[Expired] [NH, FL, MA, RI, CT, DE, NY, NJ, or PA] Santander $550 Business Checking Bonus

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

Offer at a glance

  • Maximum bonus amount: $550
  • 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: 7/6/2022

The Offer

Direct link to offer

  • Santander Bank is offering a $550 bonus when you open a new business checking account. Bonus you receive depends on your average daily balance levels for the first 90 days.
    • $5,000+ and earn a $350 bonus
    • $10,000+ and earn a $450 bonus
    • $15,000+ and earn a $550 bonus

The Fine Print

  • To receive a 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 7/6/2022; and (ii) Maintain an average daily balance of a) $5,000 or more for the first 90 days to receive a $350 cash bonus, or b) $10,000 or more for the first 90 days to receive a $450 cash bonus, or c) $15,000 or more for the first 90 days to receive a $550 cash bonus.
  • The average daily balance calculation begins on the day of account opening, unless the account is opened on a weekend or holiday, in which case the calculation begins on 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 divided by 90.
  • The full amount 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, to be eligible for the $450 offer, if your balance was $5,000 for the first 10 days, you would need a $10,625 balance for the remaining 80 days.)
  • 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 a cash bonus at the time of bonus payment.
  • You will receive a 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 cash bonus to the IRS as interest income for the year in which it is received.
  • One cash bonus per business entity as identified by Taxpayer Identification Number (TIN).
  • Offer expires 7/6/2022.
  • 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

Previously there was a $450 bonus that required a $3,500 average balance and then that was increased to $10,000. The advantage to this bonus is the $550 tier, but that does require a much higher average balance. We will add this to our list of the best checking bonuses.

Hat tip to atojbk

Useful posts regarding bank bonuses:
    William Charles
  • On May 20, 2022, 12:00
Tags: credit card fundingct bank bonusesde bank bonusesdirect deposit not requiredfl bank bonusesma bank bonusesnh bank bonusesnj bank bonusesny bank bonusespa bank bonusesri bank bonusessoft pull

View Comments (49)

  • Any data points on success if your business is virtually nonexistent, and you apply as a sole proprietor?

    • From live experience, this really depends on the banker. I live in NJ with some rental properties (I file schedule B and E in tax return). I stopped by a branch and opened an account successfully 3 weeks ago as sole proprietorship. Last week p2 tried in two branches, both failed. The first branch insisted business certification from state. The second branch was the same branch I opened successfully but different banker. She provided a list of docs needed for sole proprietorship, business bill, schedule C, etc. None of them we have.

  • Please note somewhere in the article that this is in-branch only. Thanks as always for your amazing work, guys!

  • would anyone know if you open this account as a sole proprietor - what documents do you need to open it ? a social security card,, anything else ?

    • Called two branches, both insisted I need a business certificate. Don't have one, been in business 33 years.

        • In NJ, if you're an LLC, you have the original formation, plus the IRS CP-575, and you can add the annual report that a NJ-based LLC pays for. If you're a sole proprietor in NJ, you received a certificate years ago that Santander accepts. If your local branch wants a fictitious name registration, for a sole proprietor, that varies by county. At one point I had to pay $200 for one, but it looks like they reduced the fees to $50, woohoo. Lost the sole proprietor fictitious name registration certificate? That's basically the same fee as the initial registration. :(

  • A shame the only branch in Florida is in Miami, unless you leave near Miami :).

  • The advantage to this bonus isn’t the $550 tier; it is the $350 tier. You make 28% cagr on the first $5k and 8% on the next $10k. Sure, 8% is still good but you might be able to do something better with that $10k.

    • what would you do with 10k right now for guaranteed returns at 8% besides I-bonds? @guest_1383951

      • Other bank account bonuses, high interest stable coins on reliable wallets (I get 9% for USDC with voyager).

  • So many good business checking bonuses happening all at once. If only I had $75,000 in cash sitting around.

    • You can stagger some of them. I just had one pay out, halfway through one, so I'll start the next one that doesn't require the full balance until day 30.

    • @guest_1383799 which checking bonuses would you take advantage of right now with 70k?

    • $1,000 for the Mega Wells Fargo Business Checking offer for keeping 5k

      $750 for having 20k in Chase Checking Biz acc

      $450 for M&T for keeping 10k

      $550 for Santander Biz for 15k

      $500 for BOA Biz for 20k

      Indeed it's good to have 70k laying around. You woulda made a good amount of cash within a few months 👍

      • Have you really run the math on the M&T offer?
        On the surface, it looks good, but the ETF is a year, so for the rest of the year, you're committing to $2k/mo spend on a linked biz credit card (1.5% vs. 2% possible elsewhere), or committing to leaving $10k in the account for a full year to avoid the EFT.

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