Spain’s Santander, the banking group owned by Britain’s Abbey, Alliance & Leicester and Bradford & Begley, will next year roll out a no-fees current account without any charges for overdraft use or access to foreign ATMs.

According to the banking group, the account named as the Santander Zero Current Account will only be accessible to customers who take out a mortgage with Santander and will be launched to coincide with the re-branding of over 1,000 Abbey and Bradford & Bingley branches in January 2010.

While talking to reporter, CEO of Santander, Antonio Horta-Osorio said, “Our new approach is one based on simplicity: the more business you do with us, the more we will offer you in return.”

The shares of the bank, which have risen a fifth during the last three months, were 0.6% down at 11.68 euros.