County Durham Community Foundation has rebranded to Point North, in all our articles written before the rebrand, we’ve kept references to County Durham Community Foundation for accuracy.
Atom bank and Point North (formerly County Durham Community Foundation) launch Fund to promote higher education access in the North East
Atom bank, the UK’s first app-based bank, in partnership with Point North, has launched the Atom Futures Fund.
The Fund aims to encourage and support students from low-income backgrounds or those who are in the care system to apply to Russell Group universities.
Research from the Sutton Trust has shown that higher education is a key driver of social mobility in the UK. Young people from less well-off backgrounds who attend university are more likely to move into higher income brackets, with reduced income gaps between graduates from disadvantaged backgrounds and their peers compared to non-graduates.
With the North East having the highest percentage of students eligible for free school meals in the country, the launch of the Atom Futures Fund will help Year 13 students to pursue university by providing significant financial support.
How the Atom Futures fund works
Split into two parts, part one of the Fund offers a £250 financial incentive to at least 20 eligible Year 13 students who apply to a Russell Group University. This flexible funding can be used to support various aspects of the university application process, including interview preparation and travel expenses, as well as study materials, including books and equipment.
Part two of the Fund provides a further £1,000 for applicants who receive and accept an offer from their chosen Russell Group University. This additional support aims to alleviate financial pressures and facilitate a smooth transition into university life. Atom bank and Point North will award a minimum of five of these grants each year, starting in August 2024.
Eligible applicants must be Year 13 students attending state schools within the boundaries served by Durham County Council. Applicants must either be eligible for free school meals or currently in care.
Programme of support for young people
The Fund builds on Atom bank’s programme of support for widening participation in further education and employment in the North East. Atom bank has this year doubled the number of internships available in partnership with the EY Foundation Smart Futures Chartered Banker Institute Easter Internship. The scheme gives six students from low-income households the chance to get an insight into a career in banking and develop their employability skills.
From this year onwards, Atom bank is also funding the addition of two new scholarships to Durham University’s Women in Technology programme, aimed at prospective female students from low-income backgrounds. These initiatives among several others are all part of the bank’s wider mission to increase opportunities for local people, drive diversity in the sector and find the next generation of leaders as the bank grows.
Edward Twiddy, Director of ESG at Atom, said: “It has been shown that attending a Russell Group University provides young people with the best chance of success, yet so many talented children from low-income backgrounds or in care don’t get this opportunity. We believe that income shouldn’t be a barrier to accessing the best education, and hope that by providing financial support, we can overcome exclusivity and help foster excellence in the region.”
“The North East is one of the most deprived areas of the country. As one of the largest employers in the area, we want Atom bank to be at the forefront of driving sustainable economic growth within the community, while unashamedly developing talented individuals who can join our growing workforce.”
“We know that poverty steals opportunities and restricts futures. Children and young people living in poverty are much less likely to access opportunities in education, and much less likely to have the means to take advantage of those opportunities should they present themselves. With this new fund, Atom bank are actively working to create brighter futures for the youngsters of County Durham, enabling them to fulfil their ambitions and their potential. We’re delighted to partner with Atom bank on the Atom Futures Fund and look forward to seeing the fund’s impact over the coming years.”
