Santander Bank, $150 Checking Bonus

Santander Bank has extended this $150 bonus for new customers, which expired at the end of last month. You can now apply until January 31, 2017.

To get the bonus you need to open an eligible checking account with a minimum deposit of $25 and have direct deposits totaling $500 within the first 90 days. You need to keep the account open for 90 days and the bonus will be deposited 30 days later.

Offer is not available to current or former Santander customers who had a Santander checking account between 10/01/2015 – 9/30/2016. Eligible new account must be opened between 10/01/16 – 12/31/16. In order to receive the bonus, the account must remain open and in the eligible product type at the time of bonus payout. Bonus is considered interest and will be reported to IRS on Form 1099-INT. If multiple accounts are opened with the same signer, only one account will be eligible for the bonus.

Eligible Checking Accounts

• Basic Checking:
  • $5 ($3 in NY/NJ) fixed Monthly Fee
  • No minimum balance requirements
  • Unlimited check writing
• Simply Right Checking:
  • $10 Monthly Fee is waived when you make any financial transaction that posts during the calendar month. Includes deposits, withdrawals, transfers or payments
  • Unlimited check writing
  • Free companion savings accounts
  • No-Fee Online Banking and Bill-Pay
• Premier Checking:
  • Exclusive rates on deposits, discounts on loans, priority customer service, and many no-fee features
  • $30 Monthly Fee waived with $20,000 or more in combined balances in checking, savings, money market savings, CDs, IRAs, investments and loans
  • Free Companion Money Market Savings
  • Santander Wallet Exclusive checks or Santander checks or $15 discount on alternate designs

Direct Deposits

Direct deposits include deposits made by your employer or a federal or state government agency or retirement benefits administrator and generally payments made by corporations or other organizations. It does not include deposits to your Account that are made by an individual using online banking or an Internet payment provider such as PayPal.

That’s the fine print in the offer, which is pretty specific compared to other banks. Best option is to direct deposit your paycheck if that’s possible, but ACHs should also work.

Offer Details

• Apply here
• Account Type: Simply Right Checking (best option)
• Availability: Nationwide
• Expiration Date: 01/31/2017
• Inquiry Type: Soft pull
• Credit Card Funding: Up to $500 (Online)
• Direct Deposit Requirement: Yes (total of $500 within 90 days)
• Other requirements: No
• Monthly Fee: 10 (waiveable with one monthly transaction)
• Closing Account Fee: Must be kept open for 90 days to receive bonus

The best option is the Simply Right Checking account, which has a higher fee than Basic checking, but it is waiveable. All you need to do is one transaction a month to keep it fee-free, such as bill pay. To get the bonus, just open the account with $500 credit card funding (set CA fees to $0) and then do a direct deposit of $500. I won’t apply for the bonus since I have a extra20 Checking account, but you should if you’re eligible. Alliant Bank ACHs have been working for me so far as direct deposit.

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