Santander Bank Bonus Promotions: $500 for New Checking Accounts

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.

Discover Bank Logo

💰 Discover Online Savings Account – $150 or $200

Discover Bank is offering a $150 or $200 bonus to open your first Online Savings Account. Just open it with the code WH323 by 3/15/2023 and then deposit at least $15,000 to get the lowest bonus amount. Deposit $25,000 to get the higher amount.

Learn more about this offer

Table of Contents
  1. Santander Select Checking — up to $500 [EXPIRED]
  2. Santander Simply Right Checking — $400 [EXPIRED]
  3. Santander Business Account — up to $550
  4. How Does This Bonus Compare?

Santander Select Checking — up to $500 [EXPIRED]

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 up to $500 from Santander Bank.

The conditions are easy:

  • get $300 by having direct deposits totaling $4,000 or more in your account within the first 90 days; get $400 if the total is $6,000 or more; get $500 if the total is at least $8,000 or more;,
  • 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 7/6/2022)

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 $550

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.

Learn more

(Offer expires 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:

⭐Citi Priority Account – up to $2000

Citi Priority is offering up to $2000 bonus when you open an account by 4/4/2023. 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.

👉 Click here to learn more

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 WH323 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.

👉 Click here to learn more

Bank of America – $100 Bonus Offer

Bank of America offers a $100 Bonus Offer cash bonus if you open a new account and set up and receive qualifying direct deposits totaling $1,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.

👉 Click here to learn more

Chase Total Checking® – $200

Chase Bank will give you $200 when you open a Total Checking account 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!

👉 Click here to learn more

Albert – $150

Albert will give you $150 when you open an account and receive a qualifying direct deposit of at least $500 within 45 days and spend at least $200 on goods and services every 30 days for 90 consecutive days with your Albert debit card.

Click here to learn more

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About Jim Wang

Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

>> Read more articles by Jim

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  1. 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.

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