Santander has announced that certain customers will see up to £150 land in their bank accounts as part of a new promotion. The banking giant has sent out emails this week detailing eligibility for the payment, explaining whether recipients will receive £100 or the full £150 based on specific criteria.
How to qualify for the cashback
The offer is available to customers who arrange a new life insurance policy through Santander. The policies are provided by Aviva, the UK's largest insurer, and Santander has assured that monthly premiums will not rise after taking out a policy. In 2024, approximately 98.8% of Aviva life insurance claims were paid out, the company noted.
Customers who take out a new policy will receive £100 cashback. However, those who are Santander mortgage or Select customers, or hold a current account from the Santander Edge account range, will receive £150 cashback instead. The funds are paid directly into the customer's account, with no need to make a claim.
Important terms and conditions
Santander has stated that terms and conditions apply and that the offer can be withdrawn at any time. Customers will receive the cash 280 days after the policy is arranged, provided the policy has not been cancelled before then. The bank's email noted that life changes such as buying a house, home improvements, getting married, or welcoming a new arrival are ideal times to review life insurance coverage.
