Santander is offering £140 cashback to new and existing customers who switch | Personal Finance | Finance

This offer is available to new and existing customers. People must fully transfer their current account to Santander using the Current Account Switching Service (CASS) in order to qualify for cashback.

Customers can switch to any 1I2I3, 1I2I3 Lite, Everyday, Select or Private checking account.

The £140 offer comes on top of the cashback already offered, which can be up to 3% of the monthly bill cost of selected households for 1I2I3 and
1I2I3 Lite customers.

Additionally, 1I2I3 customers can earn 0.30% Gross Interest/AER (variable) on balances up to £20,000.

Hetal Parmar, Head of Banking Operations at Santander UK, said:

“We want to give people a much needed boost in the New Year with our new £140 Switch Cashback, whilst being the only bank to offer customers ongoing value every month by paying cashback on household bills via our current accounts 1I2I3.”

Santander is currently the only bank to offer 1I2I3 customers continuous cashback on household bills.

The wholly-owned subsidiary of the Spanish group Santander also offers interest income each month.

To qualify for the £140 cashback, customers will need to make the change within 60 days of requesting it.

The next step is to set up and maintain two active Direct Debits.

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They will then need to deposit at least £1,000 into the account.

Then people can log into their account using online or mobile banking.

The cashback will be paid directly to their eligible Santander account.

It may take up to 30 days to receive payment.

Existing customers who have already opened a 1I2I3, 1I2I3 Lite, Everyday, Select or Private current account can still benefit from cashback.

However, they must complete a full transfer from an account they hold elsewhere to their current Santander account via CASS.

This offer is not available to people who have used the switch offer in the past to earn cash back.

This offer follows the massive popularity of Santander’s previous cashback offer last year.

Santander’s retailer offers also allow customers to earn up to 15% cash back on their debit and credit card spend.

This service gives customers the ability to select offers from a wide range of retailers, from major clothing brands to hotels.

They can then earn cashback when they make purchases with their Santander debit or credit card.

In addition to merchant offers, access to 1I2I3 World allows customers to benefit from preferential rates on a range of savings products, such as the Regular e-Saver.

This includes offers on other financial products, as well as discounts of up to 30% on travel insurance.