Santander $400 Checking Bonus

Santander is offering a bonus of $400 when you open a new Premier Plus checking account! Here are the details of the latest Santander bank bonus offer.

Ninja Update: Promotion extended through July 2022 and now provides a $300, $400, or $500 bonus option. Previous bonus only had a $400 offer.

Santander $400 Checking Bonus Overview

Santander is offering up to a $600 bonus when you open a new Santander checking account. The bonus you receive depends on the total amount of direct deposits made to your account within the first 90 days:

• $300 bonus when you have direct deposits totaling at least $4,000
• $400 bonus when you have direct deposits totaling at least $6,000
• $500 bonus when you have direct deposits totaling at least $8,000

There’s also a $225 bonus available from Santander with a lower direct deposit requirement of $1,000.

Who Qualifies For The Bonus?

This is a public offer open to everyone, but you must live in one of the following states:

• Connecticut (CT)
• Delaware (DE)
• Florida (FL)
• Massachusetts (MA)
• New Hampshire (NH)
• New Jersey (NJ)
• New York (NY)
• Pennsylvania (PA)
• Rhode Island (RI)

Along with residing in one of those states, you can’t be a current Santander checking customer or had a Santander personal checking account in the last 12 months.

Related:

• $600 Chase Checking and Savings Account Bonus
• $600 Citizens Bank Checking and Savings Bonus
• $400 Wells Fargo Checking Account Bonus

Where Do I Enroll?

You can open the account online using the link below to claim the bonus:

In order to receive your promotion code, follow the link above and enter your first name, last name, and email address in the form shown:

A promotion code will generate after you submit your information. Use this promotion code when you apply for a new checking account.

What Are The Details?

Availability: CT, DE, FL, MA, NH, NJ, NY, PA, RI
Expiration: 7/6/22
Household Limit: None (everyone in your family can get the bonus!)
Direct Deposit Required: Yes, one or more totaling $6,000 (see what counts as a direct deposit)
Soft/Hard Pull: Soft (you’re forced to agree to the overdraft protection when applying online, but if you select “some overdrafts” instead of “all overdrafts”, you’ll avoid the hard pull on your credit report) 
Early Account Termination Fee: $25 if closed within 90 days of account opening

Ninja Tip: On the funding page, the option to uncheck the $3 paper statement fee is grayed out. You have to remember to change it to the paperless option after getting online access to avoid the $3 paper statement fee.

How To Get The $400 Bonus

To get the $400 bonus, follow these 4 simple steps:

1. Open a new Santander Premier Plus checking account by the promotion end date
2. Have direct deposits totaling $6,000
3. Keep your account open for at least 90 days
4. Get paid within 30 days of completing the bonus requirements

Avoiding Fees

The Santander Select Checking account has a monthly fee of $25, but it can be waived if you do ONE of the following:

Santander Select Checking Account:

• Have $25,000 in combined balances across all Santander deposit accounts

Terms and Conditions

• Get $400 when you open a new Santander Select Checking account ($25 minimum opening deposit) and have direct deposits totaling $6,000 or more post to this account within the first 90 days starting the first business day after account opening.
• 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 may be used.
• You must be 18 years or older. Offer is not available if any account owner is a current checking customer of Santander or had a Santander checking account in the last 12 months prior to account opening
• Offer cannot be combined with any other bonus offer
• Promotion Code must be entered at new account opening to be eligible for this offer, and cannot later be added to an account, or changed, unless it is presented and applied within 14 days of account opening
• The account needs to be open for at least 90 days and remain open in an eligible account type until payment of bonus, which will occur within 30 days thereafter
• In addition, the account must remain open and in good standing to be bonus eligible
• Bonus is considered interest and will be reported to the IRS on Form 1099-INT
• If multiple accounts are opened with the same signer, only one account will be eligible for the bonus
• For new checking account customers only
• Offer is only available to residents of NH, MA, RI, CT, DE, NY, NJ, or PA
• Eligibility detail for Florida: Beginning 8/7/2021 this offer will only be eligible online in zip codes within Miami Dade, Monroe and Broward counties, including zip code 34141.
• Santander considers direct deposits to be automatic electronic deposits made through the ACH network to your account by someone else, such as an employer issuing payroll or a government or retirement plan paying benefits. It may not include deposits to your account that are made by an individual using online banking, an internet payment provider, or a merchant advancing payroll using a debit card
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

The Bottom Line

If the $6,000 in direct deposit is manageable, then I would obviously take this bonus of $400 over the other $225 bonus that Santander is also offering. However, the smaller bonus comes with a smaller $1,000 direct deposit requirement.

Either way, this is a churnable bank offer so pick one of them to do now and take advantage of future bonus opportunities once you’re eligible again.