If you live in the mid-Atlantic or Northeast United States, you likely live in the geographic region of Santander Bank. Founded in Spain, Santander Bank (Banco Santander) has been in the United States since 2006.
They are FDIC insured (Certificate #29950) with 541 locations sprinkled throughout nine states. If you’re wondering how a bank that entered the US market in 2006 has a certificate that dates back to 1907, it’s because they acquired what was once Sovereign Bank, a savings and loan in Pennsylvania. Sovereign Bank was founded in 1902 and serviced, primarily, textile workers.
The history is a bit long but Banco Santander bought a 20% stake of Sovereign Bank in 2006. There were a few more acquisitions but eventually Banco Santander acquired the rest of the bank in 2009. In 2011, Sovereign Bank officially changed its name to Santander Bank.
This all to say that Santander Bank is a legitimate bank, FDIC insured, and a safe place to put your money.
If you have some direct deposits, you can get a nice juicy new account bonus now – here are the details.
Table of Contents
Santander Select Checking — $400
Open a Santander Select Checking account with the promotion code that is shown after you enter your email address (you have to enter your first and last name plus an email address, then it shows a unique code).
Then, just satisfy a few conditions to get $400 from Santander Bank.
The conditions are easy:
- receive direct deposits totaling $6,000 or more in your account within the first 90 days,
- keep the account open for at least 90 days,
- get paid!
You can’t be a current checking customer of Santander Bank or had a checking account in the last 12 months.
Available to residents of NH, MA, RI, CT, DE, NY, NJ, PA, or FL.
Learn more about this offer
(Offer expires 9/30/2021)
Santander Simply Right Checking — $400 [EXPIRED]
This offer has long expired but I wanted to keep the details in case they bring it back.
The terms are similar to the Select Checking account above but with different numbers. To get the $400 cash bonus, you need to open a Santander Simply Right Checking account using a promotion code they give you after you enter your name and email address. This code is unique so keep it in a safe place.
Then, receive direct deposits totaling $4,000 or more in your account within the first 90 days and keep that account open for at least 90 days. Then, they deposit the cash!
For a while, this offer had been available for several months and just keeps getting refreshed each month – so there’s a chance it’ll come back soon.
You can’t be a current checking customer of Santander or had a checking account in the last 12 months.
Available to residents of NH, MA, RI, CT, DE, NY, NJ, PA, or FL.
Learn more about this offer
(Offer expired 3/31/2021)
Santander Business Account — up to $320 [EXPIRED]
If you run a business, Santander had a promotion where you could get $200 for opening and using a new Santander Merchant Services account with your business account.
Then, you can also get $120 in waived monthly maintenance fees when you enroll in Santander Checking Deposit Link.
Finally, you could also get 2 months free of ADP’s payroll processing services.
This isn’t exactly “free” money like the checking bonus but it is a nice bonus if you were going to otherwise pay for Merchant Services, Check Deposit, etc.
(Offer expired 6/30/21)
How Does This Bonus Compare?
The current promotion has a relatively high direct deposit requirement but not something that’s unreasonable given that you have three months to accomplish it.
That said, here are how some of the other offers compare:
Citi Priority Account – $300, $700, or $1,500
Citi is offering $300, $700, or $1,500 bonus when you open an account by 10/4/2021. Then, within 20 days of opening your account, deposit at least $15,000 in New-to-Citi funds and keep it there for 60 days. The bonus amount is based on how much you can transfer but the lowest tier starts at $15,000.
Chase Total Checking® – $225
Chase Bank will give you $225 when you open a Total Checking account and set up and set up direct deposit within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!
Capital One 360 Checking – $150
Capital One 360 has a $150 cash bonus when you open a new account and then receive 2 direct deposits totaling $250 or more within 75 days of account opening. Valid for new 360 Checking account customers. If you had a 360 Checking account with Capital One on or after January 1, 2018, you are ineligible.
HSBC Premier Checking – $600
HSBC has an offer where you can get up to $600 with a 3% cash bonus checking offer on qualifying direct deposits each month for the first six months of opening. It’s one of the more interesting deposit bonuses as it doesn’t rely on your account balance being a certain size. Click here to learn more about this offer.
Bank of America – $100
Bank of America offers a $100 cash bonus if you open a new account and set up and receive at least 2 qualifying direct deposits of $250 or more into that account within the first 90 days of opening. It has a monthly fee that is easy to have waived, you can learn more about this offer here.
Source
$400 for New Checking Accounts is written by Jim Wang for wallethacks.com
