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Offer at a glance
- Maximum bonus amount: $300
- Availability: Nationwide, but in branch only [Branch locator here]
- Direct deposit required: No
- Additional requirements: Make $10,000 in cumulative deposits
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: Up to $500
- Monthly fees:
- Early account termination fee: None
- Expiration date: September 30th, 2016
The Offer
- Receive a sign up bonus of $300 when you open a new Santander Business Checking or Business Checking Plus Account and do the following:
- Keep it open for at least 90 days
- Make cumulative deposits of $10,000 or more within the first 90 days
The Fine Print
- To receive a $300 cash bonus, 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, and your business must do all of the following:
- (i) Open a new Business Checking or new Business Checking Plus account between 7/1/16 and 9/30/16 and keep it open for 90 days, and
- (ii) Make cumulative deposits of $10,000 or more within the first 90 days of account opening. The business checking account must be open and not have a negative balance to receive the $300 cash bonus at the time of fulfillment.
- You will receive a $300 cash bonus in your new Santander 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 report the $300 bonus to the IRS as interest for the year in which it is received.
- One $300 cash bonus per business entity as identified by Taxpayer Identification Number (TIN).
- This offer cannot be combined with any other cash offers.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
The easiest account to keep fee free is the business checking account. There is a $15 monthly fee, this is waived if you do any of the following:
- $5,000 average daily checking account balance or
- $10,000 combined business deposit balances or
- Receive one or more Santander Merchant Services payments deposited into the account or Pay $50 or more in Account Analysis service fees or Make three debit card purchases with your Santander® Business Debit MasterCard®
There is no early account termination fee that I can found, this was verified by reader Craig J.
Our Verdict
Santander have offered $500 bonuses in the past, one was targeted and the other one required merchant services. This is a pretty good deal, here is what I’d do:
- Open account, using a rewards credit card to fund $500
- Add $10,000 in funds (this will meet the deposit requirement, you might be able to just do $9,500 as you already funded $500 initially, but I’d be worried that the initial deposit won’t count)
- Withdraw $5,500 (this leaves $5,000 in the account to keep it fee free)
- Wait for bonus to post
- Close account if there is no early account termination fee
If you don’t have a spare $10,000, you should be able to make smaller deposits to hit that cumulative deposit requirement, withdraw them and then add them again. I’ve added this to our list of the best bank account bonuses.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- 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
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