Santander Bank Promotions: $400 Checking Bonus

Here’s all the details about the latest Santander Bank promotions; how to qualify, what are the best bonuses available and the offer requirements, when do the promos expire, and more!

Santander Bank is based in Boston and is the 28th largest bank in the United States[1]. It has over 650 branches and 2,000 ATMs across the northeastern US, with availability in CT, DE, FL, MA, NH, NJ, NY, and PA.

If you’re not a resident in one the those states, you can check out other bank promotions that may be available to you.

For more current bank offers, see our bank bonuses page. The most popular offers are from Chase BankSoFi, U.S. Bank, and Axos Bank.

This post may contain affiliate links, meaning I get a commission at no cost to you if you decide to make a purchase through my links. Visit this page for more information. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

Current Santander Bank Promotions

1. Santander Select® Checking Account – $400 Bonus

Get a $400 bonus when you open a Santander Select checking account at any branch and make $5,000 or more in direct deposits within 80 days of account opening.

The Santander Select Checking account is an interest-bearing premium checking account. It has a $25 monthly fee unless you have a combined balance of $25,000.

The Simply Right Checking account is a basic checking account with a low $10 monthly fee that’s easily waive with one transaction (a deposit, withdrawal, transfer, or payment) per calendar month.

Bonus Amount: up to $400
Availability: CT, DE, FL, MA, NH, NJ, NY, PA, and RI (Florida Eligibility: This offer is only eligible for ZIP codes within Miami Dade, Monroe, and Broward Counties, including ZIP code 34141)
Expiration: October 10, 2023

Bonus Requirements:

  1. Open a new Santander Checking Checking account at any branch with a completed form found at this link.
  2. Complete direct deposits totaling at least $6,000 within 90 days of account opening.
  3. Receive a $400 bonus within 30 days of completing offer requirements.

If you’ve already opened an account without presenting the form, you can still earn the bonus by bringing in a completed form with the promo code attached within 14 days of account opening.

2. Santander Bank Business Checking Account – $500 Bonus [Expired]

Santander Bank is offering a $500 bonus when you open a Business Checking account using the promo code BUS450Q421 and make qualified deposits.

Bonus Amount: $500
Availability: CT, DE, FL, MA, NH, NJ, NY, PA, and RI (Florida Eligibility: This offer is only eligible for ZIP codes within Miami Dade, Monroe, and Broward Counties, including ZIP code 34141)
Expiration: July 31, 2022

Bonus Requirements:

  1. Open a new Business Checking using the link below.
  2. Enter the Santander promo code BUS450Q421 during account registration.
  3. Deposit at least $10,000 within 90 days of account opening.
  4. Maintain a daily average balance of at least $10,000 for 90 days.
  5. Receive a $500 cash bonus within 30 days of completing bonus requirements.

3. Santander Bank IRA – Up to $1,000 Bonus [Expired]

Earn up to a $1,000 bonus when you roll over or fund an eligible Santander Investment Services IRA. The bonus amount is based on the total amount deposited and transferred, minus any withdrawals, during the offer period.

Transfer AmountCash Bonus
$50,000 – $99,999$200
$100,000 – $249,999$350
$250,000 – $499,999$700
$500,000 +$1,000

Eligible IRA accounts include: Rollover IRA, Traditional IRA, Roth IRA, SEP IRA, and Simple IRA. Ineligible accounts include: Inherited IRA, Insurance Account, and Annuities.

Bonus Amount: up to $1,000
Availability: CT, DE, FL, MA, NH, NJ, NY, PA, and RI (Florida Eligibility: This offer is only eligible for ZIP codes within Miami Dade, Monroe, and Broward Counties, including ZIP code 34141)
Expiration: April 30, 2021

Bonus Requirements:

  1. Open a new Santander Investment Services IRA using the “View Offer” button below.
  2. Deposit and maintain an account balance required for at least nine months for the bonus tier you’re targeting.
  3. Receive the cash bonus within 30 days of meeting the promotion requirements.

4. Santander Ultimate Cash Back® Card: 3% Cash Back + 0% Intro Rate

Open a Santander Ultimate Cash Back Card and earn 3% cash back for the first 12 months and 0% introductory rate for the first 12 months.

There is no annual fee for this credit card, no foreign transaction fees, no returned payment fees, and no cash advance fees.

Cash Back: Earn 3% cash back on qualified purchases for the first 12 months, up to $20,000. Thereafter, earn unlimited 1.5% cash back on qualified purchases.

0% Offer:

  • 0% Introductory APR on qualified purchases for 12 months
  • 0% Introductory APR on Balance Transfers for 12 months
  • The balance transfer fee is the greater of 3% of the amount transferred or $10.

Bonus Amount: 3% cash back + 0% introductory rate for the first 12 months
Availability: Nationwide
Expiration: N/A

4. Santander Bank Referral Bonus – $50 per Referral

Refer friends to open a Santander Bank account and receive a $50 bonus for every person that does, up to $500 per calendar year. Your friend will also receive a $50 welcome bonus!

Bonus Amount: $50
Availability: CT, DE, FL, MA, NH, NJ, NY, PA, and RI (Florida Eligibility: This offer is only eligible for ZIP codes within Miami Dade, Monroe, and Broward Counties, including ZIP code 34141)
Expiration: N/A

Bonus Requirements:

  1. Complete your information in the registration form below.
  2. Provide contact information and a valid email address for friends and family members you are referring or share this offer via social media.
  3. Referred person will receive an email notification containing the registration instructions and requirements of the offer.
  4. Referred person opens a new Santander bank account, makes one or more direct deposits totaling at least $250, and completes at least give (5) debit card transactions within 60 days of account opening.
  5. Receive a $50 referral bonus in the form of a $50 digital Visa Prepaid Card in 4-6 weeks after referral requirements have been met.

Tips & Tricks for Santander Bank Promotions

Existing vs New Customers

BMO Harris bonus offers is typically valid for new customers to each “product family”.

For example, personal checking accounts is considered a “product family”. You can only receive one person checking account bonus and can’t open multiple checking accounts and receive multiple bonuses, but you may still be eligible for a savings account bonus or a business checking account bonus since they’re considered a different “product family”.

You also:

  • Can’t be an existing BMO Harris personal checking account customer (including signers on joint accounts)
  • Your last BMO Harris personal checking account (if you had one) had to be closed more than 12 months ago

Other product families (savings account, business checking account, credit cards) have similar terms and conditions, so be sure to read it carefully to determine if you’re eligible for a welcome bonus.

Santander Bank Promotions FAQs

Are bank sign-up bonuses taxed?

Yes, cash bonuses offered by banks to open an account are taxable. If you earn more than $600 from a financial institution, you should expect to receive a IRS From 1099-MISC or 1099-INT at the end of the calendar year.

Keep in mind that even if you don’t receive a tax form, you’re still required to self-report and pay taxes. I recommend that you consult your tax advisor for further information.

Do Santander offers expire?

The majority of offers from Santander have an expiration date unless otherwise noted. However, Santander has ended offers earlier than expected in the past, so if you want to take advantage of a promotion, I would open an account as soon as you’re able to.

How long does it take to receive my bank bonus from Santander?

Generally, Santander will deposit your bank bonus within 30 days of completing the offer requirements. You can confirm the specific timeline by reading each offer’s terms and conditions.

Can I take advantage of multiple Santander promotions?

You can generally participate in multiple promotions as long as the accounts are from different product families. For example, you can be eligible for bonuses on a consumer checking account, a consumer savings account, and a business checking account since they all belong to different product groups.

But you can’t get a personal checking bonus and then take advantage of another personal checking offer unless certain conditions have been met. Here’s one such condition that Santander lists in their terms and conditions:

“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.”

The Bottom Line

I have an affinity to Santander Bank – it was my first bank account I ever opened (and still have to this day).

It was known as Fleet Bank at that time, renamed to Sovereign Bank when it acquired by them in 1998, and rebranded again to their current name when Santander Bank bought the company in 2010.

In my 25+ years of being a customer, I’ve only had positive experiences. Santander is always quick to waive overdraft fees, wire transfer fees, or stop payment fees whenever I requested them to.

Santander consumer accounts are great for those who are looking for a checking account to pay their monthly bills or a savings account to store a little bit of money.

However, like other big banks, they don’t have very competitive interest rates on their accounts (unless you’re a private client). If you’re looking to save money for a big ticket item or an account to use as an emergency fund, I’d recommend opening a high-yield savings account instead.

About John Pham

John Pham is a personal finance expert, serial entrepreneur, and founder of The Money Ninja. He has also been fortunate enough to have appeared in the New York Times, Boston Globe, and U.S. News & World Report. John has a B.S. in Entrepreneurship and a Masters in Business Administration, both from the University of New Hampshire.

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