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
- 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
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
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
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