• From 24 January, Santander will be offering £140 cashback to customers who switch to a Santander current account
• Available to new and existing customers who fully switch their current account to Santander using the Current Account Switching Service (CASS)
• Santander is the only bank to also offer 1I2I3 customers ongoing cashback on household bills and in-credit interest every single month
Following the popularity of its previous switcher cashback offer last year, from 24 January, Santander will be offering £140 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.
The £140 cashback is on top of the cashback already offered - up to 3% - on the monthly cost of selected household bills2 for 1I2I3 and 1I2I3 Lite customers, which millions already benefit from3. In addition, 1I2I3 customers can earn 0.30% gross/AER (variable) interest on balances up to £20,000.
Hetal Parmar, Head of Banking at Santander UK, commented: “We want to give people a well-deserved boost this new year with our new £140 switcher cashback, while being the only bank to offer customers ongoing value, every single month, by paying cashback on household bills through our 1I2I3 current accounts.”
To qualify for the £140 cashback, within 60 days of requesting the switch, customers will need to complete the switch, set up and maintain two active direct debits, deposit at least £1,000 and log in to their account using either online or mobile banking. The cashback will be paid directly into their qualifying Santander account within 30 days following this4.
Existing customers who have previously opened a 1I2I3, 1I2I3 Lite, Everyday, Select or Private Current Account can still benefit from the cashback, as long as they complete a full switch from an account they hold elsewhere to their Santander current account via the CASS, excluding anyone who has benefitted from a previous switch offer.
Santander also provides ongoing value through Retailer Offers5 and 1I2I3 World6.
Santander’s Retailer Offers enable customers to earn up to 15% cashback on their debit and credit card spending. The service gives customers the ability to select offers from a wide range of retailers, from high street clothing brands to hotels, and earn cashback when they make their purchase with their Santander debit or credit card.
In addition to Retailer Offers, access to 1I2I3 World enables customers to benefit from preferential rates on a range of savings products, such as the Regular e-Saver, as well as deals on other financial products including discounts of up to 30% on travel insurance.
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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.
| Cashback amount | Household bill |
| 1% (capped at £5) | Council tax bills Mobile and home phone bills, broadband and paid-for TV packages Santander monthly mortgage payments |
| 2% (capped at £5) | 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% (capped at £5) | Water bills |
3. As of July 2021, there were 3.9m customers earning cashback on their bills via their 1|2|3, 1|2|3 Lite, Private and Select Current Account. The monthly fee for the 1|2|3, Select and Private Current Account is £4 and for 1|2|3 Lite Current Account is £2.
4. 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.
5. More information on Retailer Offers can be found here.
6. More information on 1|2|3 World Offers can be found here.
This is a limited offer which applies to requests to switch received from 24 January 2022 and can be withdrawn by Santander without notice. Anyone who has benefitted from a previous Santander switch offer will not be eligible.
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 June 2021, the bank had around 20,900 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers’ eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) in the UK.
Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Its purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of the first half of 2021, Banco Santander had €1.1 trillion in total funds, 150 million customers, of which 24.2 million are loyal and 45.3 million are digital, 10,000 branches and 190,000 employees.