Santander has told customers how they could receive up to £150 deposited into their accounts. In an email dispatched to certain account holders, the bank outlined its life insurance products, noting that policies "can help provide valuable protection for the people you care about and reassurance that you've planned ahead".
Cashback details and eligibility
The bank said: "Whether you're reviewing your existing cover or considering life insurance for the first time, we can help you explore your options." Customers who took out a new life insurance policy would receive £100 cashback, while those holding a Santander mortgage, Select customers, or those with a current account from the Santander Edge range would qualify for £150 cashback.
Santander added: "There's nothing extra to claim. We'll pay the cashback straight into your account." The bank stressed that life insurance carries no cash-in value at any point, with cover subject to terms, conditions, restrictions and exclusions. It also confirmed that the offer could be withdrawn at any time.
Payment timing and conditions
The cashback is deposited into accounts 280 days after the policy is taken out, provided it has not been cancelled. The cashback will only be awarded once per customer and on a single policy only.
Branch closure commitment
Separately, in September, Santander issued customers with an email update regarding the ongoing situation surrounding branch closures. It said: "We're investing in our branches to give you more than just banking. From Work Cafés to face-to-face support, we want to keep providing greater convenience and choice in how you bank. That's why we won't make any further branch closures before 2028. And for those times you don't need to visit in person, our online help and support services are here to save you time."
Customers were directed to further guidance on its website, which clarified that the commitment covered both Santander and TSB branches, the latter being under the ownership of the Spanish banking giant. It added: "There may be situations we can't control that mean we have to close or relocate a branch. We'll only do so if there's no other option."
Branch investment plans
Elaborating on its plans, the bank said: "Banking is changing, and so are we. In July 2026, we opened our newly refurbished Canary Wharf branch, featuring the UK's first Santander Work Cafe with a coffee machine. With six more planned this year, we're delivering even better customer service and community-friendly banking."
By the end of 2026, around 80% of our branches will be refurbished with digital self-service spaces and advanced ATM technology, helping us better support customers today and in the future. "More than a place to bank, our Work Cafes are vibrant community spaces where banking, co-working and the local community come together. Following the opening of our largest UK Work Cafe in Oxford, we're continuing to invest across the UK, creating more free workspaces, expert support and events."
