Update 10/3/26: Looks like this is back until 8/31/27 according to this flyer. Bonus is now $550 (was $500) but requires $10,000 for 90 days (was $5,000) and 5 debit card transactions (required none before)
Update 5/9/26: Deal is back until 5/31/26 according to this flyer. Hat tip to reader gorb.
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
- Santander Bank is offering a bonus of $500 when you open a new checking account and complete the following requirements:
- Use promo code SMALLBUS550
- Maintain an average daily balance of $10,000
- Have a minimum of 5 debit card transactions
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
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