Permanent TSB today launches a brand new current account that will pay customers when they make debit card and electronic transactions.

According to the Irish Independent, the bank is hoping to attract younger customers by offering them credit for operating their account.

The new product has been in the works for 18 months and is modelled on similar reward-based incentive schemes currently offered by mobile phone companies.

While customers will be charged a monthly management fee of just under €5, they will earn money for using their debit card.

It is likely that they will earn 10% of each transaction made, to a maximum of €5 per month.

People who open the new account will also get up to 5% of cash back on bills when they pay for various providers such as Sky and SSE Airtricity through it.

Existing Permanent TSB current account holders will also get fee-free banking.