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.
💵 U.S. Bank – up to $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through 9/8/2026. Member FDIC.
Get started with an initial deposit of $25 within 60 days. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
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 12/31/2025)
Santander Business Account — up to $500 [EXPIRED]
If you run a business, Santander had a promotion where you could get $500 for opening a new business checking account and maintaining an average daily balance of $2,500 or more in the first 90 days.
Previously, this offer had tiers but it appears those tiers have all gone away.
All that’s required for this promotion, which uses the promotion code BUS500Q324GEN, is to maintain a modest balance. You can open this online or by going into a branch.
(Offer expires 12/31/2024)
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:
SoFi Money – $50 or $400
SoFi Money will give you $50 or $400 if you open an account and make direct deposits of at least $1,000. The bonus will be based on the total amount of those direct deposits in a 30-day evaluation period.
U.S. Bank – up to $450
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through 9/8/2026. Member FDIC.
Get started with an initial deposit of $25 within 60 days. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
BMO Checking – $400 cash bonus
BMO is offering a $400 cash bonus bonus* when you open a BMO Checking account and have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. It is a very straightforward offer that is available nationwide.
*Conditions apply
Capital One 360 Checking – $250
Capital One 360 has a $250 cash bonus when you open a new account and then receive two direct deposits each of $500 or more within 75 days of account opening. Valid for new 360 Checking account customers. If you had a If you had a 360 Checking, Simply Checking, or Total Control Checking account with Capital One on or after January 1, 2022, you are ineligible.
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!