Santander has announced a new cashback offer for customers who take out a life insurance policy. Eligible customers will receive either £100 or £150 deposited directly into their bank accounts.
Who is eligible for the cashback?
The standard offer is £100 cashback for customers who take out a new life insurance policy. However, those who hold a Santander mortgage, a Select account, or a current account within the Santander Edge range will qualify for the full £150 cashback instead.
How and when will the cash be paid?
The cash will be deposited directly into the customer's bank account 280 days after the policy is taken out, provided the policy has not been cancelled during that period.
Santander's life insurance products are provided by Aviva, the UK's largest insurer. In 2024, 98.8% of Aviva life insurance claims were paid out.
Additional switching offer
Santander is also offering a £210 switching bonus. To qualify, customers need to open an account online or in branch, switch in an account within 60 days, pay in £1,500, and set up two or more direct debits. The £180 payment (part of the offer) should be paid within 60-90 days.
Additionally, customers can get a £30 Amazon voucher without switching. They simply need to open an account via Money Saving Expert's link, spend at least five times on the debit card within 30 days, and claim the voucher via email within 30 days. Customers who have had a Santander voucher in the last year are not eligible.
The email from Santander reads: "Maybe you're buying a house, doing some home improvements, getting married soon, or you've just welcomed a new arrival. It's important as your life changes, so does your life insurance policy."
