A new fund has been launched in the North East to help sixth form students from low-income backgrounds or in the care system to apply to Russell Group universities.

The Atom Futures Fund has been launched by app-based bank Atom in partnership with the County Durham Community Foundation in a mission to break down some of the barriers preventing young people from reaching their full potential. The first part of the Atom Futures Fund offers a £250 financial incentive to at least 20 eligible Year 13 students in County Durham who apply for any course at a Russell Group University.

The funding can be used to support aspects of the university application process, including interview preparation and travel expenses and study materials, including books and equipment. Part two provides a further £1,000 for applicants who have received and subsequently accepted an offer from their chosen Russell Group University.

The additional support is aimed to help financial pressures at university, by providing top-up funding in the second term of studies. Atom bank and the County Durham Community Foundation will award a minimum of five grants each year, starting this August.

Edward Twiddy, director of ESG at Atom, said: “Attending a Russell Group University provides many young people with a future rich in opportunities and the best chance of fulfilling their potential. But too many talented children from low-income backgrounds or growing up in care aren’t getting these chances, and this is especially true in the North East where outcomes and opportunities for young people are amongst the poorest in the Ƶ.

“We can’t solve all the disparities between the most and the least fortunate, but as one of the largest and fastest growing employers in the North East, 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. Through the Fund and other initiatives, we aim to break down some of the barriers that growing up in poverty or in care can put in front of young people, and in doing so help foster excellence in our region.”

Michelle Cooper, CEO at County Durham Community Foundation said: “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 is 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.”

The fund builds on Atom bank’s programme of support, devised to increase opportunities for local people, drive diversity in the sector and find the next generation of leaders as the bank grows. The business has a partnership with the Durham Sixth Form Centre, offering an annual paid internship programme for students and offers work experience opportunities to students from low-income backgrounds, through the EY Foundation Smart Futures Chartered Banker Institute programme.

From this year onwards Atom bank is also funding two new scholarships to Durham University’s Women in Technology programme, to support the next generation of leaders in technology.

The fund is open now for applications with a closing date of April 29.