Santander Bank Extends $150 Checking Account Bonus

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UPDATE 8/15/2016: Extended through September 30, 2016.

Availability: Nationwide

The Santander Bank, N.A. (Santander Bank) "Simply Right Checking" $150 promotion been extended through September 30, 2016. 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 September 30, 2016.
  • If opening in-branch, 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.
  • The Simply Right Checking and Basic Checking accounts require a $25 minimum opening deposit, while the Premier Plus Check account requires a $50 minimum opening deposit.

*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.

Bonus Limitations

  • Not available to current or former Santander customers who have or had a Santander checking account between July 1, 2015 and June 30, 2016.
  • Eligible new account must be opened between July 1, 2016 and September 30, 2016.

Monthly Fees

  • Simply Right Checking - $10, which can be waived by making one transaction (deposit, withdrawal, transfer, or payment) posted during the calendar month.
  • Basic Checking - $3, cannot be waived.
  • Premier Plus Checking - $35, which can be waived through $75k in combined account balances, or $6k+ in total direct deposits during the service fee period.

Availability

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 675 branches located in Connecticut (28), Delaware (1), Massachusetts (223), New Hampshire (18), New Jersey (138), New York (76), Pennsylvania (159), and Rhode Island (32).

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.

Bank Overview

Santander Bank (FDIC Certificate # 29950) has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 5.28% (excellent) based on March 31, 2016 data. In the past year, Santander Bank has increased its total deposits by $5.6 billion, an excellent annual growth rate of 9.91%. 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 $92 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 8/16/2016.

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.

Comments
jep1960
jep1960   |     |   Comment #1
Too Bad! Not eligible because I have the Extra20 account, but I highly recommend Santander Bank, only problem with them is their banking hours are too short.
Anonymous
Anonymous   |     |   Comment #2
With ATMs that you can deposit and withdrawal funds, ACH who needs to enter a bank Branch. I have been in a bank Branch 6 times in 10 years for signature guarantees or cashier's check. You can even deposit checks with a smartphone. Branch hours are no longer relevant.
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