Posted by William Charles on June 13, 2017
Bank Account Bonuses

Published on June 13th, 2017 | by William Charles

22

[YMMV] Santander $250 Business Checking Bonus [NH, MA, RI, CT, DE, NY, NJ & PA]

Update: This is being advertised in branch, doesn’t actually look like you need a promo code at all.

[5/15/17: Updated link and expiration date.]

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: Must open in branch. NH, MA, RI, CT, DE, NY, NJ & PA only [Branch locations]
  • Direct deposit required: No
  • Additional requirements: See below
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: Unknown for business, $500 for personal
  • Monthly fees: $15+ avoidable
  • Early account termination fee: Unknown
  • Expiration date: March 31st, 2017 June 30, 2017
  • Bonus limit: One per ITIN

The Offer

Direct link to offer

  • Open a new Santander Business Checking or Business Checking Plus account and receive a bonus of $250 when you complete the following requirements:
    • Open new account and keep it open for 90 days
    • Maintain an average daily ledger balance of $1,000 or more for the first 90 days after account opening
    • Also says your promotion code must be entered during the promotion. Not sure if this is automatically tied to online application or not (I tried to sign up, but as told I’d be called back and didn’t get to area with a promo code)

santander business checking

The Fine Print

  • To receive a $250 cash bonus, you must be a business with revenues up to but not exceeding $3,000,000, your business must not currently have nor have had any business deposit account with Santander Bank, N.A. (“Santander Bank”) in the last 12 months, and your business must do all of the following:
    • (i) Open a new Business Checking or new Business Checking Plus account between 1/17/17 and 3/31/17 and keep it open for 90 days, and
    • (ii) Maintain an average daily ledger balance of $1,000 or more for the first 90 days after account opening.
  • The business checking account must be open and not have a negative balance to receive the $250 cash bonus at the time of fulfillment.
  • You will receive a $250 cash bonus in your new Santander checking account within 30 days of meeting all offer requirements.
  • Your promotion code must be entered during new account opening to receive this offer.
  • We reserve the right to decline to open an account in our sole and absolute discretion.
  • We report the $250 bonus to the IRS as interest for the year in which it is received.
  • One $250 cash bonus per business entity as identified by Taxpayer Identification Number (TIN). This offer cannot be combined with any other cash offers.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Unsure if there is an early account termination fee or not, you do need to keep it open for a minimum of a 90 days though.

Business Checking $15 Monthly Fee

  • $5,000 average daily checking account balance, or
  • $10,000 combined business deposit balances, or
  • Make three debit card purchases with your Santander Business Debit MasterCard, or
  • Receive one or more Santander Merchant Services payments deposited into the account, or
  • Receive $50 or more in Account Analysis service fees

Our Verdict

They have offered business checking bonuses of $350 & $500 in the past and both were targeted. Santander are also currently offering a public bonus of $225 on their personal checking account.

As always, please share your experiences in the comments below.

Hat tip to Danny Deal Guru

Useful posts regarding bank bonuses:



22 Responses to [YMMV] Santander $250 Business Checking Bonus [NH, MA, RI, CT, DE, NY, NJ & PA]

  1. Justin says:

    Public bonus of $225 not $250 for personal

  2. Gustav says:

    What is the promo code?

  3. Grant says:

    Entered my biz info and am waiting for Santander to respond.

  4. Curmudgeon says:

    “Bonus limit: One per ITIN” – I think you mean TIN or EIN. ITINs are what the IRS gives illegals to use for paying taxes so they don’t use some random person’s social security number.

  5. Mark says:

    I applied for Santander $225 checking few days ago, can you also get this bonus?

  6. Mark says:

    Entered the info 10 days ago still haven’t received the e-mail, it seems first you have to enter the info and then they email you a link to open a business account. Is this true?

  7. Dan says:

    yea same for me, filled out the info a couple weeks ago and so far no contact

  8. bobwinkle says:

    Any news from anyone on this bonus? Thanks!

  9. Max says:

    This isn’t targeted. I was in branch today and saw it advertised.

  10. RBB says:

    Do you need to live in one of those states or can you stop by in-branch if you happen to be there?

  11. Max says:

    Hey Will,

    What do you know about merchant services? The $500 bonus requires merchant services to be open for 90 days (plus a possible 30 to get the bonus, and Santander can be slow to pay up) and two merchant services payments. I could get a friend to pay me $1 each right?

    Are there any tax reporting liabilities if I just accept two payments of $1?

    • RW says:

      I believe they will charge you a minimum fee at $25-$35 per month for merchant services part as most other companies do.

    • I’m not a tax professional so don’t feel confident in answering that, I think merchant services has some fees involved though. Personally I just pass on any deal with merchant services. I’ll investigate further.

  12. james says:

    What kind of documents do we need to open business account at Santander branch? I don’t have any business now.

    • Daniel S says:

      You would need the original copy of your articles of organization to prove the you’re business has an EIN and is filed

  13. Daniel S says:

    Hey DoC, I have the flyer for this and it has a promo code: BIZCASHBONUS2

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