Santander is offering 30 per cent discount on home and buildings insurance to customers with a 123 Current Account or 123 Credit Card.
Other customers will be able to claim 20 per cent on any combined buildings and contents cover, the bank said.
The 123 Current Account pays cashback on household direct debits.
It offers one per cent cashback on water and council tax, two per cent on electricity and gas and three per cent on mobile, home phone, broadband, and paid-for TV packages.
It also pays in-credit interest of one per cent AER on balances of £1,000 and above, two per cent on £2,000 or above and three per cent on balances of £3,000 or over, up to £20,000.
Meanwhile, the 123 Credit Card pays cashback on everyday spend, including one per cent for supermarket purchases, two per cent on items bought in department stores and three per cent cashback for petrol station shopping.
Richard Al Dabbagh, Santander’s head of insurance marketing, said: “We’re always looking for ways to give something back to our customers.”