Late last year, it was announced that Button was to leave F1's Brawn GP for rival team McLaren, thus becoming a teammate of former world champion Lewis Hamilton.
Hamilton has featured in several campaigns for Abbey, as well as Santander's latest TV ad, backing its launch as a UK high-street brand.
Keith Moor, UK brand and communications director at Santander, said that Hamilton remained the bank's chief brand ambassador, but he also planned to use Button in its campaigns in the near future.
Santander is looking to establish itself as the leading financial-services brand in F1. As well as extending its sponsorship of McClaren and the British Grand Prix last year, Santander signed a five-year deal to sponsor rival Ferrari.
Earlier this month, Santander rebranded its Abbey and Bradford & Bingley subsidiaries to the parent brand.