Posted by William Charles on October 22, 2019
Bank Account Bonuses

Published on October 22nd, 2019 | by William Charles

727

Santander $225 Checking Bonus [NH, MA, RI, CT, DE, NY, NJ & PA only]

Update 10/22/19: Deal has been extended until December 31st, 2019. Hat tip to John F

Update 7/1/19: Extended until September 30th, 2019

Update 4/13/19: Bonus is back and valid until June 30th, 2019. Hat tip to reader Dan LBR

Update 1/12/19: Bonus is back, but it isn’t as appealing as before as they recently offered $300. Hat tip to reader Beefer

Update 5: Bonus is back for Q4. hat tip to reader Skippy

Update 4: Bonus is back for Q3. Hat tip to Danny Deal Guru.

Update 3: Santander has renewed the offer for quarter 2. I’m republishing because the offer is the exact same and many answers can be found in the comments. The refreshed offer contains the state restrictions on the banner.

Update 2: Reader Paul points out that the offer is now restricted to those who are residents of: NH, MA, RI, CT, DE, NY, NJ & PA

Update 1: I am re-publishing this because Santander has been processing applications & deposits. You may find that the $150 offer is linked in your account disclosures (see this post), but a representative confirmed to me that the $150 offer being linked is a system error and that anyone who used the correct promotion code (WINTER225) after February 1 at midnight (eastern time) is registered for the $225 bonus. You will receive something like 7 pieces of mail from Santander: the big packet should have a sheet indicating you are signed up for the $225 offer.

Santander has had $225 to $350 checking account bonuses available by targeted mailer for a while. Now, reader XC has brought a public $225 checking offer to our attention, which looks like it has replaced the now-expired $150 offers (for the short while that it is valid).

Offer at a glance

  • Maximum bonus amount: $225
  • Availability: Must be a resident of: NH, MA, RI, CT, DE, NY, NJ & PA
  • Direct deposit required: Yes, one or more totaling $500 $1,000 (see what counts here)
  • Additional requirements: Account must be open for a minimum of 90 days
  • Hard/soft pull: Soft, see below
  • Credit card funding: Up to $500
  • Monthly fees: $10 – $35, waiveable
  • Early account termination fee: $25 if closed within 90 days of opening
  • Expiration date: June 30, 2017 September 30th, 2018 December 31st, 2018 March 31st, 2019 December 31st, 2019

The Offer

Direct link to offer. You can open the account online (and do up to $500 in credit card funding) or print out a coupon using the above link and bring it in-branch to open. Note that Santander has not yet fully rolled out this offer — so, while there is a link for the Simply Right Checking account, there isn’t yet a direct one for the Basic Checking & Premier Plus Checking accounts even though they are also eligible.

  • Receive a $225 bonus by opening an eligible new checking account with the promo code BONUS225J2M and doing the following:
    • Receive direct deposits totaling at least $500 $1,000 within the first 90 days, AND
    • Keep your account open for at least 90 days.
  • Tip: On the funding page the option to uncheck the $3 paper statement fee is grayed out and you have to remember to change it to Paperless option after getting online access to avoid $3 paper statement fee. Hat tip to MarcoPolo.

 

 

The Fine Print

  • Offer is not available if any account owner is a current deposit customer of Santander or had a Santander deposit account in the last 12 months prior to account opening.
  • Cannot be combined with other offers.
  • Eligible new account must be opened between 7/1/2018 – 9/30/2018.
  • In order to receive the bonus, the account must remain open and in the eligible product type at the time of bonus payout. In addition, the account must have a positive balance at the time of bonus payment.
  • 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. They do 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

Basic Checking

There is a non-waiveable $3 monthly service fee.

Simply Right Checking

There is a $10 monthly fee that is waived when you make any financial transaction that posts during a calendar month*. Includes deposits, withdrawals, transfers or payments. Excludes fees, rebates or adjustments posted by Santander.

*based on the footnote “per service fee period”, you should interpret this to refer to a transaction posting during each statement cycle (as you would expect) — if your statement cycle does not match up with the calendar month.

Premier Plus

Not that I think anyone here is considering this account, but there is a $35 monthly fee that is waived by maintaining $75,000 in combined balances in deposits and investments held with Santander Investment Services, OR 6,000 in total monthly direct deposits.

Our Verdict

Considering that $150 seems to be their new standard offer, and that offer easily made our best bank bonus page, this is fantastic. Do note that it has a very limited lifespan (59 days) and that the overdraft protection agreement is quite confusing. You are forced to agree to it when applying online, but you’ll want to select “Some overdrafts” instead of “All overdrafts” to avoid the hard pull. I’ve already taken the plunge, and I think this offer is worth your while. If you set up an online banking login during the application process, you can check the status of your application by logging in at this link.

Though I will likely keep the account around a while longer than 4 months, I see little reason to deviate from Will’s plan, as laid out in his $150 post:

  • Open a Simply Right Checking account (not Basic).
  • Fund $500 with a non-Citi/Discover/American Express card, preferably with a cash advance limit as close to $0 as possible. You may have success with Citi now-a-days.
  • Do a $500 direct deposit to meet the direct deposit requirement and waive the first monthly fee.
  • Withdraw however much you wish.
  • Do an automatic bill pay (to wherever) of at least $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.

I imagine this will quickly be added to our bank bonus database. Please keep in mind that Santander has cracked down on what counts as a direct deposit, which is why you see PayPal specifically excluded. You can go here for Will’s excellent write-up on the subject and can view recent data points here.

Hat tip to reader XC.

Useful posts regarding bank bonuses:



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Mark
Mark

DP Chase still works as ach. Cheers:)

David T
David T

Can you clarify if your Chase account was a business or personal account? Thanks!

Victor
Victor

I would also like to know

Jenny
Jenny

I just used chase freedom unlimited to open this checking account. Phoned chase to learn no cash advance fees if sandander calls it a purchase. Called Santander and she said It counts as purchase.
Wondering how I will know if a one time HSA distribution will be comsidered as a DD. Any ideas? Otherwise I will have to use another way, more time consuming. Also, does a debit card swipe count as a transaction to satisfy their conditions?

Marco
Marco

You transferred from a Chase checking account and got the bonus?

Jenny
Jenny

No. The chase credit card was used to open the account with $500, per their terms. I did get the $225 recently after meeting other terms. I am going to cancel the account any day

prussiablue
prussiablue

Fourth bank bonus in 2017 already 🙂

NoonRadar

Previous offer (now expired) had this language: “Offer is not available to current or former Santander customers who opened a Santander checking account between 01/01/2016 – 12/31/2016”

They have replaced it now with the usual lingo most banks have, indicating you aren’t eligible for the bonus if you’ve had an account in the last 12 months. I wonder if this is hard coded to prevent the bonus from auto-posting. I’ve closed their Extra20 checking (and savings) account less than 12 months ago, I’m guessing so have many of us. If someone decides to give this scenario a try and see if the bonus posts, please let us know in the comments. Thank you!

Peter
Peter

I’m in the same boat. I don”t think it’s worth risking it, and since the offer will expire before we get any data points that means I’ll probably pass on this one. Oh well can get whatever offers they’re doing the 2nd half of the year.

sirtheta

I personally would not want to chance it. While the terms are new for Santander, I think that makes it more likely they’ve spent time testing their system for determining eligibility.

Matt
Matt

What’s the downside of chancing it?

sirtheta

Chancing it would reset the 12 month clock, which is probably going to be a standard condition going forward. So you could be locked out of a future Santander bonus with nothing to show for it.

NoonRadar

Putting that exclusionary verbiage on the terms will deter most and it costs the bank nothing. Making their computers to code this correctly takes some work and trials. Point being, just because the language is there it doesn’t mean it will work as stated. I’ve seen all kind of online technical errors and glitches from the non-huge banks, though I haven’t tested a scenario like this specifically.

Having said that, yes one would risk resetting the 12 month clock by trying, in case they don’t get the bonus.

Chris
Chris

So for those of us who took the $150 public offer is there any chance they’ll match us to this if we request it, or are we out of luck? I await DPs.

Mark O
Mark O

Same question – still waiting on my $150 which should be in the next week or two.

David M
David M

I”m going to go ahead and call in advance of my bonus. We’ll check back.

Raphael
Raphael

I signed up with the $150 offer less than a month ago (and haven’t received the bonus yet). Any chance they would match the new offer?

Ferris
Ferris

I just signed up last night :'( kill me

Mclovin
Mclovin

I did a few days ago but my account hasn’t been opene yet. Maybe I can call and request the switch?

Larry
Larry

I’m in the same boat as you though I applied only two weeks ago. I called Santander and they said they don’t match offers.

You could try and maybe have a better result but believe we’re out of luck this time.

Jesse
Jesse

I just called and asked. They told me that because the offer wasn’t available when I opened the account, they wouldn’t be able to “correct” (my word, not theirs), the promo code applied to the account

Superchurn
Superchurn

Santander is the one and only bank I’ve never been able to get approved for. Autodenied every time. Are they particularly Chex sensitive?

I’d love to squeeze $225 out of them if anyone has any ideas how to get approved.

Jason
Jason

I have the same question.

Raj
Raj

Same problem for me..i applied twice last year and they denied me. I had about 5 to 6 Chex inquiries before the application

Schmekel
Schmekel

Same here.

And no reconsideration number available.

Superchurn
Superchurn

I did call them and they said I’d have to visit a branch, so it might be possible to get an account if you live close enough to visit one.

Ferris
Ferris

I applied about 2 weeks ago after 4 other checking accounts that week and got denied. I waited about 2 weeks and tried again with the same info but had to pick a new username and got approved! so keep trying?

Gino
Gino

If your being denied opening a checking account, YES, it’s due to having something in the Chex System, like a bounced check, or money owed to a bank for unpaid overdraft fees, insufficient fund fees etc. You can Contact Chex System and they will mail you a statement of your Last 5 year Chex system reports. Anything more than 5 years old clears automatically. It would be worth it if something like a 35, 50, or 100 dollar issue is stopping the checking account. The 225 dol bonus offer is good til 6/30 so u have time, and we’ll worth it. And u can often negotiate an old fee.I did it. 125 dol down to 35.

Eli
Eli

Credit card funding with AMEX work for this (not seen as cash advance)?

sirtheta

It’s Visa/MC/Discover only (and DPs indicate Discover codes as CA). Sorry, will rephrase!

Curmudgeon
Curmudgeon

Contrary DP: Funded checking/savings with Citi DoubleCash on 1/18/17. Posted as purchase (cash advance limit set to zero). This was my wife’s account.

I think I funded mine with a Citi Hilton card, also posted as purchase (cash advance limit set to zero as well)

sirtheta

Thank you for the information, Curmudgeon!

Marty
Marty

Has anyone had success funding these accounts with a Citi Business AA Platinum? Setting the cash advance limit to $0 or minimum?

Ray
Ray

Hmm, I opened the account with the WINTER225 code as soon as I saw this post, but it was at 11PM PST as I am in CA…unfortunately, the timestamps on the documents (on the application status page) also say 11PM 1/31/2017 and I only see a disclosure with the $150 offer….

I really hope the $225 offer went through…clearly this was one of those times I shouldn’t have jumped on the offer!

Jay
Jay

In the same boat here. Time stamp says I applied 11:31 PM PST. Looking over the fine print the offer says 2/1/2017 – 3/31/2017. I also used the WINTER225 code. Here’s to hoping…

Ray
Ray

Update: they have denied me of any bonus claiming that my application did not have the promo code applied to it. Lucky for me, I was able to download my application materials from their application website which CLEARLY state that the code was used…..looks like it’s time for a CFPB complaint

Mser
Mser

Is it standard to get this after applying? : “Thank you for sending us your application for the following product(s):

Simply Right℠ Checking

We will email you when we’ve processed your application. If you have any questions before then, just give us a call at 1-877-860-9753.

Thanks and have a great day.

Santander Bank, NA

Santander Online Account Opening

1-877-860-9753

8:00 AM – 8:00 PM EST”

Or have others rec’d automatic approvals online?

sirtheta

That’s what happened to me, but when I went to the status page it said approved.

edit, 7 hours later: I will add this to the post, but if you set up an online banking account during the application process, you can check your application status by heading to: https://applysecure.santanderbank.com/oflows/seam/resource/newsession?path=oweb/home.seam (this is where it says I am approved even though it also says they are still processing my application).

NC
NC

What a bummer! I jumped on the $150 bonus just before it expired.

Until next time.

Ivan
Ivan

Notice of Adverse Action Based on Information Contained in Consumer Report
Date of Action Taken: 2017-02-01

We regret we cannot open your account and/or add your name as an owner/signer to an account with Santander Bank, N.A.
We were unable to verify your identity or other personal information at this time. Please visit a Branch to complete your application.

Is it worth opening in branch???? Or this has something to do with my Chexsystems? Anyone denied?

Superchurn
Superchurn

this is exactly what my 2 rejections looked like. i’m pretty sure it’s a generic denial. when i called them, they said i could come talk to them in branch, but I live on the west coast.

I suspect it’s a chexsystems issue

very disheartening 🙁

B
B

got same message. called them and said need to go to branch. I moved to new place 4 months ago, may be that’s why they not able to verify identity.

I just used email coupon function and got code in the email and planning to go to branch this Saturday. Will update you then.

Bob
Bob

Any DP that Ally will trigger DD ?

Jack
Jack

Ally ACH failed

scwam
scwam

F**K. Should have used a vpn like I thought. Perfect checksystem and credit. Go through the process and does all the 4 green check marks and “declined” due to lack of being able to verify into. Called to confirm and he ask where I was located – Japan. Should have known given I’ve had this happen before.

Superchurn
Superchurn

if it makes you feel better, I applied twice using a US IP address and was declined for the same reason both times

YZ
YZ

same here, declined due to the same reason

called immediately, told me they cannot find detailed information, within 24-48 hours I should got an email with the detailed info, also “you are welcome to apply again later some time”

kalf8483
kalf8483

Anyone confirm no hard pull?

sirtheta

It hasn’t been a hard pull in the past (with the same overdraft terms). I opened an account last night but cannot yet confirm that it’s still the case.

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