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Santander adds mortgage direct debits to 123 account

Santander is offering 1 per cent cashback to new and existing 123 current account customers who pay their Santander or Abbey for Intermediaries by direct debit.

The offer is available from Monday to 123 customers who take out a Santander mortgage and to Santander mortgage customers who open a 123 current account, when they pay by direct debit, up to £1,000 a month. The lender says this could save customers up to £120 a year on their mortgage.

The 123 account pays cashback on household bills and interest on balances. The lender offers 1 per cent cashback to customers paying their water, council tax, Santander mortgages by direct debit, 2 per cent on electricity and gas bills paid by direct debit and 3 per cent on communications bills, like phone and broadband.

It also pays between 1 per cent and 3 per cent cashback on balances.

AFI managing director Miguel Sard says: “In today’s challenging economic conditions, the feedback from our intermediary partners is that now more than ever, their clients are looking for ways to save money and turning to them for a more holistic service. Since we launched the 123 current account in March this year, we have continually engaged with customers to find out what they would like from the account and the overwhelming response was that they’d like cashback on their Santander mortgage payments.

“We are committed to becoming the intermediary partner of choice and this enhancement will allow us to work with intermediaries to add even more value to borrowers taking out a mortgage with Abbey for Intermediaries.”

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  • Phil 22nd September 2012 at 8:41 pm

    nice gimmick but i reckon people would have preferred it if they had kept their svr at 4.24% and not given a tiny cashback.