Permanent TSB bank is to offer customers a new current account with no regular transaction charges which it says will save the average account holder up to €100 in fees annually.
The bank claims it is the first bank in Ireland to offer a full service current account complete with overdraft facilities which imposes no regular transaction charges.
Customers will be able to sign up for the account from Monday next to coincide with the new current account Switching Code.
Account holders will face no quarterly charges, no withdrawal fees, no lodgement fees, no laser fees and no set up fees for Standing orders and Direct Debits, the bank says.
The move is part of a major drive to increase its share of the current account market. It says it expects to open 60,000 new current accounts during the coming year.
Chief executive of Permanent TSB Mr Brian McConnell said: "The launch of the new switching code is a watershed for the banking industry in Ireland.
Mr McConnell said: "I believe it will encourage customers to take a much more careful look at what different banks are offering to their customers and I don't believe that any other bank can compete with the offer we are making."