When was the last time you actually went into your local bank branch? That time you needed to change your address? Or perhaps just after your birthday so you could deposit a cheque from your grandma. Do we even need bank branches? Not according to Atom, the first digital-only bank in the UK.
There are no branches to walk into, and no massive call centres. Everything you need can be done within Atom's iPhone app, including getting in touch with one of Atom's 30 customer service agents. The first products on offer are a one-year savings account with a 2% interest rate, and a two-year savings account with an interest rate of 2.2%. Current accounts, loans, and mortgages should have launched by the end of the year.
Sadly if you want to take advantage of those right now you need to have signed up already. New customers will have to register their interest and wait a while.
Atom Chairman Anthony Thompson (who also launched Metro Bank, the first new high street bank for over a century) says that he doesn't just expect young people to sign up for Atom, believing that many older people are interested in digital banking as well. It would certainly save a few annoying trips into the town centre to sort basic things out, and anyone can appreciate that.