Published on April 16th, 2018 | by William Charles9
Santander $250 Business Checking Bonus
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
- 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
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
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:
- 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