[Targeted] Santander $500 Business Checking Bonus

Update: As multiple people pointed out in the comments, looks like this might be a targeted offer due to the phrase ‘One $500 cash bonus per business entity as identified by Taxpayer Identification Number (TIN) and invitation code displayed on the corresponding letter‘.

Offer at a glance

  • Maximum bonus amount: $500
  • Availability: Nationwide
  • Direct deposit required: $2,000 in deposits (any deposit will count)
  • Additional requirements: 9 or more qualified transactions
  • Hard/soft pull: Soft
  • Credit card funding: Unknown for business, $500 for personal
  • Monthly fees: Unknown
  • Early account termination fee: Unknown
  • Expiration date: April 30th, 2016 December 31st, 2016

The Offer

Direct link to offer

  • Receive a sign up bonus of $500 when you open a Business Checking or Business Checking Plus account with Santander and complete the following requirements:
    • Make cumulative deposits of $2,000 or more within the first 90 days of account opening
    • Complete 9 or more qualified transactions within the first 90 days after account opening. Qualified transactions include all posted transactions and their total except all fees, returned items, and any Santander Bank initiated refund/reversal

The Fine Print

  • You must be a business with revenues up to but not exceeding $3,000,000, your business must not currently have nor have had any business checking account with Santander Bank, N.A. (“Santander Bank”) in the last 12 months
  • The Santander business checking account must be open and not have a negative balance to receive the $500 cash bonus
  • You will receive a $500 cash bonus in your new Santander checking account within 30 days of meeting all offer requirements
  • One $500 cash bonus per business entity as identified by Taxpayer Identification Number (TIN) and invitation code displayed on the corresponding letter
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Business Checking $15 Monthly Fee

  • $5,000 average daily checking account balance, or
  • $10,000 combined business deposit balances, or
  • Make three debit card purchases with your Santander Business Debit MasterCard, or
  • Receive one or more Santander Merchant Services payments deposited into the account, or
  • Receive $50 or more in Account Analysis service fees

Our Verdict

Santander has offered a $500 bonus on their Business checking accounts before, but it required merchant services and a business checking plus account. This offer is much better and I think I’ll pull the trigger on this one. We’ve added this to our list of the best business checking bonuses.

Hat tip to @RobertDwyer

 
    William Charles
  • On February 27, 2016, 20:23

View Comments (24)

  • Tried this in NYC. Was contacted by a branch to open the account and they required the email / mail with the promo code to get the bonus. Didn't open the account.

  • Called Santander today. Some data points from phone rep (ymmv):

    1.) I reside out of Santander's regional footprint, but I could apply in-branch.
    2.) Rep said there is no code on the supposed mailing. If I mentioned I received the mailing--even if I didn't bring it in--I should be fine. (I stated I didn't have the mailing in my possession at the moment...)

    • And...

      3.) If you don't have an existing business relationship with Santander, you *must* apply in-branch. No phone or online apps.

  • Not matter the bonus comes in or not, how soon can we close the business checking account without a earlier closing fee?

  • This offer does not appear to be nationwide; I got a reply indicating that CA is out of their service area.

  • I have emailed & called Santander and they cannot confirm or deny if I am eligible for the promotion. They suggested I contact my local branch for confirmation, and I do not know how a branch could confirm a promotion (there is no local branch where I live). That being said, I am unsure how to get 'pre-selected'.

    Has anyone been successful with getting 'pre-selected' after requesting? Any data points?

  • Interesting. I have an llc and bank with a local competitor, and was not preselected. I will see if they'll issue me a code in order to gain the (small) business.

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