Santander has begun contacting millions of its UK customers this week with details of a new cashback offer linked to life insurance. The bank has clarified exactly who is eligible for payments of either £100 or £150, and when the money will appear in their accounts.
Who Qualifies for the Santander Cashback?
In emails sent to customers, the banking giant outlined the tiered structure of the offer. Any customer who takes out a new life insurance policy through Santander's online portal will receive £100 cashback.
However, a more generous sum of £150 is reserved for three specific groups of Santander clients. These are customers who have a Santander mortgage, those who are 'Select' account holders, and individuals with a current account from the Santander Edge range.
How the Payment and Policy Work
The life insurance is provided in partnership with Aviva, the UK's largest insurer. Santander emphasises that monthly premiums for the policy will never increase once it is active. The bank also highlighted Aviva's claims record, noting that 99.8% of life insurance claims were paid out by Aviva in 2024.
The cashback is paid automatically, meaning customers do not need to submit a claim. The money will be deposited directly into the eligible customer's account 280 days after the policy start date, provided the policy has not been cancelled in the interim.
Important Terms and Conditions
Santander has attached several key conditions to the promotion. The cashback will be paid only once per customer and is limited to one policy. Furthermore, the bank has stated that the offer can be withdrawn at any time and is subject to standard terms and conditions.
For those interested, Santander states that obtaining a quote online takes just a few minutes. The offer is positioned as a way for busy people to quickly arrange protection for their loved ones, with the added incentive of a direct cash reward.
