Posted by William Charles on October 2, 2016
Bank Account Bonuses

Published on October 2nd, 2016 | by William Charles

485

[Expired] Santander $150 Checking Bonus – Available Nationwide

There is now a better $225 bonus available.

Offer at a glance

  • Maximum bonus amount: $150 
  • Availability: Nationwide
  • Direct deposit required: Yes, one time $500 (see what counts here)
  • Additional requirements: None
  • Hard/soft pull: Soft, see below
  • Credit card funding: Up to $500
  • Monthly fees: $5, waivable
  • Early account termination fee: No bonus if closed within 90 days
  • Expiration date: June 30th, 2016 September 30, 2016 December 31st, 2016 January 31st, 2017

The Offer

  • Receive $150 bonus doing the following: Open a Santander checking account, receive direct deposits totaling $500, and keep account open for 90 days.

santander-150

 

You can either open the account online (and get to do the $500 credit card funding) or print out a coupon via the above link and bring it in-branch to open.

The Fine Print

  • Offer is not available to current or former Santander customers who opened a Santander checking account between 01/01/2016 – 12/31/2016
  • Bonus is considered interest and will be reported to IRS on Form 1099-INT. If multiple accounts are opened with the same signer, only one account will be eligible for the bonus
  • Direct deposits include deposits made by your employer or a federal or state government agency or retirement benefits administrator and generally payments made by corporations or other organizations. It does not include deposits to your Account that are made by an individual using online banking or an Internet payment provider such as PayPal

Avoiding Fees

This bonus is valid on the following three account types: Basic, Classic, and Premier (not on Extra20 or Student accounts).

  • Basic – This account has a non-waivable $5 monthly fee. $3 for NY and NJ.
  • Simply Right Checking:  $10 monthly fee is waived by making any transaction, including deposits, withdrawals, transfers or payments. Unclear if $750 monthly balance will keep the fee waived as well
  • Premier – This account has a $30 monthly fee. Waived with $20k in combined balances.

Our Verdict

This offer isn’t as good as the Extra20 offer they used to offer, but this is no longer available and I doubt we’ll see that come back. $150 seems like their new standard offer. I think this offer is worth completing (and we’ve added it to our best bank bonus page). Here is how I’d complete it:

  • Open the Simply Right Checking account (not the basic).
  • Fund it the max $500 with a Barclay or Chase card that has a cash advance limit of $0 or close to $0.
  • Do a $500 direct deposit. This will meet the direct deposit requirement and it will waive the first month’s monthly fee.
  • Withdraw most of the money and set up
  • an automatic bill pay (to a credit card or whatever) of $1 monthly to keep the account fee-free.
  • Wait 90 days from account opening, then wait another 30 days for bonus to post.
  • Close account.

We’ve also added this to our bank bonus database. Please keep in mind Santander has been cracking down on what counts as a direct deposit, go here for recent data points.

Hat tip to Maximizing Money



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jay
jay

Seems like there are conflicting reports as to what counts as DD now? Last time I heard cap one was still okay. Anyone have insight on current list

Mike
Mike

Applied, declined.

TWoK
TWoK

If you get the savings account you can charge a total of $1000 to your card. Also, even though it will let you put whatever number you want in the amount to fund, it will error out if you put more than $500 per account in as the funding amount, but it verify your card, so I have a pending charge for $8,000…

zjts
zjts

I forgot to apply for the savings. After my checking is approved, can I apply for the savings & still fund with a cc for $500?

Ken
Ken

This looks good. I hope Amazon withdrawal works, because that’s my paycheck.

Matt
Matt

I mistyped $5,000 instead of $500 for funding with CC. The webpage wouldn’t allow over $500, but that didn’t stop Santander from putting a $5,000 authorization hold on my credit card. Be careful.

John
John

Denied too.. We were unable to verify your identity or other personal information at this time. Please visit a Branch to complete your application.

Ben
Ben

Just tried the funding with the AARP credit card. Will let you know if it works

Kevin
Kevin

Funded Santander Savings and Checking accounts, each with $500 via CaptialOne Venture. Coded as purchases, “Personal Services”.

Ben
Ben

Chase AARP card codes as “Online, Mail, or Telephone transaction.” No cash advance fee 🙂

Ken
Ken

Is there any way to decline overdraft protection? Usually when you accept it they do a hard pull. Or, if I accept overdraft do they only do a soft pull?

Adam

I ran into the same thing. I don’t see a way to not sign up for the OD protection. I’m gonna call them tomorrow and see if I can open the account over the phone without OD and funded with a CC.

Tim
Tim

I think they will naturally cover some overdraft items while the option to cover “all” requires the additional hard pull to setup they true overdraft protection. I chose the “some” option and haven’t seen a hard pull yet.

adam
adam

How long ago did you open the account? Thanks for the data point!

Tim
Tim

This past Monday

Tim
Tim

“What You Need to Know About Overdrafts and Overdraft Fees
Overview
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.
We can cover your overdrafts in two different ways:
1. We have standard overdraft practices that come with your account.
2. We also offer an overdraft protection plan which allows you to link other accounts, such as a savings account or an
Overdraft Line of Credit, to cover overdrafts in your checking account. This plan may be less expensive than our standard
overdraft practices. To learn more, ask us about this plan.”

Frito Pendejo
Frito Pendejo

I have the same problem. Isn’t forcing overdraft “protection” illegal now?

Superchurn
Superchurn

it should be

Aaron
Aaron

Applied for Checking & Savings, did funding through my Chase AARP card for $500 to Checking and $500 to Savings.

Got this message:
We will contact you in a couple of days when we’ve reviewed your application. If you have any questions before then, just give us a call at 1-877-860-9753.

Anyone who applied for this account get that message?

Thanks.
Aaron

Nancy
Nancy

I just applied and got a pending response too. Fingers crossed that it’ll get approved!

Aaron
Aaron

Tried calling the number, but it was after business hours. Looks like I’m good to go…

APPLICATIONS IN PROCESS

Simply Right℠ Checking
Approved. You will be notified once the account is opened.
Santander® Savings
Approved. You will be notified once the account is opened.

Aaron

Ethan
Ethan

Is there yet confirmation of anything besides actual direct deposit counting for the direct deposit requirement? From the DOC Santander postings, it looks like everything else has been ruled out.

Matt
Matt

Funded with a Discover It Miles card for $500. Posted as purchase.

Merchant Category MEMBER FINANCIAL INSTITUTION – MERCHANDISE & SERVICES
Purchase Method MANUALLY KEYED
Recurring Billing Indicator N

Nick
Nick

Took part in the same promotion for last quarter, signed up in late September.

ACH push with Fidelity and Ally to qualify as the DD, did both around the same time, not sure which one fulfilled the requirement.

Took the full 90 days of having the account plus almost the full 30 days after that point to receive the $150.

Adam

interesting, thx!

anyone w/recent datapoints (I guess in 2016) to show if Ally or Fido still work as DD?

Nick M
Nick M

Which type of Fidelity account did you use?

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