Santander launches market-leading £160 switcher cashback and double cashback on energy bills

Santander is today announcing the launch of a £160 switcher cashback for both new and existing customers and double cashback on 1|2|3 customers’ gas and electricity bills for two months from September.

Switcher cashback
Santander is offering £160 cashback to both new and existing customers when they switch their current account to a 1I2I3, 1I2I3 Lite, Everyday, Select or Private current account through the CASS1.  

To qualify for the £160 cashback, customers need to complete the switch using the Current Account Switch Service and, within 60 days, set up and maintain two active direct debits, deposit at least £1,000 and log in to online or mobile banking.  The cashback will be paid directly into their qualifying Santander current account within 30 days following this2.

Double cashback on energy bills
1|2|3, 1|2|3 Lite, Select and Private current account customers will receive double cashback on their gas and electricity bills, as well as on Santander Home and Santander life Insurance policies, paid by Direct Debit from September, for two months3.

The cashback rate will double from 2% to 4% and the monthly cap will double from £5 to £10 per month4. Following this offer, the cashback will revert to 2%, capped at £5 per month, on this category5.  Customers will receive this additional cashback automatically and cashback on other household bills categories will continue to be paid as today, at either 1% or 3%, each capped at £5 per month.  

Hetal Parmar, Head of Banking and Savings at Santander UK said: “For over a decade, our 1|2|3 current account customers have received ongoing value every single month.  Today’s package of offers is an added boost, putting more money into our customers’ pockets and highlighting our commitment to supporting them with their day-to-day bills.”

Santander is the only bank in the UK to offer 1|2|3 customers ongoing cashback on household bills and in-credit interest every single month. It also provides ongoing value through Retailer Offers6 and 1I2I3 World7

Retailer Offers enables customers to earn up to 15% cashback on their Santander debit and credit card spending at a wide range of retailers, from high street clothing brands to supermarkets and hotels. 

Access to 1I2I3 World enables customers to benefit from preferential rates on a range of savings products, such as fixed term bonds and the eISA, as well as deals on other financial products.

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The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.

Notes to Editors 

1.    Current Account Switch Service (CASS) makes switching simple, by transferring the existing current account balance, and all direct debits, standing orders and salary commitments, within seven days.  Existing customers can switch in branch and new customers can choose to switch either in branch or online.
2.    We will assess eligibility on or shortly after 60 days and if the account meets the eligibility criteria at that point in time, then payment will be made within 30 days of this. The cashback payment will only be made once. Product eligibility applies. This is a limited offer which applies to requests to switch received from 2 August 2022 and can be withdrawn by Santander without notice. Anyone who has benefitted from a previous Santander switch offer will not be eligible.
3.    Cashback paid in October and November. Excludes LPG/ Calor gas. 
4.    To be eligible for cashback, customers must pay in at least £500 per month (excluding internal transfers) and have at least 2 active Direct Debits. Customers must be 18+.
5.    Cashback on household bills is paid monthly via direct debit, capped at £5 in each of the following categories:
1% cashback:    
Council tax bills
Mobile and home phone bills, broadband and paid-for TV packages
Santander monthly mortgage payments

2% cashback (4% from September for 2 months):    
Gas and electricity bills
Santander Home Insurance premiums (policies administered and underwritten by Aviva Insurance Limited)
Santander Life Insurance premiums (policies administered and underwritten by Aviva Life & Pensions UK Limited)

3% cashback:    Water bills
6.    More information on Retailer Offers can be found here.
7.    More information on 1|2|3 World Offers can be found here.