Posted by William Charles on August 3, 2016
Bank Account Bonuses

Published on August 3rd, 2016 | by William Charles

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[Expired][CT, DE, MA, NH, NY, PA, RI] Santander $300 Business Checking Bonus In Branch Checking Bonus

This post has expired, you can view more popular bank bonuses here.

Offer at a glance

  • Maximum bonus amount: $300
  • Availability: Nationwide, but in branch only [Branch locator here]
  • Direct deposit required: No
  • Additional requirements: Make $10,000 in cumulative deposits
  • Hard/soft pull: Soft
  • ChexSystems: Yes
  • Credit card funding: Up to $500
  • Monthly fees:
  • Early account termination fee: None
  • Expiration date: September 30th, 2016

The Offer

Direct link to offer

  • Receive a sign up bonus of $300 when you open a new Santander Business Checking or Business Checking Plus Account and do the following:
    • Keep it open for at least 90 days
    • Make cumulative deposits of $10,000 or more within the first 90 days

santander business checking $300 bonus

The Fine Print

  • To receive a $300 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 7/1/16 and 9/30/16 and keep it open for 90 days, and
    • (ii) Make cumulative deposits of $10,000 or more within the first 90 days of account opening. The business checking account must be open and not have a negative balance to receive the $300 cash bonus at the time of fulfillment.
  • You will receive a $300 cash bonus in your new Santander checking account within 30 days of meeting all offer requirements.
  • We reserve the right to decline to open an account in our sole and absolute discretion. We report the $300 bonus to the IRS as interest for the year in which it is received.
  • One $300 cash bonus per business entity as identified by Taxpayer Identification Number (TIN).
  • This offer cannot be combined with any other cash offers.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

The easiest account to keep fee free is the business checking account. There is a $15 monthly fee, this is waived if you do any of the following:

  • $5,000 average daily checking account balance or
  • $10,000 combined business deposit balances or
  • Receive one or more Santander Merchant Services payments deposited into the account or Pay $50 or more in Account Analysis service fees or Make three debit card purchases with your Santander® Business Debit MasterCard®

There is no early account termination fee that I can found, this was verified by reader Craig J.

Our Verdict

Santander have offered $500 bonuses in the past, one was targeted and the other one required merchant services. This is a pretty good deal, here is what I’d do:

  • Open account, using a rewards credit card to fund $500
  • Add $10,000 in funds (this will meet the deposit requirement, you might be able to just do $9,500 as you already funded $500 initially, but I’d be worried that the initial deposit won’t count)
  • Withdraw $5,500 (this leaves $5,000 in the account to keep it fee free)
  • Wait for bonus to post
  • Close account if there is no early account termination fee

If you don’t have a spare $10,000, you should be able to make smaller deposits to hit that cumulative deposit requirement, withdraw them and then add them again. I’ve added this to our list of the best bank account bonuses.

Useful posts regarding bank bonuses:



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JT
JT

Can this be done online? What kind of business verification will they perform?

foo
foo

What does 10k in cumulative deposits mean? Does a 5k deposit, then a 5k withdrawal, then another 5k deposit count as 10k in cumulative deposits?

Chris
Chris

What does Santander need to see to validate a business?

Bill
Bill

The business should be registerest with the state, such as a Doing Business As (DBA). If you have the EIN from the IRS, the paperwork (one sheet) from the IRS should suffice.

Nathan
Nathan

The details state: To receive a $300 cash bonus, you must be a business with revenues up to but not exceeding $3,000,000. What kind of verification will Santander require?

Craig
Craig

I just got off the phone with the bank. The rep said that you have to open this account in branch (same for any of their business products). He said SSN works for sole props and there is no early accoubt termination.

Note that all their branches are in the NE USA.

Sa
Sa

Anyone that has/had the Extra20 qualified and got this bonus?

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