The Halifax has said it will launch the UK's first ever cash-reward debit card.
The new current account, launching in February, is available to people who pay in more than £1,000 a month into their accounts.
The Moneyback account returns one per cent of the first £10,000 spent through the account to customers, all subsequent transactions are paid cash-back at 0.1 per cent.
Halifax has found the average UK household spends more than £16,000 a year on everyday items including food, clothing and holidays. If these items were purchased with the Moneyback current account debit card they would all qualify for the one per cent cash-back deal.
Cash withdrawals, bill payments and foreign money/travellers cheque orders do not qualify for money back.
Andy Hornby, chief executive HBOS Retail, commented: "Moneyback is a genuine first in the UK banking market. The Moneyback account is a simple, value for money product that we know will appeal to the many UK consumers fed up with the poor deal they get from the Big Four banks.
"Value for money is here to stay and the Big Four will just have to get used to that uncomfortable reality. We aim to make life even harder for them next year when we back the launch of Moneyback with a new high profile advertising campaign."To read more about current account offers, click here.
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