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.
💰 BMO Bank – $600
BMO Bank has a generous and easy offer – get up to $600 when you open a new checking account and set up direct deposits that meet their requirements.
The size of your direct deposit determines your bonus – it’s a limited time offer so don’t delay!
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 but you have to do this offer in-branch:
- get $400 by having direct deposits totaling $5,000 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.
The account has a $25 monthly fee that is waived when you have a combined balance of $25,000 in bank deposits and/or eligible investments held with Santander Investment Services.
Learn more about this offer
(Offer expires 12/28/2023)
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.
Santander Business Account — up to $550 [EXPIRED]
If you run a business, Santander had a promotion where you could get $550 for opening a new business checking account and maintaining an average daily balance of $5,000 or more in the first 90 days.
The bonus schedule is based on the average daily balance in the first 90 days:
- $5,000 or more for a $350 bonus
- $10,000 or more for a $450 bonus
- $15,000 or more for a $550 bonus
That’s all that’s required for this promotion, which uses the promotion code BUS550Q222. You can open this online or by going into a branch.
(Offer expired 7/6/2022)
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:
⭐ BMO Smart Advantage Checking – $400
BMO Bank is offering a $400 bonus* when you open a BMO Smart Advantage Checking and when you have a total of $4,000 or more in qualifying direct deposits within the first 120 days. It is a very straightforward offer that is available nationwide.
*Conditions apply
⭐Citi Priority Account – up to $2000
Citi Priority is offering up to $2000 bonus when you open an account by 1/9/2024. Then, within 20 days of opening your account, deposit at least $10,000 in New-to-Citi® funds and keep it there for 60 days after the 21st day. The bonus amount is based on how much you can transfer but the lowest tier starts at $10,000.
Discover Online Savings Account – $150 or $200
Discover Bank is offering a $150 or $200 bonus when you open your first Discover Online Savings Account with the promotion code WH923 and deposit at least $15,000 into the account within 30 days. You get $150 if you deposit $15,000 or more and $200 if you deposit $25,000.
Bank of America – $200 Bonus Offer
Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.
Chase Total Checking® – $200
Chase Bank will give you $200 when you open a Total Checking account and set up and receive a 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!
Requan says
Worth mentioning that the Santander Select Checking $400 bonus offer has a $25 monthly maintenance fee, which is waived ONLY if you hold a hefty $25k with them. Still, $300 (net of 4 months of fees) is still worth it on $6k DD.
Excellent point, I’ve updated the post to include this, thanks Requan!