Santander Bank Offers $400 Checking Account Bonus


Deal Summary: $400 checking bonus, available through September 30, 2021.

Availability: Residents of CT, DE, MA, NH, NJ, NY, PA, RI, and portions of FL.

Now through September 30, 2021, Santander Bank, N.A. (Santander Bank) is offering a $400 checking bonus when opening a new Santander Select Checking account with a minimum $25 opening deposit.

As stated on the promotion page, the bonus is explained as follows:

Open a new Santander Select® Checking account by 9/30/21 using the unique promotion code shown on this page after you provide your name and email address.

Have direct deposits* totaling $6,000 post to the account within the first 90 days.

Keep your account open for at least 90 days and open at the time of payment.

Get paid! Once you have met these conditions and your account has been open for 90 days, your $400 bonus will be paid within 30 days.

*According to the fine print on the promotion page,

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.

Bonus Limitations

  • 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 must remain open and in good standing to be bonus eligible.
  • If multiple accounts are opened with the same signer, only one account will be eligible for the bonus.

Santander Select Checking

A Santander Select Checking account can be opened with a minimum $25 deposit, with credit card funding limited to $500. There is no minimum balance requirement and the account currently earns 0.01% APY on all balances. The $25 monthly service fee will be waived with combined balances of $25k in deposit accounts (Savings, Money Market Savings, CDs) and/or eligible investments held by Santander Investment Savings. If the account is closed within 90 days of opening, there is a $25 early closure fee. There is no fee for either paper statements or paperless statements. Unlimited non-Santander ATM fees will be reimbursed up to $30 per month and there is no international transaction fee for debit card purchases and ATM withdrawals.


Headquartered in Wilmington, Delaware, Santander Bank is offering the $400 Checking Bonus to residents (18 years or older) of Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and portions of Florida, who have a valid Social Security number and valid email address. As stated in the fine print of the bonus promotion page, those who live in “zip codes within Miami Dade, Monroe and Broward counties, including zip code 34141” are eligible to apply.

Applying for the $400 Checking Bonus can be done online using the promotion code that will be provided after you enter your name and email address on the promotion page.

Thank you for requesting a promotion code.

Please enter the code below in the promo code field in the application to qualify for this offer.

Bank Overview

Santander Bank has an overall health grade of "A+" at, with a Texas Ratio of 4.40% (excellent) based on June 30, 2021 data. In the past year, Santander Bank has increased its non-brokered total deposits by $10.41 billion, an excellent annual growth rate of 15.99%. Please refer to our financial overview of Santander Bank (FDIC Certificate # 29950) 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 40 years of acquisitions, the Bank has rebranded three times, with the very familiar Sovereign Bank name lasting more than 20 years. The third rebrand occurred in 2013, with Santander replacing Sovereign. Santander Bank is currently the 36th largest bank in the country, with assets in excess of $95 billion.

A Little History and the Bottom Line

I’ve been writing about checking and savings account bonuses offered by Santander (and Sovereign Bank) for almost 15 years. Unlike some banks that keep recycling the same bonus, Santander has presented a variety of bonuses with different requirements on one or more checking accounts. For example, Santander offered a $300 bonus in 2020 that didn’t require a direct deposit and four different checking accounts were eligible. The $225 “Simply Right” bonus, which required a direct deposit, was available for a couple of years.

To earn $400 in four months in a top-rate online savings account (currently earning 0.60% APY) would require a minimum balance of approximately $200k. From a strictly mathematical standpoint, this bonus is a very good deal, but it’s not effortless: 1) $6k in direct deposit(s) in three months, 2) a $25 monthly fee that could reduce the bonus by $100 if $25k isn’t on deposit with Santander, and 3) a potential $25 early closure fee.

If you don’t qualify for the Santander $400 bonus, check out our full list of the best savings and checking account bonus offers.

The above information and rates are accurate as of 9/11/2021.

Related Pages: bank bonuses

  |     |   Comment #1
Direct deposit requirement for me is no starter. Just got a Wells Fargo checking account with a $700 deposit with no direct deposit but was by invitation only.
  |     |   Comment #2
Over this last year I have been doing all the bonus deals I could find that did not require a DD. As you can see from the "fine print" on this one, the FIs are pretty much onto the spoofed DD trick and so you do them at your own risk. I don't really have any interest in spoofing them so the only bonus deals that interest me are the rare ones that don't require DD (or significant multiple debit transactions). I think I've pretty much burned through most of those this year so I am mostly out of the game for whatever the exclusion periods are on them. I have a couple of the small long term ones still running for a few more months. But those bonuses are so small that I would not have done them if they couldn't be automated. Other than that I am about to close out the last of the batch within the next few weeks.

Something to keep in mind is that account inquiries (and not necessarily even hard ones) often do lower your Chex score or other similar scores even if they have no effect on your credit score. I suspect it would take a lot of inquiries to lower it to the point you might be declined for an account, but it is worth mentioning since I have never seen this mentioned here before. If your Chex score gets low enough, you might have a problem opening new accounts or doing other kinds of financial activities at banks or credit unions. It's something to keep in mind if you open lots of accounts. Also note that there are other agencies similar to Chex that also might be monitoring and scoring your inquiries.
  |     |   Comment #3
I had a problem opening a Keybank checking account. I called Chex and to make a long story short was able to open the account. They sent me a copy of my Chex report had more than just a scores and even verbal ratings. They stated that I was financially well off in the report and an excellent credit risk. They did list multiple accounts that I had opened. The bank rep told me because of the multiple accounts I had with banks and CUs that most I had only CDs or savings accounts that the bank would classify me as a "rate chaser". Keybank still opened my account but she said other banks may deny me accounts because of this classification.

I only do non direct deposit offers. With just got one from Bank of America for a $400 targeted checking account bonus but required a DD.
  |     |   Comment #5
Good report but, did you pursue a remedy with Chex? And how many new accounts does one need for that so-called classification and resultant impact? And Keybank do they get a pass, too? Or is this acquiescence time?
  |     |   Comment #9
The problem was resolved and I got my $400 bonus on a $500 deposit in 90 days. If I closed the account before 6 months there was a $25 penalty. The account is closed. NoDD

I've had 1 bank refuse to open an account for me and the was US Bank. They were suppose to send a letter with a reason but I never got it. I didn't want to spend the time dealing with this.

I had many pages on Chex with banks and CUs that I had accounts with. I guess it's up to the individual institution if they want to deny you an account.
  |     |   Comment #10
Choice (comment #5), could you please tell us which government bank regulator (either Federal or state), has established a regulation that mandates banks to approve all applicants who have less than a specified number of account openings, as listed on Chex reports? Or if it's a Federal or state law or laws as opposed to a regulation, could you list the relevant Federal or state statute(s)? Thanks in advance.

My point? Government regulators regulate banks on many issues but not all. On aspects of their business that regulators do not regulate, banks often can use their own discretion. I've never in my life heard that any bank was mandated by any regulatory agency to approve applicants with less than a certain number of Chex inquiries. And I've never heard that if a bank or CU used such a “hard limit” number, laws or regulations mandated them to disclose it.

Now, if a consumer views their Chex transcript and finds listing for banks they never applied to - that's a very different matter. In those cases Chex must be made to correct the error, and if I recall they have a procedure for that.

I last viewed my Chex report about 2 years ago. It was surprising in some ways - some banks where I'd applied for 2-3 accounts showed no inquiries. Other banks and CUs showed an inquiry for opening the initial account, AND additional inquiries for opening subsequent accounts, even if done only a few weeks later.

BTW, this website ( does a decent job of showing which banks and CUs are most Chex-sensitive, based on its users' responses.
  |     |   Comment #12
111, thanks for invite…I’ll pass for now. A former banker would have had access to many sources of info including previously mentioned litigation logs.  And, you do remind me…has anyone ever seen where/how hard/soft credit report pulls are determined and Chex is just another form/level of credit reporting agency.
  |     |   Comment #13
Choice (comment # 12) - Please cite where in my last post (or any post I ever made) I said I was a “former banker”. Instead, I've tried to make myself an educated consumer of banking services, for obvious reasons. BTW, I've found that to be more rewarding (in both a monetary and an intellectual sense) than being a hair-trigger activist.
  |     |   Comment #15
"I last viewed my Chex report about 2 years ago. It was surprising in some ways - some banks where I'd applied for 2-3 accounts showed no inquiries. Other banks and CUs showed an inquiry for opening the initial account, AND additional inquiries for opening subsequent accounts, even if done only a few weeks later."

The reason some FIs may not have shown inquiries on your Chex report is that not all FIs use Chex. Some may use other similar agencies. Just like there are several credit agencies there are other agencies that provide the same services as Chex.

Also, some FIs perform regular inquiries even if you don't attempt to open an account.... typically on a periodic basis. It's just another practice that I consider unethical like pulling a hard credit report on their customers for opening a deposit account. There is no reason for them to be doing inquiries about your credit worthiness after you have funds on deposit with them and no other business. An initial soft inquiry is reasonable. But nothing more than that. They have YOUR money, you are not asking for theirs.
  |     |   Comment #16
Previously mentioned…I opened a new member/CD a couple years ago at a Cu and it tried to pull cr and was denied access b/c my freeze…They pushed me and I pushed back and I pointed to the Chex placard on their desk and said get whatever you want from Chex. They also funded my min share membership.
  |     |   Comment #17
Sometimes it's not worth the bother if a bank or CU refuses to open an account. I'd rather not do business with a company that is difficult to deal with. Depends on how good the offer or a bonus is.
  |     |   Comment #18
Agreed, Rickny. A contentious account opening can be a harbinger of a bad relationship, and bad or annoying things to come from that FI.

Besides, I can't remember the last time I actually opened a CD account in person, as commenter #16 apparently did (I say this due to the statement “the Chex placard on their desk”). In my locale at least, the local FI rates are far too low to be of interest. I much prefer to either fill out my remaining 3% add-on CD slots, or if opening up new ones, to do so with the market-leading rates I find on Very seldom do I find such rates at my local FIs, sadly.
  |     |   Comment #19
I do most of my banking online or at the ATM. Checks under $7500 I can deposit using the Chase App. Over that I do at the ATM

I can't remember the last time I opened a CD at a branch.. Many years ago I opened CDs through the mail from rates I saw in money magazine. Advata was one of the banks I opened CDs via the mail but is now defunct. I did have to open Checking accounts at Keybank and Wells Fargo to get bonuses.
  |     |   Comment #4
These are nice for those of us that might have a qualifying direct deposit of at least $2K every month. It seems like the amount to qualify for these types of accounts is getting higher and higher of late and I for one come up on the short end of that stick.
  |     |   Comment #6
Mystifying Ken hasn't written up the best bank bonus deal out there right now, which is from Citibank. With only a 60 day deposit of funds one can gain 300$ for a 15 to 50K commitment, $700 for 50K to 200K,, and $1500 for 200K or more. No DD or transaction requirements. Four accounts established by myself, my wife, and each of 2 daughters at 50K per for 60 days netted us $2800, - the bonuses paid out around 45 days after requirements were met. Good until 9/4.
  |     |   Comment #7
Good until 10/04 I should say.
  |     |   Comment #8
I had to call Citi to get my bonus which they did not credit when promised. Took a week to get credited after calling customer service.
  |     |   Comment #11
The only problem I've had with a CitiBank offer is that once I chose to add the online access for the new account, to my existing Citi online access (which was for credit cards). It made things difficult later. It's better to create a separate online access for the new account.
  |     |   Comment #14
I had no problems with my account logon with Citi. Displayed my checking, savings and charge card when I opened the accounts for my bonus. The only problem was getting credited with the bonus in the time frame promised. The customer rep had to file a report and I was told to wait 5 business days for a response. Waited the timeframe no response. Called and got no help from a rep. Had to speak to a supervisor who told me the bonus would be credited in 2 days which it was.

I did have a problem with my Wells Fargo checking account I opened for a $700 bonus which did not display when I logged on. Called Wells Fargo customer service who quickly corrected the problem. My CC, mortgage and checking account display on my logon account.
  |     |   Comment #20
In January - March was about the same offer. Have direct deposits* totaling $4,000 post to the account within the first 90 days.
I and friends of mine made $4k total direct deposits, but didn't keep them on account. Santander didn't get bonus.
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More Past Offers

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