Deal has ended, view more bank account bonuses by clicking here.
Update 4/4/22: Extended until 7/6/22.
Offer at a glance
- Maximum bonus amount:Â $500
- Availability:NH, MA, RI, CT, DE, NY, NJ, PA, or FL
- Direct deposit required:Â Yes, $8,000+ within 90 days of account opening
- Additional requirements:Â None
- Hard/soft pull:Â Soft pull
- ChexSystems:Â Yes
- Credit card funding:Â
Up to $500None - Monthly fees:Â $3 – $10 avoidable
- Early account termination fee:Â $25, 90 days
- Household limit:Â None listed
- Expiration date:Â 4/5/22
Contents
The Offer
- Santander Bank is offering a checking bonus of up to $500, the bonus you receive depends on the total amount of direct deposits that post to the account within the first 90 days:
- $300 bonus when you have direct deposits totaling at least $4,000
- $400 bonus when you have direct deposits totaling at least $6,000
- $500 bonus when you have direct deposits totaling at least $8,000
The Fine Print
- Get your cash bonus when you open a new eligible checking account by 4/5/2022 and have direct deposits of $4,000 or more to receive a $300 bonus; $6,000 or more to receive a $400 bonus; $8,000 or more to receive a $500 bonus post to the new account within the first 90 days, starting the first Business Day after account opening.
- Eligible accounts are Santander ® Private Client Checking, Santander Select® Checking, Simply Right® Checking, or Santander Basic Checking.
- All accounts require $25 minimum opening deposit.
- Offer is transferable until redeemed by the addressee and we reserve the right, in our sole discretion, to limit the number of times this Promotion Code may be used.
- You must be 18 years or older.
- Offer is not available if any account owner is a current checking customer of Santander or had a Santander checking account in the last 12 months prior to account opening.
- Offer cannot be combined with any other bonus offer.
- Promotion Code must be entered at new account opening to be eligible for this offer, and cannot later be added to an account, or changed, unless it is presented and applied within 14 days of account opening.
- The account needs to be open for at least 90 days and remain open in an eligible account type until payment of bonus, which will occur within 30 days thereafter. In addition, the account must remain open and in good standing to be bonus eligible.
- Bonus is considered interest and will be reported to the IRS on Form 1099-INT.
- If multiple accounts are opened with the same signer, only one account will be eligible for the bonus. For new checking account customers only. Offer is only available to residents of NH, MA, RI, CT, DE, NY, NJ, PA, or FL (please see additional detail on offer eligibility in Florida below).
- Offer expires 4/5/22. This offer subject to change at any time.
- Offer is only valid with use of a promotion code.
- Promotion of this offer may end at any time.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
- Basic checking has a $3 monthly fee that is not avoidable
- Simply Right has a $10 monthly Fee, waived with one transaction* – a deposit, withdrawal, transfer, or payment – posted during the calendar month.
Early Account Termination Fee
$25 if closed within 90 days
Our Verdict
This is not as good as the $400 + $200 bonus that was available last time Santander offered a bonus. The upside to this bonus is that you can open an account that is much easier to keep fee free (previously it required $25,000+ in balances). Because of that this is worth doing for a lot of people and we will add this to our list of the best checking bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
7/5/22 – Opened Account
7/12/22 – Wells Fargo ACH of $2022.16
7/18/22 – Wells Fargo ACH of $2022.16
8/12/22 – Wells Fargo ACH of $2022.16
8/26/22 – Wells Fargo ACH of $2022.16
10/4/22 – Bonus Received
12/14/22 – Account Closed with $0 balance
6/27 – opened account
9/23 – met requirements for $5000 direct deposit through payroll deposits
9/30 – received $500 bonus
DP: I used both Cap1 and Wells Fargo. One (or both) of them worked to trigger the bonus today. 90 days from opening.
Wells Fargo personal checking account pushes worked for this, then I transferred them back to discover, then back to wells Fargo to resend the same money, and it worked with no problem to get $500.
6/16 – Account opened
6/27 – Chase ACH 8K
9/16 – $500 Bonus
DP:
Opened mid-June with $25 opening deposit.
Pushed 4K from Chase business late June.
Pushed another 4K from Chase business late June.
Pulled out 8K weeklater.
Mid-July pushed 8K from Amex Business.
Pull;ed out 8K in a week.
Bonus posted mid-September about 90 days from opening.
So either Chase business or Amex Bus working to trigger.
6/2: Opened account
6/10: Pushed $3k from Cap One 360 Savings
(read someone’s recent comment that Cap One didn’t work so I decided to switch to Wells Fargo)
7/5: Pushed $6k from Wells Fargo Biz Checking
8/2: Pushed $2k from Wells Fargo Biz Checking
9/1: $500 Bonus
Opened account on 5/18
Employer direct deposits totaling $4020
Deposit from Fidelity Cash Management Account $4000
$500 bonus posted 8/16
Deposits from Fidelity CMA still count as direct deposits
Is the only way to cancel the account by phone?
3rd time for this…Chase pushes $8,000+ … still works! (o:
Same