Permanent tsb launch account that will pay customers to shop

Permanent tsb has launched a new current account that pays customers for using their debit card.

The bank has been developing the Explore account for 18 months and will pay customers 10c by the bank each time they use their debit card, up to a maximum of €5 a month.

The account also offers up to 5% cash back on bills paid via direct debit to partner companies, such as Sky, SSE Airtricity and Topaz.

Customers will get the cash back payments at the start of each month from the partner firms up to 5% of the value of the relevant bill paid.

While customers will be charged a monthly management fee of €4, existing Permanent TSB current account holders will also get fee-free banking.

Lorraine Peters, Head of Current Accounts with the bank, said: "We’ve created a compelling proposition which is closer to the philosophy of customer focused retailing than that of old-fashioned banking.

"We believe this will appeal especially to young adults in their 20s and 30s who have a totally different expectation of service providers and it signals our intent to compete strongly in this market."

Lorraine Peters, head of current accounts at Permanent tsb, at the launch of its Explore Account. Pic: Gareth Chaney Collins