Santander reveals cashback deal for stocks and shares Isa

Santander reveals cashback deal for stocks and shares Isa

Santander has unveiled a fresh deal for its stocks and shares Isa which lets customers scoop up to £100 cashback.

The new offer means that all new and existing customers can benefit from cashback of 0.5 per cent, up to a maximum of £100, on the total amount invested in the Isa between now and 16 June.

The Isa offers a range of investments, including 1,300 funds, through the Santander Investment Hub.

Article continues after advert

Alan Mathewson, managing director of wealth management and private banking, said: “In this low interest rate environment we want to make investing more accessible for our customers. 

“For those taking a medium to long-term investment view, now is the time to start making use of their tax free allowance alongside other savings options that are available to them.”

Isa customers are also able to consolidate investments held with other providers onto the investment hub so they can have a complete overview of their finances.

Investments can be made through the Santander Financial Planning Service or via the Santander website. 

Commenting on the deal, Dan Elkington, IFA at Chattertons Solicitors, said: "Financial advisers are always aware of gimmicks, and I think clients would probably have to pay for this in one way or another."

He said there was a lack of detail about the offer, adding he was suspicious that a company which gives clients money upfront would then take it back later.

While he said he would consider the offer, he said he would establish whether the provider would look after the client properly, rather than simply launching deals to get more assets.