Santander is making direct payments of up to £150 to selected customers, with the cash arriving straight into their bank accounts. The high street bank has begun contacting eligible clients this week via email, outlining the specific requirements to receive the financial incentive.
Who is eligible for the Santander cashback?
The offer is linked to taking out a new life insurance policy provided in partnership with Aviva, Britain's largest insurer. Santander has confirmed that all new life insurance policyholders will receive £100 cashback. However, an enhanced payment of £150 is available to customers who are also Santander mortgage holders, Santander Select account customers, or those with a current account from the Santander Edge range.
How the cashback payment works
The process is designed to be straightforward. Once a qualifying policy is arranged, the cashback is credited automatically – customers do not need to make a claim. The funds are transferred directly into the linked bank account. Santander has stated that the cashback is paid 280 days after the policy starts, provided the policy remains active at that point. The promotion is limited to one payment per customer and applies to a single policy only.
In its communications, Santander highlighted the simplicity of getting a quote, which can be done online in minutes. The bank also emphasised that monthly premiums will stay fixed for the duration of the policy. For reassurance, it noted that Aviva reported a 99.8% settlement rate for life insurance claims in 2024.
Important terms and conditions
As with all promotional offers, terms and conditions apply. Santander has clearly stated that the promotion may be withdrawn at any time. Customers are advised to read all the details contained in the official email correspondence or on Santander's website to ensure they fully understand the eligibility criteria and the timing of the payment.
This cashback initiative forms part of a competitive landscape where UK banks and insurers are using financial incentives to attract customers seeking to protect their loved ones. For eligible Santander clients, it represents a direct reward for arranging essential cover.
