Permanent TSB has launched a new current account product which will see customers receive cashback payments and rewards.

PTSB customers using the bank's new "Explore Account" can get the cash repayments and rewards for using the account in three ways.

Customers will be paid 10 cent by the bank for each time they use their Permanent TSB Visa debit card in-store or online up a maximum of €5 a month. The payment will  be made each month directly to the customer's current account. 

They will also receive cash payments from partner companies when they pay bills by Direct Debit through the Explore Account. The cashback amounts will be up to 5% of the value of the bill paid.

Partner companies include brands like Sky, SSE Airtricity and Topaz. 

Meanwhile, customers who register will also be offered personalised offers and financial discounts which will reflect the kind of things they have demonstrated that they like to buy.

There will be a flat €4 monthly maintenance fee for the account.

Customers do not need to have any minimum amount in their Explore Account or make any minimum lodgement to avail of its benefits. 

Permanent TSB's commercial director Niall O'Grady said the new account was a key part of the bank's new business drive. 

"A few years ago we launched the first account where customers were not charged for day-to-day transactions (subject to certain conditions). So paying customers for those same transactions is the next logical step," Mr O'Grady said.

With this new account, we are simply rewarding customers for the use they are giving us of their funds and investing in long term relationships with them. It's a win-win situation," he added.