Santander Bank (formerly Sovereign Bank) has a new banking package called the extra20 checking and savings account that pays you up to $20 each month:
- You must open both an extra20 checking and extra20 savings account.
- Get a $10 bonus each month that you have direct deposits totaling $1,500.
- If you qualify for the first $10, get another $10 bonus each month that you pay two bills from your extra20 checking account through Online BillPay.
$20 a month = $240 a year. If you choose to simply use this account to pay your bills, it shouldn’t be hard to keep a $1,500 average balance. Earning $240 on a $1,500 balance works out to a 16% APY. If you aggressively emptied your account after each direct deposit, you could increase this effective APY even more.