Update 7/21/21: Bonus is back, account is now called Select checking account. Hat tip to Bill
Offer at a glance
- Maximum bonus amount: $400
- Availability: NH, MA, RI, CT, DE, NY, NJ, or PA
- Direct deposit required: Yes, $6,000+ within 90 days of account opening
- Additional requirements:
- Hard/soft pull: Soft pull
- ChexSystems: Yes
- Credit card funding: Up to $500
- Monthly fees: $25, avoidable
- Early account termination fee: $25, 90 days
- Household limit: None
- Expiration date: October 31, 2020
- Santander is offering a bonus of $400 when you open a new Select Checking account and receive $6,000 or more in direct deposits within 90 days of account opening
- There is also a $225 bonus that we’ve discussed before.
The Fine Print
- Get $400 when you open a new Santander Premier Plus Checking account ($50 minimum opening deposit) between 8/1/2020 – 10/31/2020 and have direct deposits totaling $4,000 or more post to this account within the first 90 days starting the first business day after account opening.
- 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 may be used.
- You must be 18 years or older. Offer is not available if any account owner is a current checking customer of Santander or had a Santander checking account in the last 12 months prior to account opening.
- Offer cannot be combined with any other bonus offer. Promotion Code must be entered at new account opening to be eligible for this offer, and cannot later be added to an account, or changed, unless it is presented and applied within 14 days of account opening.
- The account needs to be open for at least 90 days and remain open in an eligible account type until payment of bonus, which will occur within 30 days thereafter.
- In addition, the account must remain open and in good standing to be bonus eligible.
- Bonus is considered interest and will be reported to the IRS on Form 1099-INT.
- If multiple accounts are opened with the same signer, only one account will be eligible for the bonus.
- For new checking account customers only.
- Offer is only available to residents of NH, MA, RI, CT, DE, NY, NJ, or PA.
- Santander considers direct deposits to be automatic electronic deposits made through the ACH network to your account by someone else, such as an employer issuing payroll or a government or retirement plan paying benefits. It may not include deposits to your account that are made by an individual using online banking, an internet payment provider, or a merchant advancing payroll using a debit card.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
This account has a $25 monthly fee. Fee waived with $4,000 in direct deposits, or $25,000 in combined balances in deposits. This is waived for the first two months.
Early Account Termination Fee
$25 if closed within 90 days
We recently saw a $300 bonus, but that didn’t require a direct deposit and it was significantly easier to keep the account fee free. This deal might still be worth doing for those that can easily meet the direct deposit requirements for the bonus and keeping the account fee free. We will add this to our best bank bonuses.
Hat tip to Samosa
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