(NH, FL, MA, RI, CT, DE, NY, NJ, or PA, in branch) Santander $500 Business Checking Bonus

Update 5/9/26: The deal is back to 5/31/26 according to TRACTS. Hat tip to the reader jaws.

Update 9/1/24: Offer back through 12/31/24.

Update 7/30/24: The deal is now good through 8/31/24. The promo code is BUS500Q124GEN

Offer at a glance

• Maximum bonus amount:500 dollars
• Availability: NH, FL, MA, RI, CT, DE, NY, NJ or PA, in branch
• Direct deposit required:No.
• Additional requirements:See below
• Hard/soft pull:Gentle pull
• ChexSystems:yes
• Credit card financing:Up to $500 (not sure if it’s possible in branch and if it is, it’s likely to be a cash advance)
• Monthly fees:$15, avoidable
• Early account closure fee:$25, 90 days
• Family boundary:ANY
• Expiration date: 7/30/24. 31.12.24

Offers

Direct link to the offer

• Santander Bank offers a $500 bonus when you open a new checking account and meet the following requirements:
  • Use promo code BUS500Q324GEN
  • Maintain an average daily balance of $5,000

Fine Press

• All bank account bonuses are treated as income/interest and as such you must pay tax on them

Avoidance of fees

Monthly fees

Business Control has a monthly fee of $15.

• Maintain average daily balance of $5,000 in checking account OR
• Maintain $10,000 in combined business deposit account balances with the same ownership⁵OR
• Make 3 or more purchases using a Santander^®Business Debit Mastercard^®post to your OR account
• Receive one or more Santander Merchant Services payments into your account³OR
• Get $50 or more in cash management service fees⁴.

Early account termination fee

$25 if closed within 90 days

Our verdict

Better than previous bonus $550 as it is easier to activate the bonus. The downside of this is that it has to be opened in a branch. It’s still very much worth doing if you have a business and live in an eligible state, so we’ll add this to our list of best control bonuses.

Useful posts about bank bonuses:

• A Beginner’s Guide to Bank Account Bonuses
• Bank Account Quick Reference Table (Calculated Sheet) (very useful for ranking bonuses according to different parameters)
• PSA: Don’t call the bank
• Login to ChexSystems
• Banks and credit unions that are sensitive to ChexSystems requirements
• What Banks and Credit Unions Do/Don’t Attract ChexSystems?
• How to use our direct deposit site for banking bonuses site
• Common Bonus Bank Misconceptions + Why You Should Give Them a Go
• How many bank accounts can I safely open in a year for the purposes of the bank bonus?
• Affiliate links and bank bonuses – We will not use them
• Complete list of ways to close bank accounts in each bank
• Banks that allow/disallow overseas check applications
• Bank bonus posting times

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