(Expired) $500 Santander Checking Account Bonus

Santander Bank

Santander Bank is offering up to $500 bonus for opening their checking account. The bonus amount depends on the size of direct deposit made in the first 90 days. You are eligible for the bonus of $500 if you made a direct deposit of $8,000 in the first 90 days. Else, you can get $400 with direct deposit of $6,000 and $300 with direct deposit of $4,000.

The offer is valid only for residents of New Hampshire, Massachusetts, Richmond, Connecticut, Delaware, New York, New Jersey, Pennsylvania and Florida. The offer is valid online or at Santander Bank branches, with the promo code sent to your email. The offer is valid for all available Santander Checking accounts.

Santander Basic Checking Overview

• No minimum balance requirement
• $3 monthly maintenance fees (cannot be avoided)

Santander Simply Right Checking Overview

• No minimum balance requirement
• $10 monthly maintenance fees (avoidable)

Santander Select Checking Overview

• No minimum balance requirement
• $25 monthly maintenance fees (avoidable)
• No fee to use your Santander Select® World Debit Mastercard® at more than 30,000 Santander ATMs globally
• Get up to $30 rebated per service fee period for ATM surcharge fees charged by other institutions at non-Santander ATMs
• No international transaction fee for debit card purchases and ATM withdrawals

Santander Checking Account Bonus Summary

Bonus – $300 or $400 or $500

Account – Basic Checking, Simple Right Checking or Select Checking

Direct Deposit – Required. Direct deposit of $4,000 for $300, $6,000 for $400 and $8,000 for $500 bonus

Availability – New Hampshire, Massachusetts, Richmond, Connecticut, Delaware, New York, New Jersey, Pennsylvania and Florida. Available online and at Santander Bank branches using the coupon code.

Offer Expiry – July 6, 2022.

Account Fees – $3 – $25, monthly (See below on how to avoid it)

Link for the Offer

Checking Account Bonus Requirements

1. Choose and open the checking account that best fits your needs by using the link or at the bank branch.
2. Fund the account with $25 (for account opening)
3. Make cumulative new money deposits of $4000 or $6000 or $8000 (for $300, $400 and $400 bonus respectively) within 90 days from account opening
4. Get the bonus within 30 days after the 90 day offer period.

BonusCoach’s List of Best Bank Account Bonus

Checking Account Fees | How to Avoid It?

1. Santander Basic Checking Account – $3 monthly.
   • Fees cannot be avoided. Not recommended.
2. Santander Simply Right Checking Account- $10 monthly. To avoid it:
   • Have one transaction – a deposit, withdrawal, transfer, or payment – posted during the calendar month.
3. Santander 25 Checking Account- $5 monthly. To avoid it:
   • Have a minimum combined balance of $25,000  

Early Account Termination Fees

There is no mention of early termination fees. The account has to be open for at least 90 days to be qualify for the bonus and till the bonus is paid out.

The Fine Print

1. Get your cash bonus when you open a new eligible checking account by 4/5/2022 and have direct deposits of $4,000 or more to receive a $300 bonus; $6,000 or more to receive a $400 bonus; $8,000 or more to receive a $500 bonus post to the new account within the first 90 days, starting the first Business Day after account opening.
2. Eligible accounts are Santander ® Private Client Checking, Santander Select® Checking, Simply Right® Checking, or Santander Basic Checking. All accounts require $25 minimum opening deposit.
3. Offer is transferable until redeemed by the addressee and we reserve the right, in our sole discretion, to limit the number of times this Promotion Code may be used.
4. 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.
5. 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.
6. The account needs to be open for at least 90 days and remain open in an eligible account type until payment of bonus, which will occur within 30 days thereafter. In addition, the account must remain open and in good standing to be bonus eligible.
7. If multiple accounts are opened with the same signer, only one account will be eligible for the bonus. For new checking account customers only.
8. Offer is only available to residents of NH, MA, RI, CT, DE, NY, NJ, PA, or FL (please see additional detail on offer eligibility in Florida below).
9. Florida Eligibility: This offer is only eligible online in ZIP codes within Miami-Dade, Monroe, and Broward counties, including ZIP code 34141. If your home address is outside of those counties or outside ZIP code 34141, the offer is not available for redemption online.

Final Thoughts

Although the checking account bonus offered by Santander is generous, we believe the requirement is too high, especially the $8,000 direct deposit requirement for $500 bonus. We hope they will lower the requirement in the future. However, we are glad that they offer incremental bonus and customer can aim for $300 or $400 bonus. We recommend Santander Simply Right Checking account as monthly fees can be avoided by simply making a transaction (no necessary a direct deposit).