Santander Bank Business Checking $500 Bonus

Santander Bank : Business Checking

Bonus Amount
$500
Account Type
Business Checking
Available In Your Area?
No
Offer Expires In
Bonus Requirements
  1. Open a new Business Checking or Business Checking Plus account using the promo code from your welcome email or targeted letter.
  2. Deposit $3,500 and maintain that balance for 90 days.
  3. Keep your account open for at least 90 days.
  4. Bonus will be paid within 30 days of the meeting the requirements.
Other Details
Hard Credit Pull?
Monthly Fees?
Varies By Account
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Santander Bank is offering new business checking account customers $500 for opening a new Business Checking or Business Checking Plus account.

You'll need to maintain an average daily balance of $3,500 for 90 days to earn the reward. That means you don't necessarily need to deposit $3,500 on day one, but the longer you wait to make a deposit, the higher the deposit needs to be in order to average out. They provide more details in the fine print!

Keep in mind that, like most business accounts, you'll need to go in-branch to open. Also, unlike their previous $450 offer, this one requires a unique promo code, which you'll receive after entering your email address using the link below.

How To Earn The Bonus

The Santander Bank Business Checking promotion requires you to deposit and maintain a minimum balance in order to earn the $500 bonus. Full requirements to receive this bonus are:

  1. Open a new Business Checking or Business Checking Plus account using the promo code from your welcome email or targeted letter.
  2. Deposit $3,500 and maintain that balance for 90 days.
  3. Keep your account open for at least 90 days.
  4. Bonus will be paid within 30 days of the meeting the requirements.

The fine print

  • Your business must not currently have, nor have had, any business checking account with Santander Bank, N.A. (“Santander”) in the last 12 months.
  • Your Promotion Code must be entered at new account opening to be eligible for this offer. Offer is transferable until redeemed by the addressee in the corresponding letter or email and we reserve the right, in our sole discretion, to limit the number of times this Promotion Code provided in the corresponding letter or email may be used.
  • Regarding the balance requirement, you must maintain an average daily balance of $3,500 or more for the first 90 days, starting the first business day after account opening. The average daily balance is the sum of the Current Balance at the end of each day for 90 days, from the first business day the account is opened, divided by 90. The full $3,500 does not need to be deposited on day one of account opening in order to be eligible for the cash offer; however, the more days that pass, higher subsequent deposits are needed to meet the average daily balance requirement. (For example, if your balance was $500 for the first 10 days, you would need a $3,875 balance for the remaining 80 days to be eligible for bonus.)
  • The Santander business checking account must be open and in good standing to receive the bonus.
  • Santander reserves the right to decline to open an account in their sole and absolute discretion.
  • One $500 cash bonus per business entity as identified by Taxpayer Identification Number (TIN).
  • Offer is subject to change at any time, including that it may end.

Why Santander Bank?

Santander Bank is a subsidiary of Santander Group – a Spanish financial services company.

The Spanish mother company was founded in 1857, making it over 160 years old. In the US, however, Santander Bank was previously called Sovereign Bank, founded in 1902.

Santander Bank is based in Boston, and they service the Northeast and Florida with 650 retail banking locations and more than 2,000 ATMs. Its current deposits amount to $57.5 billion.

Santander Business Checking

Fees

Santander Business Checking does charge a monthly fee of $15, but there are ways to get this waived:

  • Maintain $5,000 average daily checking balance.
  • OR, maintain $10,000 in combined business deposit balances.
  • OR, receive one or more Santander Merchant Services payments in your account within the service fee period.
  • OR, incur $50 or more in cash management service fees within the service fee period.
  • OR, have 3 or more purchases using a Santander Business Debit Mastercard post into your account within the service fee period.

Business Checking Plus

Fees

Business Checking Plus does charge a monthly fee of $50, but there are ways to get this waived:

  • Maintain $40,000 average daily checking balance.
  • OR, maintain $60,000 in combined business deposit account balances.
  • OR, receive one or more Santander Merchant Services payments in your account within the service fee period.
  • OR, incur $50 or more in cash management service fees within the service fee period.