- Innovative new current account pays cashback on household bills and interest on balances, so customers save when they spend and save when they donít
- The only account in the UK to offer up to 3% AER on the entire current account balance up to a maximum of £20,000
- Every single person who has household bills to pay could make savings from this ëall in oneí current account
- It will give longer term value for customers, year after year ñ with no introductory incentives or gimmicks
- The 123 Current Account, together with the popular 123 Cashback Credit Card, makes a value-adding combination that defines Santanderís ë123 Worldí
On Monday 5 March 2012, Santander is to launch the new 123 Current Account, which will pay in-credit interest on a customerís total balance of up to 3% once they have more than £1,000 in their account, up to a maximum balance of £20,000.
This is makes life easier for customers, by making the need to continually move money between savings and current accounts less important.
The 123 account also puts real money back in customersí pockets by paying cashback on gas, electricity, water, council tax and communications direct debits set up on a customerís account ñ all for a monthly fee of just £2. New and existing customers will be able to open the account online, in branch or by phone.
Rami Aboukhair, director of products and marketing at Santander, said: ìWe understand that times are tough at the moment, and we believe our new 123 Current Account will help make a real difference to people by providing interest on balances and cashback on their everyday bills.
ìEvery household in Britain has to pay bills, and the 123 Current Account will reward households when they are paying these bills, and reward them when they arenít with great in-credit interest rates.
ìThe attractive in-credit rate makes it even easier for customers to manage their finances, by making the need to continually move money between savings and current accounts less important.
ìWe are also moving away from introductory offers, towards a product that rewards customers for banking with us for many years to come.î
New 123 Current Account pays cashback on household direct debits
- 1% cashback on water and council tax
- 2% cashback on electricity and gas
- 3% on mobile, home phone, broadband, and paid-for TV packages
New 123 Current Account also pays in-credit interest
- 1% AER on the entire balance, once the customerís balance is £1,000 or over
- 2% AER on the entire balance, once the customerís balance is £2,000 or over
- 3% AER on the entire balance, once the customerís balance is £3,000 or over (up to £20,000)
Santanderís ë123 Worldí
British households could save as much as £1,000 a year in cashback and interest with the 123 Current Account together with Santanderís 123 Credit Card, which pays 1% cashback at supermarkets, 2% cashback at department stores and 3% cashback at petrol stations.