Posted by William Charles on April 16, 2018
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Published on April 16th, 2018 | by William Charles

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[Expired] Santander $250 Business Checking Bonus

Deal has expired, view more business checking bonuses here.

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: Must be opened in branch. [Branch locations]
  • Direct deposit required: No
  • Additional requirements: Use promo code and maintain $1,000 balance for 90 days
  • 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: June 30, 2018
  • Bonus limit: One per ITIN

The Offer

Direct link to offer

  • Santander is offering a bonus of $250 cash & $250 cash back on Clover Hardware solutions when you open a new business checking account and complete the following requirements:
    • Open a new business or business plus checking account by June 30th, 2018 entering the promo code “BIZ258A5J”
    • Maintain an average daily ledger balance of $1,000 or more for the first 90 days after account opening

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 checking 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 4/1/18 and 6/30/18 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 BIZ258A5J 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).
  • 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

This is the easiest account to keep fee free that qualifies for the bonus. Monthly fee is waived if you do at least one of the following:

  • $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

I would just ignore the clover hardware bonus, as that requires merchant services and won’t be that useful for most people. It seems that this bonus is available nationwide possibly, the problem is that when you apply now you actually just enter your details and they are supposed to contact you back. I’m yet to hear back from them. They have had similar bonuses in the past for $250, $350 & $500 but they have always been targeted. This should be publicly available, but it isn’t clear if it actually is or not. If it is publicly available I think it is worth doing as the bonus requirements are easy to meet and it’s also easy to keep the account fee free. I won’t add it to the best business checking bonuses until we know more/I hear back from Santander though.

Big thanks to readers, Chris & Brian K who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:



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These Santander bonuses are slightly annoying. They take at least 120 days to post, and one of mine didn’t post automatically. Going after them took more time than I would’ve liked it to.

They do pull Chex but aren’t sensitive, at least in branch. I was denied online.

spring225 took 30 days from final DD for me (90 days after opening account)

It’s free money – why are you whining?

Spring225 was one of my first bonuses and it was pretty easy. I don’t remember the details but I remember lots of bonuses since then being more annoying to clear.

Do they ask for documents if opening account as sole proprietorship?

I was just shut down for not having “a certificate of business from my home town”… whatever that may be. Seems there are some DPs that don’t require documentation though.

Just opened yesterday, they asked for nothing. I had spoken with a BRM in advance to schedule a meeting and made it clear I’d be sole prop / SSN#

So is there a way to apply online or do I have to submit the request by providing my info and wait for some link to show up?

I can’t find a method to apply directly…

Just called – have to open account in a branch.

curtis leasure

My want to add script to the post about this not being available online. I just “applied” via the link and it said a banker will reach out to me with account options.

ChurningFast

Ok, so I went down to my local branch and opened the account last week. Banker adamantly mentioned that this offer (I took a screenshot of the page linked here) is a public one and not’one of those we send to your address’. He even showed me the screen he was using and how the promo code autopopulates when he fills out the app. He told me I’ll get $250 on day 91 if I maintain $1000 for the first 90 days. Also, I don’t have any business, no questions were asked and it was opened with DL and SSN only.

Now here’s the interesting part of the offer. There’s a refer-a-business offer for the business account and for each referred business (up to 4) the referrer gets $150 (yes it’s one-fifty) and the referred business gets the usual $250 bonus as well. For the referral to work, the referred business must mention my email id as a referrer at account opening. If any of you guys are thinking of using this offer, I’d request you to please consider using my referral. If you’d just reply to this comment, I’ll send you my email and you can then mention that email if you go down to open the account. I’d appreciate the help very much, we can even share the rewards if you want. Thank you DoC community.

Shoot an email to matthinsley@gmail.com 🙂 I might hop on this bonus next time Im back in MA

I’m going to try this in the next couple weeks. You could email me @ haiku hikes (all one word) @ gmail

Hey, would you be able to send your info to alextwong.shop@gmail.com? I’m thinking about jumping on the bonus soon.

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