Posted by William Charles on February 5, 2015
Bank Account Bonuses

Published on February 5th, 2015 | by William Charles

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[Expired] Santander $20 Per Month Bonus When You Sign Up For Their Extra20 Bundle

This post was originally published on January 29th, 2014. I’m republishing it because I think this is the best current checking bonus. I’ve now received over $260 in bonuses from having this account.

[Update 11/22/15: This bonus is no longer available.]

Offer at a glance

  • Maximum bonus amount: $20 per month, no end date. 
  • Availability: Nationwide
  • Direct deposit required: Yes, $1,500+ per month (+$10). They have tightened what counts, read this post for more details.
  • Additional requirements: Two bill pays per month (+$10)
  • Hard/soft pull: Soft 
  • Credit card funding: Up to $500 can be initially funded
  • Monthly fees:
  • Early account termination fee: $25 if closed within 90 days
  • Expiration date: None listed, has been going since January 2014. 

Santander recently took over Sovereign bank in an attempt to increase their North American operations. They are currently the fourth largest bank in the world by profits. To try and gain market share they’ve introduced a promotion where you can earn up to $20 per month by opening an extra20 checking and extra20 savings account with them.

The Offer

Direct link to offer

  • Receive $10 a month when you receive direct deposits totaling $1,500 or more per month
  • Receive $10 a month when you pay two bills per month through the BillPay tab in online banking. You must receive the direct deposit bonus to be eligible for this bonus
All bank bonuses must have taxes paid on them.

Santander will send a 1099-INT form which will label these bonuses as interest, as such you must pay interest on these bonuses.

The Fine Print

  • You must have a extra20 checking ($25 minimum opening balance) and extra20 savings account ($10 minimum opening balance). Extra20 savings will be opened automatically when you open the extra20 checking account
  • $10 monthly fee if you don’t have direct deposits totalling $1,500 or more per month. Fee is not charged for the first two months (1)
  • Limit of 1 extra20 package per person (e.g one extra20 checking and one extra20 savings account)
  • Bonuses are added to the extra20 savings account on the first business day after your extra20 checking account service period ends.

Avoiding Fees

Monthly Account Fee $10

Santander charges a monthly account service fee of $10. This is waived if you have a direct deposit of $1,500 or more. The account fee is also waived automatically for the first two months.

Early Account Termination Fee

There is an early account termination fee of $25 if you close it within the first 90 days of account opening. You’d want to keep the account open anyway to continue to get the bonus.

The Verdict

It’s definitely worth signing up for this offer, it may take a little bit of fiddling around to get everything working but once you’ve done so it should be relatively hands free. The easiest way to do everything is to set up an automatic ACH transfer each month that will transfer $1,500 into your account, then set up two Bill Pays (these can just be partial Bill Pays – e.g for your electricity or gas or credit card). You’ll also want another ACH pull that will get the money back out of the account.

There is no end date on this offer, so as long as it sticks around for at least a year you’ll be making more than the other bank sign up bonuses currently out there. Update: I originally signed up for this account back in January of 2014 and have received the bonus every month since then. This is currently my favorite bank bonus, you can see a list of all my recommended bonuses here and a full list of bonuses here.

Direct link to this offerScreenshot of this offer

F.A.Q’s About This Offer:

Does Santander Do Online Checking Deposits?

No, they do not do online check deposits.

How Do I Set Up Automatic BillPays?

  • Click “Manage My Bills” in the BillPay area
  • Click add automatic payment
Make sure you upload the ID required after you apply.

To make sure your application is processed quickly it’s a good idea to upload both your primary and secondary IDs as soon as you’ve finished your application.

Got another question? Ask in the comments and we’ll do our best to answer it. 

Direct link to offerScreenshot of this offer



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Trav
Trav

I just read this article twice, still dont understand how to get the $20. Do I just have to have a balance of $1,500 in my account?

allen
allen

is this per statement month or per calendar month?

Staci
Staci

Per Statement Month

Steve
Steve

Does Paypal count as direct deposit?

serlom
serlom

Santander has the ability to transfer directly to other banks now, through online banking.

Kumar A
Kumar A

Easy signup bonus, I am using Chase ACH.

Ben
Ben

I just opened the account and they let me charge $1000 on CC.

XP1
XP1

Online or in branch?

XP1
XP1

Also what credit card did you use? Was there cash advance?

Austin
Austin

I just opened an account and tried to input 1000, but it gave me an error that the amount could not be over 500.

Ny
Ny

Santander now allows you to link external accounts. https://www.santanderbank.com/us/pages/personal/send-money Yes. You can use transfers to send money from your Santander checking account to any of your own Checking, Savings or Money Market accounts at other banks within the U.S. At this time, the transfer may only come from your checking account.

Steve
Steve

Does anyone know if Amex will code this as a cash advance?

Eric
Eric

Change your cash limit to $0 before opening the account. That way it will be rejected if it’s a cash advance.

Jay
Jay

Easiest $240. I literately do nothing. I have two mortgages with them so those are my 2 bills. DD $1,500 a month to pay both mortgages. The extra cash I use for my water bill lol

PD
PD

Santander is the worst bank I have ever used especially unhelpful customer service

KAK
KAK

Can I do the initial fund from my Amex Everday credit card? I have min spend requirements. sounds like a right time if this works as normal transaction. I am worried if Amex considers as cash advance.

Tonei
Tonei

Santander allows initial deposit from Visa, MC, and Discover cards.

Jay
Jay

I am guessing Santander to Santander will not count for the requirement of DD? Otherwise two people in same household can open this account and keep doing a loop of transfers between them to earn the bonus. Would be neat if this is doable.

Aureliano
Aureliano

It took me more than two months to set up online banking.

Their system failed to verify my identity. So I opened the account in a branch when I stopped by New York(There is no branch in my state). After I opened the account, I still couldn’t enroll in online banking because their system was still unable to verify my identity. I called twice and they sent out the temporary user ID twice. Finally I got it two months after I opened the account.

Vic
Vic

I just submitted my application and it says it’s pending review.
Is this normal?

Should I can them or should I just wait?
(May be just my habit acquired from applying too many cc, lol)

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