Santander has launched a New Year financial incentive, offering customers £100 cashback for taking out a new life insurance policy during January.
How the Santander cashback offer works
The bank is encouraging customers to start the year by securing cover for their loved ones. The promotion is straightforward: any customer who takes out a new life insurance policy through Santander in January will receive a £100 cashback payment.
For Santander mortgage holders, Select account customers, and those with a current account from the Santander Edge range, the incentive is even greater, with £150 cashback available. The bank has stated it will pay the cashback directly into the customer's account, removing the need to claim it separately.
Important terms and conditions
There are several key details customers need to be aware of. The cashback is paid 280 days after the policy starts, provided it has not been cancelled in the interim. It is a one-time payment, limited to one policy per customer.
The life insurance is provided by Aviva, the UK's largest insurer. Santander highlights that Aviva paid out on 98.8% of life insurance claims in 2024. The bank also notes that monthly premiums will not increase once the policy is in force.
Santander has emphasised that the offer can be withdrawn at any time and is subject to standard terms and conditions.
Separate switching incentive also available
In related communications, Santander has been contacting individuals who bank with them but do not hold their main current account there. The message promotes the ease of switching using the Current Account Switch Service (CASS).
The bank confirms it will transfer £200 into the new account within 90 days of a successful switch request made via CASS. This is part of a push to attract new primary banking customers, with the bank also promoting its award-winning mobile banking app.
The January life insurance offer is positioned as a simple way for customers to gain peace of mind while receiving a direct financial benefit, tapping into the common New Year trend of reviewing finances and personal security.
