The account pays 3% interest on credit balances up to £3,000 until 1st April 2019, has simple, transparent charges and rewards loyalty with clubcard points on purchases made with the Tesco Bank Visa debit card.

To earn interest, each statement month customers must pay in at least £750 and have at least three direct debits paid from their account.

“I am delighted to announce the launch of our current account in Northern Ireland,” said Benny Higgins, CEO of Tesco Bank.

“This product is one of the most competitive in the market, offering customers great benefits in the form of credit interest and clubcard points on spend in Tesco, while also providing simple and easy account servicing through our online banking, mobile app and UK-based, 24-hour call centres.”

Tesco Bank found that increased interest rates as well as more rewards and benefits were features which would significantly improve feelings of satisfaction towards banks for over 70% of Northern Irish people.

The bank is offering one clubcard point per £1 spent at Tesco on a customer's debit card until 1st April 2019, while extra benefits are available to those using Tesco Pay+.

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Tesco will be holding a series of customer roadshows across Northern Ireland to celebrate the launch of its current account.

Benny added: “Bringing our current account to Northern Ireland is a key milestone in our commitment to providing genuinely helpful products and services for our customers across the UK.”