The offer applies to ISA transfers from another provider going into the Santander Stocks and Shares ISA.
This must be done through the bank’s online hub and financial planning service and runs up to 1 December 2024.
You need to have at least £5,000 in your savings account and the transfer needs to be completed by 31 March 2025.
Once the transfer is made, you’ll have to wait until 1 May 2025 to get your payment.
The cashback rises in £50 increments starting between £5,000 and £9,999. Then the payment on offer applies as the following:
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- £10,000-24,999: £100 cashback
- £25,000-49,999: £250 cashback
- £50,000-74,999: £350 cashback
- £75,000-99,999: £500 cashback
- £100,000+: £1,000 cashback
The cashback deal is open to new and existing UK customers aged over 18 years old and the payment is only valid for the amount of the balance transfer and not new contributions.
Once you open the account, you can choose your investment through the provider’s Investment Hub, with help available from the bank’s advisers and digital investment advisers.
Santander boasts over 850 investment funds to choose from that are on the market, which it says includes a range of responsible and sustainable funds.
The bank joins the wave of investment platforms who offer bonuses for shifting existing funds over.
One standout offer is from Interactive Investor, which offers a £5,000 bonus. Bestinvest has a refer-a-friend scheme that bags you £100 if the newbie invests £1,000 with the platform.
Another transfer deal comes from Foresters Friendly Society, which provides a £310 boost if you open a stocks and shares ISA with the provider.
