[NH, MA, RI, CT, DE, NY, NJ, PA, or FL] Santander $400 Checking Bonus

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Offer at a glance

  • Maximum bonus amount: $400
  • Availability: NH, MA, RI, CT, DE, NY, NJ, PA, or FL.
  • Direct deposit required: Yes, $4,000+ within 90 days of account opening
  • Additional requirements: Use promo code
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes
  • Credit card funding: Up to $500
  • Monthly fees: $10, avoidable
  • Early account termination fee: $25, 90 days
  • Household limit: None
  • Expiration date: March 31, 2021

The Offer

Direct link to offer

  • Santander is offering a bonus of $400 when you open an eligible checking account and complete the following requirements:
    • Have direct deposits totaling $4,000 within 90 days of account opening

The Fine Print

  • 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, PA, or FL.
  • Eligible accounts include the following with these minimum opening deposit requirements: Simply Right® Checking ($25), Santander® Basic Check Checking ($25), Santander® Premier Plus Checking ($50), and Santander Select® Checking ($150).  Offer expires 3/31/2021.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Basic checking has a $3 monthly fee, but that cannot be waived. Simply Right has a $10 monthly fee that is waived with any transaction to the account (deposit, withdrawal, transfer, or payment).

Early Account Termination Fee

$25 if closed within 90 days

Our Verdict

Santander has offered this $400 bonus in the past. Last time it required opening a Premier Plus checking account and this account is much more difficult to keep fee free. Because of that this bonus is significantly better (either eat the $3 fee or just do one transaction a month to keep Simply Right fee free). We have seen a $300 bonus that didn’t require a direct deposit, but there are a lot of datapoints for workarounds for the direct deposit requirement so most people should prefer this newer bonus. Because of that we will be adding this to our list of the best bank account bonuses.

Hat tip to reader Peek

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