The change means Tesco Bank current account customers can still take advantage of key perks without having to pay £5 a month.

Benefits include earning 3% AER interest on credit balances up to £3,000 and Clubcard points whenever the debit card is used.

The news follows yesterday’s announcement that Santander is to increase charges on its 1|2|3 product range.

“We’ve been delighted with the response from customers since we launched our first current account last year,” said David McCreadie, managing director of banking at Tesco Bank.

“We always listen to customers so we can improve our products and services. By removing the monthly fee, we believe we are offering customers one of the best value current accounts in the market.”  

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