Santander Bank New Checking Account $225 Bonus

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sant_logoSantander Bank has a new promotion offer a $225 cash bonus for new deposit customers that satisfy the following conditions:

  • Open an eligible new checking account by 3/31/17 with the promo code WINTER225. You must not have or have had a Santander deposit account in the last 12 months.
  • Have direct deposits totaling $500 or more within the first 90 days.
  • Keep your account open for at least 90 days.
  • After you meet these conditions, the $225 bonus will be paid within 30 days. (Your account must still be open with a positive balance at time of bonus payout, so that’s a total of 120 days.)

You should be able to get this offer by visiting and using promo code WINTER225. If you want to be extra-super-duper-sure, you can register your information here and request an “exclusive coupon” e-mail to be send to you.

There are three eligible checking types: Simply Right Checking, Basic Checking, Premier Plus Checking. Most people will probably choose the Simply Right Checking with $10 monthly fee that can be waived with at least one transaction every calendar month – a deposit, withdrawal, transfer, or payment. The Basic Checking has a fixed $3 monthly fee, but no minimum activity requirements. For both, minimum opening balance is $25 and paperless statements are free (mailed $3 each).

Note the following text regarding direct deposit. Hopefully you can split your paycheck direct deposits easily to multiple accounts.

**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. They do not include deposits to your account that are made by an individual using online banking or an Internet payment provider such as PayPal.

Here’s the rest of the Fine Print:

*Offer is not available if any account owner is a current deposit customer of Santander or had a Santander deposit account in the last 12 months prior to account opening. Cannot be combined with other offers. Eligible new account must be opened between 02/1/2017 – 03/31/2017. In order to receive the bonus, the account must remain open and in the eligible product type at the time of bonus payout. In addition, the account must have a positive balance at the time of bonus payment. 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.

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  1. I’m sorry, I had some server issues on Friday so all comments between roughly Thursday mid-morning were lost. If I recall, someone asked about the direct deposit not counting if it is a bank transfer. My answer is that Santander Bank is saying it won’t count. I don’t know if it actually will or won’t count, but I wouldn’t depend on it. If you get paid via direct deposit, it may be worth $225 to change it for a month or two. Many people can even split it into multiple direct deposits.

  2. Someone else shared this link, which is a $350 with much higher requirements. Worth a quick peek to see if you can qualify with $6,000 in monthly direct deposits or keeping $75,000 in the account to waive fees.

  3. (removed off-topic comment that didn’t actually discuss this Santander Bank offer)

  4. Stacy Smith says:

    wow an advertisement for transferwise hidden in the comments.

    Anyway, how difficult is it to close the account once done with everything? I know some banks make it very difficult like the need to go into a branch for closing out the account.

    • IME, it wasn’t that difficult. A few days after my bonus posted, I transferred the $100 sitting on my savings account to checking account. Then I used the full balance to pay a credit card to zero it out. When I saw my balance for both checking and savings were zero, I called Santander and told rep that I wanted to close my account. It was closed immediately and days later, I received snail mail that my account was closed.

  5. How “Difficult” is it to go into a bank branch for 2-3 minutes, to close an account, IF they require it?? Geesh, there’s Santander Branches ALL over, and some are open during non-business hours. Is it really SO hard???

    • I think the airfare or gas from Illinois would offset the $225 bonus however. πŸ˜‰

    • How “Difficult” is it to comprehend that the world doesn’t revolve around you, and not everyone lives on the Northeastern United States like you do? How “Difficult” is it not to act like a conceited arrogant jerk on the Internet to other people, when you’re *completely* misinformed as to their particular situation? WOW!!!!!!

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