Confirmatory emails regarding the rate increase appear to have been sent by Atom today.
Just got a notification from Atom saying that my annual statement is ready. As always (and I mean always whenever I get a statement notification) itâs not there - the last one is Aprilâs statement. It usually takes another day or maybe two to appear.
Is it just me, or is this a general issue?
Unfortunately quite common. LBG Credit Cards is another where the âx statement now available in your accountâ means âwill be there in a day or soâ.
Virgin Money credit card and Barclaycard are also guilty of this. Itâs bloominâ annoying.
Atom One Year Fixed Saver has hit 2.6% AER
Five weeks ago (08/05/22), it was 2.05%, as I nearly put some money away in one, but instead chose a Shawbrook 6m fix at 2.0%
Looks like the right decision now 
In fact, significant increases in last two months:
1 Like
Grrr - 2 days after I took out their one-year fix at 2.3% 
Atom Instant Saver increased to 1.35%.
1 Like
Thereâll be a few whoâve used the itchy trigger finger. 
It feels like âEasy accessâ is best for now.
3 Likes
Do Atom have a dark mode?
Unfortunately they donât yet.
1 Like
It being a quiet Thursday, I found myself looking at the FSCS requirements in the Atom Bank app.
Hereâs an extract below. Question - is there a typo in item (1) - ie, should âneverâ be âeverâ?
âExclusions 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
EtcâŚâŚâ
1 Like
Assuming itâs the same at all banks, it casts some doubt on the financial security of emoney institutions like Revolut. A large part of their guarantee on their clients money is theyâre protected if those banks they store deposits go bust.
Interesting find.
Any lawyers here who wouldnât mind taking a look at this stuff and breaking it down for us laypeople?
1 Like
I think the promise Revolut et al make is that your money is safe if they go bust, not if the bank theyâre holding the money at goes bust. If itâs the latter youâre out of luck. If the former, you may still be out of luck, but itâll depend.
The banks not offering FSCS protection for money held on behalf of financial institutionsâ clients make sense â the money would way exceed ÂŁ85k
1 Like
My question is in relation to item (1), though. Am I misreading it?
I can see what you mean. It seems to suggest that you are not covered unless you have been identified as involved in money laundering.
However . . . the phrase is âmoney laundering requirementsâ
So . . . . I think what it is actually saying is
âif we cannot identify you as the true owner of the deposit, as required by AML legislation requirements, youâre not getting the doshâ
3 Likes
I miss-typed this morning. This scenario you highlight is actually the one I meant to question on point 3 though:
Is it really still safe with this? Are the deposits with those banks treated as being deposited by me, or by Revolut (a financial institution) and so excluded from protection. Effectively rendering any perceived protection benefit of the e money approach moot and non-existent.
Iâm sure Iâm overthinking it, and theyâve done their homework on this and wouldnât lie. But itâs not an issue a layperson can decipher correctly, which causes me concern. Iâve always been wary of trusting Revolut without a banking licence. This just makes that doubly so.
Edit: ignore me! My brain is clearly not wired today to process the eMoney setup, and my concern is still actually for the event the underlying bank goes bankrupt. As I say, Iâm overthinking it.
1 Like
My thoughts have always been the same - unless your parking your life savings in the e-money wallet Iâm not too fussed. You can get any funds into an interest beating FSCS vault in a couple of clicks should you wish.
3 Likes
Isnât Revolut a bare trustee of its customers in this case? Ie itâs depositing on behalf of its customers, not in its own name. If Revolut goes under, surely the funds are owed to Revolutâs customers, not its creditors
Yes thatâs right, but the administrators would take the costs of the business failing from customersâ deposits before returning the rest.
âŚActually, scrub that. Iâm not sure itâs 100% true, but thereâs definitely something which can be deducted from deposits.
âŚIâve just checked, and thatâs essentially correct.
2 Likes
Yeah, so the biggest risk is some fraud or misuse on the ringfenced accounts.