Santander Bank's $400 Checking Bonus: A Solid Deal with a Few Hoops

If you're in the Northeast or parts of Florida and have been thinking about switching banks, Santander is offering a pretty straightforward $400 bonus for opening a new checking account. The catch? You'll need to park some money and set up a direct deposit. Here's what you need to know to decide if it's worth your time.

What You Need to Do to Get the $400

The process is pretty simple, but there are two key requirements you need to hit within the first 90 days after opening your account. First, you need to maintain an average daily balance of at least $5,000. That doesn't mean you have to keep exactly $5,000 in there every single day—just that the average over the 90-day period is $5,000 or more. Second, you need to have at least one direct deposit post to the account. That could be your paycheck, a pension, Social Security, or other regular electronic deposits from your employer or the government. Things like wire transfers, ATM deposits, or Venmo transfers don't count.

Once you've met both conditions and your account has been open for at least 90 days, Santander will deposit the $400 bonus within 30 days. Just make sure you keep the account open and in good standing until the bonus hits—closing early could cost you a $25 fee and forfeit the bonus.

Which Account Should You Choose?

Santander offers four checking accounts that qualify for this bonus. The Simply Right Checking has a $10 monthly fee that's easy to waive—just make one transaction per month (a deposit, withdrawal, transfer, or payment). If you're under 26, the fee is automatically waived. The Santander Select Checking is interest-bearing (though at a very low 0.01% APY) and has a $25 monthly fee that's waived if you maintain $25,000 in combined Santander balances. The Private Client Checking offers a slightly higher 0.03% APY and premium perks, but also requires higher balances to avoid fees. The Essential Checking is a basic account with no frills. Pick the one that fits your banking habits best.

One thing to note: the bonus is only available to new checking customers. If you've had a Santander checking account in the last 12 months, or currently have one, you're not eligible. Also, you can only get the bonus once per household—if you open multiple accounts, only one will qualify.

Where Can You Get This Offer?

This promotion is available to residents of New Hampshire, Massachusetts, Rhode Island, Connecticut, Delaware, New York, New Jersey, Pennsylvania, and select areas in Florida (Miami-Dade, Monroe, Broward counties, and Collier county zip code 34141). You'll need to visit a branch to open the account—online opening isn't an option for this offer. Bring your promo code (which you can get by filling out the form on Santander's offer page) and a valid ID.

One more thing: the bonus is considered interest by the IRS, so you'll get a 1099-INT form next tax season. Factor that into your planning.

Bottom Line

• You need a $5,000 average daily balance and one direct deposit within 90 days to earn the $400 bonus.
• The offer runs until December 18, 2026, so you have plenty of time to plan.
• Only available in specific states—check if you're in a qualifying area before applying.
• Watch out for monthly fees—choose an account that's easy to waive based on your banking habits.
• The bonus is taxable as interest income.

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