Posted by William Charles on February 27, 2016
Bank Account Bonuses

Published on February 27th, 2016 | by William Charles

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[Targeted] Santander $500 Business Checking Bonus

Update: As multiple people pointed out in the comments, looks like this might be a targeted offer due to the phrase ‘One $500 cash bonus per business entity as identified by Taxpayer Identification Number (TIN) and invitation code displayed on the corresponding letter‘.

Offer at a glance

  • Maximum bonus amount: $500 
  • Availability: Nationwide
  • Direct deposit required: $2,000 in deposits (any deposit will count)
  • Additional requirements: 9 or more qualified transactions
  • Hard/soft pull: Soft
  • Credit card funding: Unknown for business, $500 for personal
  • Monthly fees: Unknown
  • Early account termination fee: Unknown
  • Expiration date: April 30th, 2016  December 31st, 2016

The Offer

Direct link to offer

  • Receive a sign up bonus of $500 when you open a Business Checking or Business Checking Plus account with Santander and complete the following requirements:
    • Make cumulative deposits of $2,000 or more within the first 90 days of account opening
    • Complete 9 or more qualified transactions within the first 90 days after account opening. Qualified transactions include all posted transactions and their total except all fees, returned items, and any Santander Bank initiated refund/reversal

santander

The Fine Print

  • 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
  • The Santander business checking account must be open and not have a negative balance to receive the $500 cash bonus
  • You will receive a $500 cash bonus in your new Santander checking account within 30 days of meeting all offer requirements
  • One $500 cash bonus per business entity as identified by Taxpayer Identification Number (TIN) and invitation code displayed on the corresponding letter
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Business Checking $15 Monthly Fee

  • $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

Santander has offered a $500 bonus on their Business checking accounts before, but it required merchant services and a business checking plus account. This offer is much better and I think I’ll pull the trigger on this one. We’ve added this to our list of the best business checking bonuses.

Hat tip to @RobertDwyer

 



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Mark
Mark

Does Santander allow for mobile deposit of MO?

Also, anyone have experience with CC funding for a business account?

Joe
Joe

I have the same question.

Skippy
Skippy

I spoke to someone at a branch about a business checking account and mobile deposits are not available for business accounts at this time. They do have an onsite deposit option using a scanner, but it looks like there are monthly fees for that. (I googled Santander Bank Business Checking Fee Schedule)

XP1
XP1

Is it easy to create a business entity just for bank bonuses? Do banks verify business income?

Jacob
Jacob

why would they?

Chris
Chris

I have never opened a Business Checking before (have done many business card applications). How is opening Business Checking different compared to personal checking as far as the approval/application process? TIA

joe shmo
joe shmo

depends on the bank. business checking is much more serious than business credit cards because of things related to money laundering. for example my business opened an account at citibank and it took a month of due diligence to open the account. other banks are more streamlined in their due diligence however and we’ve had accounts opened in as little as 2-3 days.

ultimately it’s very easy to open a business checking account if you have the following:

Articles of Incorporation
Statement of Information
EIN

The rest is just filling out the bank’s forms (which usually ask things about your projected revenue etc)

Eran Edelman
Eran Edelman

1. One of the requirements to receive a $500 cash bonus is to “complete 9 or more qualified transactions within the first 90 days after account opening.”
– What is considered as a “qualified transaction (is an ACH or debit card purchase considered a qualifying transaction?)

2. “One $500 cash bonus per business entity as identified by Taxpayer Identification Number (TIN) and invitation code displayed on the corresponding letter.”
– Can you open the account with a social security number because my tax identification number is actually my social security number?

– Is this a targeted offer? Where do you find the invitation code?

AMarketing
AMarketing

What does the”invitation code on the corresponding letter” mean? Does it mean you have to receive a direct mail invitation to take advantage of this offer? Thanks.

heather
heather

Are we not concerned about the phrase on the the link that says “Only the business to which the corresponding letter or email is addressed is eligible for this offer.”

Florian
Florian

I am also concerned with that language as heather pointed out. Is there any datapoint on this ? I`ve opened a boa for a bonus but they refused to give bonus after the requirements …

anthonyjh21
anthonyjh21

I’m wondering the same thing. The direct link (not surprisingly) in the old 2015 thread no longer works so there’s no way of knowing unless, as you said, data points roll in.

UpdatedTerms
UpdatedTerms

Terms mention you need to have been pre-selected for the offer.

Amarketing
Amarketing

Interesting. I have an llc and bank with a local competitor, and was not preselected. I will see if they’ll issue me a code in order to gain the (small) business.

Dan
Dan

Does the sole proprietorship with SSN work for business bank accounts?

Tim
Tim

I have emailed & called Santander and they cannot confirm or deny if I am eligible for the promotion. They suggested I contact my local branch for confirmation, and I do not know how a branch could confirm a promotion (there is no local branch where I live). That being said, I am unsure how to get ‘pre-selected’.

Has anyone been successful with getting ‘pre-selected’ after requesting? Any data points?

NoSantander
NoSantander

This offer does not appear to be nationwide; I got a reply indicating that CA is out of their service area.

Joe
Joe

Not matter the bonus comes in or not, how soon can we close the business checking account without a earlier closing fee?

mpcee123
mpcee123

Called Santander today. Some data points from phone rep (ymmv):

1.) I reside out of Santander’s regional footprint, but I could apply in-branch.
2.) Rep said there is no code on the supposed mailing. If I mentioned I received the mailing–even if I didn’t bring it in–I should be fine. (I stated I didn’t have the mailing in my possession at the moment…)

mpcee123
mpcee123

And…

3.) If you don’t have an existing business relationship with Santander, you *must* apply in-branch. No phone or online apps.

Jake
Jake

Tried this in NYC. Was contacted by a branch to open the account and they required the email / mail with the promo code to get the bonus. Didn’t open the account.

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