This offer is available to new and existing customers. People must fully switch their current account to Santander using the Current Account Switching Service (CASS) in order to qualify for the cashback.
Customers can switch to any 1I2I3, 1I2I3 Lite, Everyday, Select or Private current account.
The £140 offer is on top of the cashback already offered, which is up to three percent on the monthly cost of selected household bills for 1I2I3 and
1I2I3 Lite customers.
In addition, 1I2I3 customers can earn 0.30 percent gross/AER (variable) interest on balances of up to £20,000.
Hetal Parmar, Head of Banking at Santander UK said:
“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.”
Santander is currently the only bank to offer 1I2I3 customers ongoing cashback on household bills.
The wholly owned subsidiary of the Spanish Santander Group also offers in-credit interest every single month.
To qualify for the £140 cashback, customers will need to complete the switch within 60 days of requesting it.
The next step is to set up and maintain two active direct debits.
They will then need to deposit at least £1,000 into the account.
Following this, people can log in to their account using either online or mobile banking.
The cashback will be paid directly into their qualifying Santander account.
It can take up to 30 days to receive the payment.
Existing customers who have previously opened a 1I2I3, 1I2I3 Lite, Everyday, Select or Private Current Accounts can still benefit from the cashback.
However, they must complete a full switch from an account they hold elsewhere to their Santander current account via the CASS.
This offer is not available to any individuals who have used the switch offer in the past to obtain cashback.
This offer comes in the wake of mass popularity for Santander’s previous switcher cashback offer last year.
Santander’s retailer offers also enable customers to earn up to 15 percent cashback on their debit and credit card spending.
This service gives customers the ability to select offers from a wide range of retailers, from high street clothing brands to hotels.
They can then earn cashback when they make purchases 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.
This includes deals on other financial products, as well as discounts of up to 30 percent on travel insurance.