Santander has launched a new promotion offering customers cashback when they take out a life insurance policy. Eligible customers can receive up to £150, depending on their account type, with the bank contacting many existing customers by email about the deal.
The offer provides £100 cashback for any new Santander life insurance policy, with the money deposited automatically without the need to make a claim. Premiums start at £5 a month, and policies cover families, those over 50, and critical illness.
Customers need to keep the policy active for 280 days to receive the cashback, which will be paid after that period. For joint policies, only the first named policyholder will receive the payment. The bank notes that the offer could be withdrawn at any time, and terms and conditions apply.
A higher £150 cashback is available to new and existing Santander mortgage, Private Banking, Select, and Santander Edge current account holders. This is detailed on the bank's website, which distinguishes between general life insurance customers and those with specific banking relationships.
Separately, Santander is offering a £200 switching bonus for customers who move their current account to the bank. To qualify, customers must use the Current Account Switch Service, complete the switch within 60 days, deposit at least £1,500, and have two active household Direct Debits.
The switching bonus is paid within 90 days of the switch request. However, those who held a Santander current account on January 1, 2025, or who have previously received a switcher incentive from the bank, will not be eligible.
