[Expired] [Targeted] Santander $500 Business Checking Bonus

Deal has expired, view more Santander deals by clicking here.

Update 2/19/20: Targeted offer is back and valid through 4/7/20. Hat tip to reader E.

Offer at a glance

• Maximum bonus amount: $500
• Availability: Nationwide but must have received targeted mailer
• Direct deposit required: None
• Additional requirements: Maintain $3,500 balance for 90 days, use targeted promo code
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: Unknown for business, $500 for personal
• Monthly fees: $15, avoidable
• Early account termination fee: None
• Household limit: Unknown
• Expiration date: September 30th, 2019 April 7, 2020

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:
  • Maintain an average daily ledger balance of at least $3,500 or more for the first 90 days
  • Use targeted promo code that was sent out via mailer

The Fine Print

• To receive a $500 cash bonus, your business must not currently have, nor have had, any business checking account with Santander Bank, N.A. (“Santander”) in the last 12 months, and your business must do all of the following:
  • (i) Open a new Santander Business Checking or new Santander Business Checking Plus account by 09/30/19 and keep it open for 90 days; and
  • (ii) Maintain an average daily ledger balance of $3,500 or more for the first 90 days, starting the first business day after account opening.
• Your Promotion Code must be entered at new account opening to be eligible for this offer.
• Offer is transferable until redeemed by the addressee in the corresponding letter or email and we reserve the right, in our sole discretion, to limit the number of times this Promotion Code provided in the corresponding letter or email may be used.
• The Santander business checking account must be open and in good standing to receive the $500 cash bonus at the time of bonus payment.
• You will receive a $500 cash bonus in your new Santander business 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 will report the $500 bonus to the IRS as interest for the year in which it is received. One $500 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

Monthly 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

Early Account Termination Fee

Can’t find the fee schedule so unsure if there is an early account termination fee or not.

Our Verdict

Great deal if targeted, sadly it seems that they don’t send a lot of these mailers out. It does seem you can use a mailer not addressed to you, as long as it hasn’t been used before so might be able to find these for sale somewhere. Seems better than the previous $500 business checking bonus that was offered. Due to the targeted nature we won’t be adding this to our list of the best checking account bonuses.

Hat tip to reader Jake

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