UPDATE 1/21/2017: Extended through January 31, 2017.
The Santander Bank, N.A. (Santander Bank) "Simply Right Checking" $150 promotion been extended through
December 31, 2016 January 31, 2017. 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
December 31, 2016January 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.
- 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.
- Not available to current or former Santander customers who opened a Santander checking account between January 1, 2016 and December 31, 2016.
- Eligible new account must be opened between January 1, 2017 and January 31, 2017.
- Account must have a positive balance at the time of a bonus payment.
- 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.
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 (222), New Hampshire (18), New Jersey (138), New York (77), 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.
Santander Bank (FDIC Certificate # 29950) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.55% (excellent) based on September 30, 2016 data. In the past year, Santander Bank has increased its non-brokered total deposits by $1.37 billion, an above average annual growth rate of 2.32%. 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 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 $85 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 interest
The above rates are accurate as of 1/21/2017.
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.