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.
Atom Bank vs Revolut
| Features | Atom Bank | Revolut |
|---|---|---|
| Digital-only banking | Operates exclusively online with no physical branches | Completely digital, operates through a mobile app |
| 24/7 customer service | Available through phone, email, and social media | Accessible via chat in the mobile app |
| Mobile app | App-based bank with highly rated iOS and Android apps | App available for iOS and Android with a wide range of features |
| Current account | Provides current accounts with competitive interest rates | Current accounts available, including multi-currency accounts |
| Savings accounts | Offers fixed saver and easy access accounts | Does not offer traditional savings accounts |
| Mortgages | Wide range of mortgage products available | Does not offer mortgage products |
| Business loans | Available, subject to credit assessment | Does not offer business loans |
| Multi-currency accounts | Does not offer multi-currency accounts | Supports 30+ currencies in a single account |
| Instant notifications | Sends real-time notifications for all account activities | Instant notifications for transactions and account changes |
| Budgeting tool | Included in the app, categorizes spending automatically | Built-in budgeting tools and analytics |
| Free card payments abroad | Charges may apply for payments outside the UK | No charges for card payments abroad |
| Insurance products | Does not offer insurance products | Offers device and travel insurance |
| Business overdraft | Does not offer business overdrafts | Offers overdrafts as part of business account packages |
| Free card delivery | Free card delivery in the UK | Free card delivery for standard, premium, and metal accounts |
| Open banking integration | Supports integration with other financial accounts | Supports integration with other bank accounts and financial apps |
| Fixed savings options | Offers fixed-term savings accounts | Does not offer fixed savings accounts |
| APIs for business integrations | Offers APIs for integration into business systems | Provides APIs for business integrations |
| Easy account setup | Fast and easy account setup via mobile app | Quick setup process, completed entirely online |
| ATM Withdrawal Charges | No charges for ATM withdrawals in the UK | Free up to £200 per month, then a 2% fee |
| Payment alerts | Alerts for all incoming and outgoing payments | Real-time alerts for all transactions |
| Bulk Payments | Supports bulk payments | Offers bulk payments feature |
 | 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 Charges | Atom Bank |
|---|---|
| Account Opening | Free |
| Monthly Maintenance Fee | Free |
| ATM Withdrawals | Free |
| Payments in the UK | Free |
| Card Payments in the UK | Free |
| Card Payments Abroad | Depends on card issuer |
| Electronic Payments Abroad | Depends on the payment service provider |
| Business Loan Interest Rates | Depends on credit score |
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 Charges | Revolut |
|---|---|
| Account Opening | Free |
| Monthly Maintenance Fee | Free (Standard), £7 (Premium), £12 (Metal) |
| ATM Withdrawals | Free up to £200/month, then 2% fee |
| Payments in the UK | Free |
| Card Payments in the UK | Free |
| Card Payments Abroad | Free |
| Electronic Payments Abroad | Free |
| Currency Exchange | Free up to £5000/month, then 0.5% fee |
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
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.
Revolut, with its multi-currency accounts and free card payments abroad, is generally better suited to businesses operating across borders.
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.
Yes, both banks use secure encryption to protect user data and transactions. Atom Bank also uses biometric security features for account access.
While both banks have user-friendly mobile apps, Atom Bank is often praised for its intuitive interface and user experience.
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.
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.