Two million people in Britain now have a Santander 1|2|3 Current Account

A man from Solihull, West Midlands, has become the two millionth person in Britain to open a Santander 1|2|3 Current Account since it was launched 18 months ago, according to figures released by the bank this week.

Reza Attar-Zadeh, Santander’s banking director, said: “Over the last year or so, people appear to have become more discerning about their choice of current account, and are clearly able to see the benefits, of both cashback and in-credit interest, that are available to all 1|2|3 Current Account customers. Continuing to offer ongoing, real value as opposed to one-off financial incentives is a priority for us.

Reza added: "We also know that 95% of our 1|2|3 customers are satisfied with our service and therefore are more likely to deepen their financial relationship with us.”

Santander has made significant gains since the launch of the Current Account Switch Service (CASS) on 16 September 2013, with a 40 per cent increase in customers switching to 1|2|3 Current Account. The switch-in rate is double the switch-out rate.

Santander has also seen an increase in the number of customers benefiting from being 1|2|3 Current Account holders, with 860,000 also holding a 1|2|3 Credit Card.

1|2|3 Current Account pays cashback on household direct debits

• 1% cashback on water, council tax and Santander mortgages
• 2% cashback on electricity and gas
• 3% on mobile, home phone, broadband, paid-for TV packages

1|2|3 Current Account also pays in-credit interest

• 1% AER on the entire balance, once the customer’s balance is £1,000 or over
• 2% AER on the entire balance, once the customer’s balance is £2,000 or over
• 3% AER on the entire balance, once the customer’s balance is £3,000 or over (up to £20,000)