[YMMV] Santander $250 Business Checking Bonus [NH, MA, RI, CT, DE, NY, NJ & PA]

Update: This is being advertised in branch, doesn’t actually look like you need a promo code at all.

[5/15/17: Updated link and expiration date.]

Offer at a glance

• Maximum bonus amount: $250
• Availability: Must open in branch. NH, MA, RI, CT, DE, NY, NJ & PA only [Branch locations]
• Direct deposit required: No
• Additional requirements: See below
• Hard/soft pull: Soft
• ChexSystems: Unknown
• Credit card funding: Unknown for business, $500 for personal
• Monthly fees: $15+ avoidable
• Early account termination fee: Unknown
• Expiration date: March 31st, 2017 June 30, 2017
• Bonus limit: One per ITIN

The Offer

Direct link to offer

• Open a new Santander Business Checking or Business Checking Plus account and receive a bonus of $250 when you complete the following requirements:
  • Open new account and keep it open for 90 days
  • Maintain an average daily ledger balance of $1,000 or more for the first 90 days after account opening
  • Also says your promotion code must be entered during the promotion. Not sure if this is automatically tied to online application or not (I tried to sign up, but as told I’d be called back and didn’t get to area with a promo code)

The Fine Print

• To receive a $250 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 deposit 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 1/17/17 and 3/31/17 and keep it open for 90 days, and
  • (ii) Maintain an average daily ledger balance of $1,000 or more for the first 90 days after account opening.
• The business checking account must be open and not have a negative balance to receive the $250 cash bonus at the time of fulfillment.
• You will receive a $250 cash bonus in your new Santander checking account within 30 days of meeting all offer requirements.
• Your promotion code must be entered during new account opening to receive this offer.
• We reserve the right to decline to open an account in our sole and absolute discretion.
• We report the $250 bonus to the IRS as interest for the year in which it is received.
• One $250 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

Unsure if there is an early account termination fee or not, you do need to keep it open for a minimum of a 90 days though.

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

They have offered business checking bonuses of $350 & $500 in the past and both were targeted. Santander are also currently offering a public bonus of $225 on their personal checking account.

As always, please share your experiences in the comments below.

Hat tip to Danny Deal Guru

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
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