[NH, MA, RI, CT, DE, NY, NJ, PA, or FL] Santander $500 Checking Bonus

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Offer at a glance

  • Maximum bonus amount: $500
  • Availability:NH, MA, RI, CT, DE, NY, NJ, PA, or FL
  • Direct deposit required: Yes, $8,000+ within 90 days of account opening
  • Additional requirements: None
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes
  • Credit card funding: Up to $500
  • Monthly fees: $3 – $10 avoidable
  • Early account termination fee: $25, 90 days
  • Household limit: None listed
  • Expiration date: 4/5/22

The Offer

Direct link to offer

  • Santander Bank is offering a checking bonus of up to $500, the bonus you receive depends on the total amount of direct deposits that post to the account within the first 90 days:
    • $300 bonus when you have direct deposits totaling at least $4,000
    • $400 bonus when you have direct deposits totaling at least $6,000
    • $500 bonus when you have direct deposits totaling at least $8,000

The Fine Print

  • Get your cash bonus when you open a new eligible checking account by 4/5/2022 and have direct deposits of $4,000 or more to receive a $300 bonus; $6,000 or more to receive a $400 bonus; $8,000 or more to receive a $500 bonus post to the new account within the first 90 days, starting the first Business Day after account opening.
  • Eligible accounts are Santander ® Private Client Checking, Santander Select® Checking, Simply Right® Checking, or Santander Basic Checking.
  • All accounts require $25 minimum opening deposit.
  • 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, PA, or FL (please see additional detail on offer eligibility in Florida below).
  • Offer expires 4/5/22. This offer 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

  • Basic checking has a $3 monthly fee that is not avoidable
  • Simply Right has a $10 monthly Fee, waived with one transaction* – a deposit, withdrawal, transfer, or payment – posted during the calendar month.

Early Account Termination Fee

$25 if closed within 90 days

Our Verdict

This is not as good as the $400 + $200 bonus that was available last time Santander offered a bonus. The upside to this bonus is that you can open an account that is much easier to keep fee free (previously it required $25,000+ in balances). Because of that this is worth doing for a lot of people and we will add this to our list of the best checking bonuses.

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