) are protected by: The Financial Services Compensation Scheme (“FSCS”).
  • Limit of protection: £85,000 per depositor per bank/building society/credit union. Atom bank plc is the trading name of your bank
  • If you have more eligible deposits at the same bank / building society / credit union: All your eligible deposit at the same bank/building society/ credit union are “aggregated” and the total subject to the limit of £85,000
  • If you have a joint account with other person(s): The limit of £85,000 applies to each depositor separately
  • Reimbursement period in case of bank, building society or credit union’s failure: 20 working days
  • Currency of reimbursement: Pound sterling (GBP, £) or, for branches of UK banks operating in other EEA Member States, the currency of that State
  • To contact Atom bank plc for enquiries relating to your account, go to our Contact page
  • To contact the FSCS for further information on compensation, go to the contact page of their website.

Exclusions list

A deposit is excluded from protection if:

  1. The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, building society or credit union.
  2. The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
  3. It is a deposit made by a depositor which is one of the following:

    • Credit institution
    • Financial institution
    • Investment firm
    • Insurance undertaking
    • Reinsurance undertaking
    • Collective investment undertaking
    • Pension or retirement funds
    • Public authority, other than a small local authority

The following are deposits, categories of deposits or other instruments, which will no longer be protected from 3 July 2015:

  • Deposits of a credit union to which the credit union itself is entitled
  • Deposits which can only be proven by a financial instrument (unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which exists in a Member State on 2 July 2014)
  • Deposits of a collective investment scheme which qualifies as a small company
  • Deposits of a collective investment services institution which qualifies as a small company
  • Deposits of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which qualify as a small business or small company refer to the FSCS for further information on this category
  • For further information about exclusions, refer to the FSCS website