Santander Bank Extends $225 Checking Bonus

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UPDATE 4/2/207: Bonus extended through June 30, 2017.

Deal Summary: $225 checking bonus, available through March June 30, 2017.

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

Santander Bank, N.A. (Santander Bank) has extended its “Simply Right” $225 checking bonus, but the offer is now only available to residents of Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island.

Three different Santander Bank checking accounts (Simply Right Checking, Basic Checking, and Premier Plus Checking) qualify for the $225 bonus.

Bonus Qualifying Requirements

  • Open a new eligible checking account by March June 30, 2017.
  • If opening in-branch, use coupon when applying.
  • If opening online, use the promo code “SRING225.”
  • Have Direct Deposits* totaling at least $500 within 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 deposit Santander customers or those who “had a Santander deposit account in the last 12 months prior to account opening.”
  • Eligible new account must be opened between April 1, 2017 and June 30, 2017.
  • Account must have a positive balance at the time of a bonus payment.

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 through its online banking platform to all U.S. Citizens and Residents Aliens with a valid Social Security number and valid email address.

Applying for the $225 Checking Bonus can be done online or at any of 676 branches located in Connecticut (28), Delaware (1), Massachusetts (222), New Hampshire (18), New Jersey (138), New York (78), Pennsylvania (159), and Rhode Island (32).

If opening online, you must enter promo code “SPRING225”; 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 has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.41% (excellent) based on December 31, 2016 data. In the past year, Santander Bank has increased its non-brokered total deposits by $497.72 million, an above average annual growth rate of 0.9%. 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 30th largest bank in the country, with assets in excess of $83 billion.

How the $225 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 = $225 bonus
  • $525 for 120 days in a savings account earning 1% = $1.31 interest

The above rates are accurate as of 4/2/2017.

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
a nony mous
a nony mous   |     |   Comment #1
Local branches in my neighborhood and opened up the Simply Right Checking account this past week in person. There is also a money market/savings deal for 1.10% but not sure how long that rate will last.
gregk
gregk   |     |   Comment #2
Glad now I held off when the previous (lower) offer was still in effect.

BTW, what's the most anyone's made in a year (including immediate family) off these bonuses?
!!!
!!!   |     |   Comment #3
Before asking strangers personal financial questions like how much they made off these bonuses, why didn't you state how much you (including immediate family) made?

By the way, I made "0" money off these bonuses. I never chase after checking account bonuses.
gregk
gregk   |     |   Comment #4
Buddy, we're always asking one another "personal" financial questions here (or just sharing things without being asked) - it's part of how we gain insights on the site. In fact, we're all no more than "personas" here, and "personal" information functions as no more than "case study" material in regards to this or that issue or circumstance that arises. As to what I myself make from bonuses it's not much more than you, so I didn't feel the need to say so, - but it struck me others who might put there mind to it could collect a significant amount, and I wondered how much was possible to make from them in a year. Fair enough?
!!!
!!!   |     |   Comment #5
Well "buddy", only the most naïve person or a fool would post "personal" financial information on an internet blog site! With the right computer skills and a little digging we are not as anonymous on the internet as most people think.

Just recently there was a caution right here on this site AGAINST posting personal information.
gregk
gregk   |     |   Comment #6
You believe someone answering my highly "personal financial question" about how much in bank bonuses they might have collected in a given year could be compromising themselves?
Really?
Really?   |     |   Comment #10
Get a life. It's just a question. If you don't want to answer then don't answer. I see nothing wrong with asking this question and if you do then you have problems.
Really?
Really?   |     |   Comment #11
Unlike the paranoid crowd I'm happy to respond......Probably as much as $500 in a year.......But I'm also counting some of those nice promotions you can get just be making deposits to brokerage accounts. Some banks have really good ones......but sometimes you really need to follow up because occasionally they are not good about crediting your account. But I don't think I ever had a bank refuse one. Eventually they will almost always follow through.
Anon
Anon   |     |   Comment #7
This offer is no longer nationwide. Only available to residents of states with Santander Bank brick-n-mortar.
aglet
aglet   |     |   Comment #8
Be careful, this offer was changed mid-stream. No longer nationwide, now you only get the bonus in certain states. I found out the hard way.
Steve
Steve   |     |   Comment #9
Looks like some typos in the post. Says $525 a few spots, I think this is meant to be $225 throughout.
Ken Tumin
Ken Tumin   |     |   Comment #12
Thanks. The typos were corrected. The $525 is the correct figure in the bonus compare section for the amount required to be in the account to earn the $225 bonus.
Rye
Rye   |     |   Comment #13
In your bonus requirement section, you have typo: "If opening online, use the promo code “SRING225.”"
mattkraemer@comcast.net
mattkraemer@comcast.net   |     |   Comment #14
i opened my account over 125 days ago, no bonus yet, called and was told they will look into it. 90 days open account, 120th day get bonus, False advertisement.
showmethemoney
showmethemoney   |     |   Comment #15
i opened my account may 30th and still havent recieved my bonus. i do have a call into them with a reference number and i need to call them back tomorrow... we shall see
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  • Open a new eligible checking account by December 31, 2016 January 31, 2017.
  • If opening in-branch, use coupon when applying.
  • If opening online, the coupon is applied automatically.
  • Have direct deposits* totaling at least $500 with the first 90 days.
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