Atom Bank Passes £3bn Mortgage Completions and £1bn Savings Milestones
Atom Bank, the UK’s first app-based bank, achieved two significant milestones this week when it exceeded £3bn of residential mortgage completions and on the same day hit £1bn in deposits into its Instant Saver accounts.
Since November 2016, Atom has provided 21,700 mortgage offers worth £3.97bn and has now helped 16,400 households complete on new mortgages to a total value of £3bn. Atom is achieving strong and profitable mortgage portfolio growth, providing more people with the opportunity to become homeowners. Atom continues to bring its combination of app-based customer experience and competitive pricing to those parts of the market where competition is most important, particularly for customers with smaller deposits and those with less than perfect credit history.
Reaching £1bn in Instant Saver balances is a key a moment of truth for both Atom’s new tech platform – Instant Saver was the first product Atom built on its state of the art cloud-hosted banking core – and Atom’s decision to compete in instant access savings alongside its long-standing and award winning fixed rate products. Instant Saver was launched to the public in September 2020 and has been gaining a significant following for the ease of account opening and instant money transfers with customers’ existing current accounts.
Edward Twiddy, Chief Customer Officer at Atom, said:
“These milestones are significant achievements for Atom. We are here to solve two key questions for customers – where should I save to get a proper return on my savings, and where can I get a well priced mortgage that I can manage on my terms. We don’t carry excess costs in our business and so in a price lead market we can pay our savers more and charge our borrowers less; that has to be better for everyone, and the progress we continue to make suggests that we are getting a lot right.
“Alongside our rapidly growing commercial mortgage lending and our partnership with Funding Circle, the continued growth of our mortgage book means that Atom is very well set commercially. A sustainable business relies on being commercially strong as well as playing its role in the wider community; we will continue to do both as we set our sails towards an IPO, which we anticipate taking place in the next two years.”
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