Atom Bank vs Revolut for business banking

Updated on 7 August 2023

As the world of banking continually evolves, more businesses are looking to digital-only banks to meet their needs. This has been especially the case in the United Kingdom, where digital banking has been particularly embraced. Two names that have risen to the top in the digital banking sector are Atom Bank vs Revolut. Both provide robust offerings that make it easy for businesses to manage their finances efficiently and effectively.

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In this article, we will provide a detailed comparison between these two banks, to help you decide which one may be the better fit for your business needs.

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Atom Bank vs Revolut

FeaturesAtom BankRevolut
Digital-only bankingOperates exclusively online with no physical branchesCompletely digital, operates through a mobile app
24/7 customer serviceAvailable through phone, email, and social mediaAccessible via chat in the mobile app
Mobile appApp-based bank with highly rated iOS and Android appsApp available for iOS and Android with a wide range of features
Current accountProvides current accounts with competitive interest ratesCurrent accounts available, including multi-currency accounts
Savings accountsOffers fixed saver and easy access accountsDoes not offer traditional savings accounts
MortgagesWide range of mortgage products availableDoes not offer mortgage products
Business loansAvailable, subject to credit assessmentDoes not offer business loans
Multi-currency accountsDoes not offer multi-currency accountsSupports 30+ currencies in a single account
Instant notificationsSends real-time notifications for all account activitiesInstant notifications for transactions and account changes
Budgeting toolIncluded in the app, categorizes spending automaticallyBuilt-in budgeting tools and analytics
Free card payments abroadCharges may apply for payments outside the UKNo charges for card payments abroad
Insurance productsDoes not offer insurance productsOffers device and travel insurance
Business overdraftDoes not offer business overdraftsOffers overdrafts as part of business account packages
Free card deliveryFree card delivery in the UKFree card delivery for standard, premium, and metal accounts
Open banking integrationSupports integration with other financial accountsSupports integration with other bank accounts and financial apps
Fixed savings optionsOffers fixed-term savings accountsDoes not offer fixed savings accounts
APIs for business integrationsOffers APIs for integration into business systemsProvides APIs for business integrations
Easy account setupFast and easy account setup via mobile appQuick setup process, completed entirely online
ATM Withdrawal ChargesNo charges for ATM withdrawals in the UKFree up to £200 per month, then a 2% fee
Payment alertsAlerts for all incoming and outgoing paymentsReal-time alerts for all transactions
Bulk PaymentsSupports bulk paymentsOffers bulk payments feature
Atom Bank vs Revolut

Wallester Business
✓ Virtual & Physical Cards
✓ No Setup Fees
✓ No Monthly Fee
Pricing Trial period Contact

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up To 3.5% Cashback
Pricing Trial period Contact

ANNA Money
✓ Apply In 10 Minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
Pricing Trial period Contact

HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact

Atom Bank

Founded in 2014, Atom Bank is the UK’s first app-based bank, offering a broad range of financial services targeted at small businesses. Atom is well-regarded for its user-friendly interface, competitive rates, and helpful customer support.

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Pros and cons

Pros

  • Full Suite of Services: Atom Bank provides comprehensive banking services from savings and current accounts to mortgages and business loans.
  • Competitive Rates: Atom offers competitive rates on savings and loans.
  • User-friendly Interface: Atom Bank’s mobile app is very intuitive and easy to use.
  • Strong Customer Support: Atom Bank’s customer support is available 24/7 and is highly regarded by customers.
  • Secure: Atom Bank uses biometric security features such as face and voice recognition to secure accounts.

Cons

  • No Multi-currency accounts: Unlike Revolut, Atom Bank does not offer multi-currency accounts.
  • No Free Card Payments Abroad: There may be charges for card payments outside the UK.
  • No Business Overdrafts: Atom Bank does not offer a business overdraft facility.
  • No Insurance Products: Atom does not offer any insurance services to its customers.
  • Limited Integration Options: Though Atom Bank supports open banking, it doesn’t provide as many third-party integration options as Revolut.

Table of fees and charges

Fees and ChargesAtom Bank
Account OpeningFree
Monthly Maintenance FeeFree
ATM WithdrawalsFree
Payments in the UKFree
Card Payments in the UKFree
Card Payments AbroadDepends on card issuer
Electronic Payments AbroadDepends on the payment service provider
Business Loan Interest RatesDepends on credit score
Atom Bank fees and charges

Unique and standout features

Atom Bank has several standout features that make it a strong choice for business banking.

The bank’s all-encompassing financial services provide businesses with a single place to manage all their banking needs, from current accounts to loans and mortgages.

Atom Bank also features a very easy-to-use interface.

The intuitive nature of the app makes it easy to navigate, allowing businesses to quickly get to the features they need without wasting time.

Another standout feature of Atom Bank is its customer support.

The bank has a dedicated team available 24/7 to assist with any issues that may arise.

Finally, Atom Bank places a strong emphasis on security.

It uses advanced biometric security features to secure accounts, including face and voice recognition.

This not only helps to protect accounts but also provides a quick and easy way to access the banking app.

Revolut

Revolut started as a travel card provider in 2015 and has since evolved into a comprehensive digital bank. With a multi-currency account, cryptocurrency trading, and a range of other services, Revolut caters to modern, globally-minded businesses.

Pros and cons

Pros

  • Multi-currency accounts: Revolut offers multi-currency accounts, a huge advantage for businesses that operate internationally.
  • Free Card Payments Abroad: Revolut does not charge for card payments outside the UK.
  • Crypto Services: Revolut allows for buying, selling, and holding of cryptocurrencies.
  • Insurance Products: Revolut offers a range of insurance products, including mobile phone and travel insurance.
  • Wide Range of Third-Party Integrations: Revolut supports a large number of third-party integrations, giving businesses more flexibility in managing their finances.

Cons

  • Limited Financial Services: Unlike Atom Bank, Revolut doesn’t provide business loans or mortgages.
  • ATM Withdrawal Charges: Revolut applies charges after a certain amount of free ATM withdrawals.
  • Customer Service Issues: Some users have reported issues with Revolut’s customer service.
  • No Fixed Savings Options: Revolut doesn’t offer fixed savings options like Atom Bank does.
  • Premium Features at Additional Cost: Some of Revolut’s features, like unlimited currency exchange, are only available at an additional cost.

Table of fees and charges

Fees and ChargesRevolut
Account OpeningFree
Monthly Maintenance FeeFree (Standard), £7 (Premium), £12 (Metal)
ATM WithdrawalsFree up to £200/month, then 2% fee
Payments in the UKFree
Card Payments in the UKFree
Card Payments AbroadFree
Electronic Payments AbroadFree
Currency ExchangeFree up to £5000/month, then 0.5% fee
Revolut fees and charges

Unique and standout features

Revolut stands out as a forward-thinking bank geared toward the modern, globally-oriented business.

Its multi-currency accounts are perfect for businesses operating in multiple countries, offering seamless currency exchanges.

Furthermore, Revolut is one of the few banks that supports cryptocurrency transactions. Businesses can buy, sell, and hold a range of cryptocurrencies directly through the Revolut app, providing another avenue for diversification and hedging.

Another unique aspect of Revolut is its selection of insurance products.

From mobile phone to travel insurance, businesses can protect themselves from unexpected losses.

Revolut also provides a wide range of third-party integrations.

Businesses can connect Revolut to their accounting software, payment gateways, and other tools to streamline their financial management.

Conclusion – Atom Bank vs Revolut

Both Atom Bank and Revolut bring unique features and services that cater to different business needs.

Atom Bank’s comprehensive financial services, user-friendly interface, and strong customer support make it a good fit for businesses seeking a one-stop solution for their banking needs.

On the other hand, Revolut’s multi-currency accounts, cryptocurrency services, and wide range of third-party integrations make it a great choice for internationally-focused businesses.

Ultimately, the best bank for your business will depend on your specific needs and operational context.

It’s important to consider the bank’s offerings in light of your business model, your plans for growth, and your customers’ needs.

FAQ

What are the major differences between Atom Bank and Revolut?

Atom Bank provides a full range of financial services, while Revolut is more focused on multi-currency accounts and innovative features like cryptocurrency support and third-party integrations.

Which bank is better for international businesses?

Revolut, with its multi-currency accounts and free card payments abroad, is generally better suited to businesses operating across borders.

How does the customer support of Atom Bank and Revolut compare?

While both banks offer 24/7 customer support, Atom Bank is generally more praised for its customer service. Some Revolut users have reported issues with its customer support.

Are Atom Bank and Revolut secure?

Yes, both banks use secure encryption to protect user data and transactions. Atom Bank also uses biometric security features for account access.

Which bank provides a better mobile app experience?

While both banks have user-friendly mobile apps, Atom Bank is often praised for its intuitive interface and user experience.

Which bank is more suitable for small businesses?

It depends on the needs of the business. Atom Bank’s full suite of financial services could be beneficial for small businesses, but Revolut’s innovative features and international focus may also be attractive.

Do these banks charge for account opening or monthly maintenance?

Both Atom Bank and Revolut offer free account opening. Atom Bank does not charge a monthly maintenance fee, while Revolut does for its premium and metal accounts.

Reviewed by , Managing Director

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