Santander UK is today announcing the launch of a new £175 switcher cashback offer for both new and existing customers of its 1|2|3 accounts. The Bank is also offering 1|2|3 customers double cashback on their gas and electricity bills for two months from September.
Switcher cashback
From 23 August, Santander is offering £175 cashback to both new and existing customers when they switch their current account to a 1I2I3, 1I2I3 Lite, Everyday, Select or Private Current Account.1 This new offer will replace the previous offer of £160 cashback for new applications.
To qualify, customers need to complete the switch using the Current Account Switch Service2 (CASS) 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 this3.
Double cashback on energy bills
This offer is in addition to the previous announcement that 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 months4.
The cashback rate will double from 2% to 4% and the monthly cap will double from £5 to £10 per month5. 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.
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Notes to Editors
1. If a customer has previously participated in a switch offer, such as our recent £160 switcher cashback promotion, they will receive the stated amount at the time of requesting their switch.
2. 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.
3. 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 This is a limited offer which applies to requests to switch received from 2 August 2022 and can be withdrawn by Santander without notice.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.
4. Cashback paid in October and November. Excludes LPG/ Calor Gas.
5. 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+.
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