Update 9/1/24: Deal is back until 12/31/24.
Update 7/30/24: Deal is now good through 8/31/24. Promo code is BUS500Q124GEN
Offer at a glance
Maximum bonus amount: $500
Availability: NH, FL, MA, RI, CT, DE, NY, NJ, or PA, In Branch
Direct deposit required: No
Additional requirements: See below
Hard/soft pull: Soft pull
ChexSystems: Yes
Credit card funding: Up to $500 (not sure if possible in branch and if it is, likely to be a cash advance)
Monthly fees: $15, avoidable
Early account termination fee: $25, 90 days
Household limit: None
Expiration date: 7/30/24. 12/31/24
The Offer
Santander Bank is offering a bonus of $500 when you open a new checking account and complete the following requirements:
Use promo code BUS500Q324GEN
Maintain an average daily balance of $2,500
The Fine Print
All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Business checking has a $15 monthly fee.
Maintain $5,000 average daily balance in the checking account OR
Maintain $10,000 in combined business deposit account balances with same ownership5 OR
Have 3 or more purchases using a Santander® Business Debit Mastercard® post into your account OR
Receive one or more Santander Merchant Services payments in your account3 OR
Incur $50 or more in cash management service fees4.
Early Account Termination Fee
$25 if closed within 90 days
Our Verdict
Better than the previous $550 bonus as it’s easier to trigger the bonus. Downside to this is that it needs to be opened in branch. Still very much worth doing if you have a business and live in an eligible state so we will add this to our list of the best checking bonuses.
Useful posts regarding bank bonuses:
A Beginners Guide To Bank Account Bonuses
Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
PSA: Don’t Call The Bank
Introduction To ChexSystems
Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
What Banks & Credit Unions Do/Don’t Pull ChexSystems?
How To Use Our Direct Deposit Page For Bank Bonuses Page
Common Bank Bonus Misconceptions + Why You Should Give Them A Go
How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
Affiliate Links & Bank Bonuses – We Won’t Be Using Them
Complete List Of Ways To Close Bank Accounts At Each Bank
Banks That Allow/Don’t Allow Out Of State Checking Applications
Bank Bonus Posting Times