Three different Santander Bank checking accounts (Simply Right Checking, Basic Checking, and Premier Plus Checking) are eligible to earn the $150 bonus.
Bonus Qualifying Requirements
- Open a new eligible checking account by June 30, 2016.
- Use coupon when applying.
- Have direct deposits* totaling at least $500 with the first 90 days.
- Keep the account open for at least 90 days.
- Bonus will be paid within 30 days, following the completion of the above requirements.
*According to the fine print on the promotion page,
Direct deposits include deposits made by your employer or a federal or state government agency or retirement benefits administrator and generally payments made by corporations or other organizations. It does not include deposits to your Account that are made by an individual using online banking or an Internet payment provider such as PayPal.
- Not available to current or former Santander customers who have or had a Santander checking account between April 1, 2015 and March 31, 2016.
- Eligible new account must be opened between April 1, 2016 and June 30, 2016.
- Simply Right Checking - $10, which can be waived by making one transaction (deposit, withdrawal, transfer, or payment) posted during the calendar month.
- Basic Checking - $5 ($3 in New Jersey and New York) that cannot be waived.
- Premier Plus Checking - $30, which can be waived through $20k combined account balances.
Headquartered in Wilmington, Delaware, Santander Bank offers its services and product line nationally.
Applying for the $150 Checking Bonus can be done online or at any of 672 branches located in Connecticut (30), Delaware (1), Massachusetts (221), New Hampshire (19), New Jersey (137), New York (75), Pennsylvania (156), and Rhode Island (33).
If opening online, the coupon will automatically be applied; if opening in-branch, your application must be accompanied by a printout of the coupon, which can be obtained through email.
Santander Bank (FDIC Certificate # 29950) has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.96% (excellent) based on December 31, 2015 data. In the past year, Santander Bank has increased its total deposits by $4.68 Billion, an excellent annual growth rate of 8.57%. Please refer to our financial overview of Santander Bank for more details.
Founded in 1907 as the New Home Federal Savings and Loan Association, today’s Santander Bank is the result of 27 acquisitions of financial institutions based in Pennsylvania, Massachusetts, New Jersey, and New York, which began in 1976. In nearly 40 years of acquisitions, the Bank has rebranded three times, with the very familiar Sovereign Bank brand lasting more than 20 years. The Santander Bank rebrand occurred in 2013 and is the 28th largest bank in the country, with assets in excess of $90 Billion.
How the $150 Bonus Compares
Assuming a Simply Right Checking account is opened with the required minimum $25 deposit, minimum of $500 in direct deposit, and the $10 monthly fee is waived:
- $525 for 120 days in a Simply Right Checking account = $150 bonus
- $525 for 120 days in a savings account earning 1% = $1.31
The above rates are accurate as of 4/5/2016.
Other Bank Promotions and Bonuses
Not eligible for Santander Bank’s Simply Right Checking bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.