Tesco current account set to launch

Tesco is set to take on the UK's banking giants as it launches its first current account with a swipe at the “ridiculously poor value” offered by rivals.

Tesco Bank says it wants to avoid the “smoke and mirrors” such as charges and introductory offers used by others, with an account that offers 3% interest on balances but will charge a £5 fee unless holders pay in £750 a month.