UK-based Tesco Bank has rolled out its first current account that has been designed after taking feedback from over 20,000 customers for a customer-friendly product.

With the launch of the new current account, Tesco Bank is now offering a comprehensive range of retail banking and insurance products.

Tesco Bank, which now serves six million customers in the UK, aims to compete with Lloyds Banking Group, Royal Bank of Scotland, Barclays, HSBC and Santander UK, who offer more than three-quarters of accounts.

The new account offers rewards for customers when they spend and when they don’t, clubcard points on debit card spend wherever card is used – both in and out of Tesco, and 3% AER variable interest on credit balances up to £3,000.

It also offers a mobile banking app with innovative features that helps customers manage their money every day. The account offers free ‘overdraft control’ feature to make managing the account easier.

In addition, account holders receive automatic text and email alerts and extended grace period to help customers avoid unarranged transactions fees.