[NH, FL, MA, RI, CT, DE, NY, NJ, or PA] Santander $550 Business Checking Bonus

Offer at a glance

Maximum bonus amount: $550
Availability: NH, FL, MA, RI, CT, DE, NY, NJ, or PA
Direct deposit required: No
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Yes
Credit card funding: Up to $500
Monthly fees: $15, avoidable
Early account termination fee: $25, 90 days
Household limit: None
Expiration date: 7/6/2022

The Offer

Direct link to offer

Santander Bank is offering a $550 bonus when you open a new business checking account. Bonus you receive depends on your average daily balance levels for the first 90 days.
- $5,000+ and earn a $350 bonus
- $10,000+ and earn a $450 bonus
- $15,000+ and earn a $550 bonus

The Fine Print

To receive a 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 7/6/2022; and (ii) Maintain an average daily balance of a) $5,000 or more for the first 90 days to receive a $350 cash bonus, or b) $10,000 or more for the first 90 days to receive a $450 cash bonus, or c) $15,000 or more for the first 90 days to receive a $550 cash bonus.
The average daily balance calculation begins on the day of account opening, unless the account is opened on a weekend or holiday, in which case the calculation begins on the first business day after account opening.
The average daily balance is the sum of the Current Balance at the end of each day for 90 days divided by 90.
The full amount does not need to be deposited on day one of account opening in order to be eligible for the cash offer; however, the more days that pass, higher subsequent deposits are needed to meet the average daily balance requirement. (For example, to be eligible for the $450 offer, if your balance was $5,000 for the first 10 days, you would need a $10,625 balance for the remaining 80 days.)
Your Promotion Code must be entered at new account opening to be eligible for this offer.
Offer is transferable until redeemed by the addressee and we reserve the right, in our sole discretion, to limit the number of times this Promotion Code provided may be used.
The Santander business checking account must be open and in good standing to receive a cash bonus at the time of bonus payment.
You will receive a 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 cash bonus to the IRS as interest income for the year in which it is received.
One cash bonus per business entity as identified by Taxpayer Identification Number (TIN).
Offer expires 7/6/2022.
Offer is subject to change at any time.
Offer is only valid with use of a promotion code. Promotion of this offer may end at any time.
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 has a $15 monthly fee.

Maintain $5,000 average daily balance in the checking account OR
Maintain $10,000 in combined business deposit account balances with same ownership⁵ OR
Have 3 or more purchases using a Santander^® Business Debit Mastercard^® post into your account OR
Receive one or more Santander Merchant Services payments in your account³ OR
Incur $50 or more in cash management service fees⁴.

Early Account Termination Fee

$25 if closed within 90 days

Our Verdict

Previously there was a $450 bonus that required a $3,500 average balance and then that was increased to $10,000. The advantage to this bonus is the $550 tier, but that does require a much higher average balance. We will add this to our list of the best checking bonuses.

Hat tip to atojbk

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