Abbey offers mortgage cashback with current accounts

Sarah Davidson

September 24, 2012

This could help them to reduce their annual mortgage bill by £120.

This is in addition to the cashback the 123 Current Account already pays to customers who pay their household bills, council tax and communications bills by direct debit.

The 123 account puts real money back in customers’ pockets by also already paying cashback on gas, electricity, water, council tax and communications direct debits set up on a customer’s account – all for a monthly fee of just £2.

New and existing customers can open the account online, in branch or by phone.

Additionally, the 123 Current Account pays in-credit interest on a customer’s total balance of up to 3% once they have more than £1,000 in their account, up to a maximum balance of £20,000.

Miguel Sard, managing director of Abbey for Intermediaries, said: “We’re always working hard to support intermediaries and their clients with great products and service.

“This latest enhancement to our popular 123 Current Account makes our mortgage range even more competitive for intermediaries because their clients will now receive the additional benefit of 1% cashback up to maximum monthly mortgage payments of £1000, when they pay their Santander mortgage by direct debit from a Santander 123 Current Account.

“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’ve 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’re 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.”

Sign up to our daily email