Mobile-first bank Atom Bank has gone live, as regulatory restrictions are lifted from the service and consumers are now free to open fixed term saving accounts with the bank through its iOS app.

The app will be made available to everyone who has pre-registered interest in the bank through its launch website, and while it is initially only available to Apple users, an Android version is set to follow shortly.

In addition to savings accounts, Atom will be offering secured lending to small and medium-sized businesses, available through a number of specialist business intermediaries, and throughout 2016, the bank will be unveiling a further range of products and expanding the functionality of its app.

A phased roll-out of services throughout the year is planned, and by the end of 2016, customers will be able to access current accounts, overdrafts, debit and credit cards, instant access savings and residential mortgages, all serviced exclusively via the app.

“The team has achieved something that simply hasnt been done before,” said Anthony Thomson, chairman and founder of Atom. “We believe we have built a bank in record time, and were not planning to stop here. We are fully committed to continuing to innovate and deliver a transparent way of banking that turns the old world on its head.”

The app uses face and voice biometrics to provide a secure log-in, and offers paper-free account opening in just a few taps. The app is backed up by a 24-hour customer support team in Durham, but aims to provide complete banking functionality through the app alone.

“This is the start of a remarkable transformation of the banking landscape for everyone,” said Mark Mullen, CEO of Atom. “Atom aims to offer a genuine alternative to the insidious and self-interested banks that dominate the UK banking landscape. Our approach will be to constantly evolve and extend our offering, with monthly updates to our app and a dedication to providing better value, greater transparency and a much more innovative banking experience.”