[NH, FL, MA, RI, CT, DE, NY, NJ, or PA, In Branch] Santander $500 Business Checking Bonus

Update 9/1/24: Deal is back until 12/31/24.

Update 7/30/24: Deal is now good through 8/31/24. Promo code is BUS500Q124GEN

Offer at a glance

• Maximum bonus amount: $500
• Availability: NH, FL, MA, RI, CT, DE, NY, NJ, or PA, In Branch
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: Up to $500 (not sure if possible in branch and if it is, likely to be a cash advance)
• Monthly fees: $15, avoidable
• Early account termination fee: $25, 90 days
• Household limit: None
• Expiration date: 7/30/24. 12/31/24

The Offer

Direct link to offer

• Santander Bank is offering a bonus of $500 when you open a new checking account and complete the following requirements:
  • Use promo code BUS500Q324GEN
  • Maintain an average daily balance of $5,000

The Fine Print

• 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

Better than the previous $550 bonus as it’s easier to trigger the bonus. Downside to this is that it needs to be opened in branch. Still very much worth doing if you have a business and live in an eligible state so we will add this to our list of the best checking 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