[Expired] [NH, FL, MA, RI, CT, DE, NY, NJ, or PA] Santander $450 Business Checking Bonus

Deal has ended, view more bank account bonuses by clicking here.

Update 12/2/21: Extended until 1/28/22

Update 10/8/21: Deal is back and valid until 12/31/21. Requires an average balance of $10,000+ now instead of $3,500.

Update 9/12/21: Confirmed not targeted. This is likely targeted it states ‘Offer is transferable until redeemed by the addressee and we reserve the right, in our sole discretion, to limit the number of times this Promotion Code provided may be used’.

Offer at a glance

• Maximum bonus amount: $450
• Availability: NH, FL, MA, RI, CT, DE, NY, NJ, or PA
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: Up to $500
• Monthly fees: $15, avoidable
• Early account termination fee: $25, 90 days
• Household limit: None
• Expiration date: September 30, 2021

The Offer

Direct link to offer

• Santander is offering $450 when you open a new small business banking account in branch. You must maintain an average balance of $10,000 for 90 days.

The Fine Print

• To receive a $450 cash bonus, your business must not currently have, nor have had, any business checking account with Santander Bank, N.A. (“Santander”) in the last 12 months, and your business must do all of the following:
  • (i) Open a new Santander Business Checking or new Santander Business Checking Plus account by 9/30/2021 and keep it open for 90 days; and
  • (ii) Maintain an average daily balance of $3,500 or more for the first 90 days, starting the first business day after account opening.
• The average daily balance is the sum of the Current Balance at the end of each day for 90 days, from the first business day the account is opened, divided by 90.
• The full $3,500 does not need to be deposited on day one of account opening in order to be eligible for the cash offer; however, the more days that pass, higher subsequent deposits are needed to meet the average daily balance requirement.
• (For example, if your balance was $500 for the first 10 days, you would need a $3,875 balance for the remaining 80 days to be eligible for bonus.)
• Your Promotion Code must be entered at new account opening to be eligible for this offer.
• Offer is transferable until redeemed by the addressee and we reserve the right, in our sole discretion, to limit the number of times this Promotion Code provided may be used. The Santander business checking account must be open and in good standing to receive the $450 cash bonus at the time of bonus payment. You will receive a $450 cash bonus in your new Santander business checking account within 30 days of meeting all offer requirements. We reserve the right to decline to open an account in our sole and absolute discretion. We will report the $450 bonus to the IRS as interest for the year in which it is received. One $450 cash bonus per business entity as identified by Taxpayer Identification Number (TIN). Offer is subject to change at any time. Offer is only valid with use of a promotion code. Promotion of this offer may end at any time.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

Business checking has a $15 monthly fee.

• Maintain $5,000 average daily balance in the checking account OR
• Maintain $10,000 in combined business deposit account balances with same ownership⁵ OR
• Have 3 or more purchases using a Santander^® Business Debit Mastercard^® post into your account OR
• Receive one or more Santander Merchant Services payments in your account³ OR
• Incur $50 or more in cash management service fees⁴.

Early Account Termination Fee

$25 if closed within 90 days

Our Verdict

Interesting offer, shame about the targeted language. As this needs to be opened in branch you should be able to confirm eligibility before signing up. If it does turn out to be publicly available we will add it to the best bank account bonuses.

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times