Santander Bank Offers Up To $600 In Checking Bonus
Now through January 28, 2022, Santander Bank, N.A. (Santander Bank) is offering a checking bonus up to $600 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 1/28/22 using the unique promotion code shown on this page after you provide your name and email address.
Get $400 by having direct deposits* totaling $6,000 or more post to the account within the first 90 days.
Get additional $200 by maintaining an average daily balance of $6,500 or more for 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 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.
Availability
Headquartered in Wilmington, Delaware, Santander Bank is offering the Select 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 Select 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 DepositAccounts.com, with a Texas Ratio of 4.16% (excellent) based on September 30, 2021 data. In the past year, Santander Bank has increased its non-brokered total deposits by $12.82 million, an excellent annual growth rate of 19.38%. 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 35th largest bank in the country, with assets in excess of $97 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 about 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 $600 in four months in a top-rate online savings account (currently earning 0.65% APY) would require a minimum balance of approximately $275k. Mathematically speaking, this bonus is a very good deal, but it’s not without effort: 1) $6k in direct deposit(s) in three months, 2) maintaining an average daily balance of $6.5k for three months, 3) a $25 monthly fee that could reduce the bonus by $100 if $25k isn’t on deposit with Santander, and 4) a potential $25 early closure fee.
If you don’t qualify for the Santander Select Checking bonus, check out our full list of the best savings and checking account bonus offers.
The above information and rates are accurate as of 1/5/2022.
