Newest Santander Promotions: Best Offers, Coupons and Bonuses May 2020

See if the newest Santander promotions will make you switch.

Santander Bank is one of Spain’s largest financial companies, but it also provides banking services for U.S. customers along the East Coast. The bank has branches in Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island.

Like many banks, Santander offers cash bonuses and other rewards to new customers. A recent GOBankingRates survey found that many Americans are missing out on free money because they don’t take advantage of these promotions. Some of the bank specials are hard to find — which is one reason GOBankingRates updates you with new bank promotions each month.

You can currently earn bonuses from Santander of up to $500 simply by qualifying and opening an account that is eligible for the rewards.

Keep reading to learn about Santander promotions available in May and what you need to do to pocket the cash:

Santander Bank Promotions at a Glance

You can earn up to $500 by taking advantage of the latest Santander promotions. Here’s a closer look:

Save for Your Future
Sponsors of
Best Santander Bank Promotions: May 2020
AccountCash Value of BonusExpiration Date
Simply Right Checking$225June 30, 2020
Santander Merchant Services Account$200June 30, 2020
Santander Bank Referral Program$50 per referral, up to $500None

Related: These Countries Offer the Highest Interest Rates Today

Back to top

Santander bank promotions

Current Santander Bank Promotions, Offers, Coupons and Bonuses

Current Santander offers include cash bonuses for opening new personal checking and merchant services accounts. The bank is also continuing its referral program in May.

Simply Right Checking: $225 Bonus

The Simply Right Checking account is a no-frills account with a nominal monthly maintenance fee. New account holders are eligible for a $225 bonus when they deposit at least $1,000 and maintain the account for three months. To earn the bonus, give your name and email address on the website to receive a Santander coupon code you’ll provide when you open the account. Here’s more:

  • Cash value: $225
  • Availability: Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island
  • Minimum deposit to qualify: $1,000
  • Expiration date: June 30, 2020
  • How to get it: Open a Simply Right Checking account before June 30, 2020, using the promotion code sent to your email account. Next, schedule and receive $1,000 or more from direct deposits and keep the account open for at least 90 days.
  • When you’ll get it: Within 30 days after you meet the requirements
  • Terms and conditions: You must use a promotion code when opening the account to receive the bonus. Electronic transfers from other people, payments from the internet and payroll advances to a debit card do not count as direct deposits.
  • Monthly fee: $3
  • Promotion page: Simply Right Checking bonus offer

Santander Merchant Services Account: $200 Bonus

A Santander Merchant Services account provides businesses with payment processing and management tools, including hardware and technology for receiving credit and debit card payments. New and existing Santander business customers can earn a $200 bonus when they open a new Santander Merchant Services account and link it to a business checking account. Here are the details:

  • Cash value: $200
  • Minimum deposit to qualify: Not specified
  • Expiration date: June 30, 2020
  • How to get it: Open a Santander Merchant Services account before the promotion’s expiration date and link it to a Santander Business Checking account, then receive at least two payments through Santander Merchant Services within 90 days of opening the account.
  • When you’ll get it: Within 30 days after you meet the requirements
  • Terms and conditions: Santander Merchant Services account holders must meet certain requirements and undergo underwriting and approval.
  • Monthly fee: None listed
  • Promotion page: Santander Merchant Services Account bonus offer

Back to top

Santander Bank Referral Program: Up to $500 Bonus

Santander pays you to get people you know to join the bank. For every friend and family member you refer who also opens a select account, Santander will give you free cash in the form of a $50 Visa Prepaid Card. You can earn this reward by referring up to 10 people, maxing out at $500 per year. Here’s how:

  • Cash value: Up to $500
  • Minimum deposit to qualify: $10-$50 for those being referred, depending on the account
  • Expiration date: None
  • How to get it: Sign up for the referral program on Santander’s website, then refer friends or family using their email addresses or by receiving a link you can post to Twitter, Facebook or Messenger. The person you referred must open a qualifying checking account within 90 days of receiving the Santander referral invitation and then make the initial deposit and receive at least $250 in direct deposits in the first 60 days.
  • When you’ll get it: You’ll receive the Visa gift card within 14 business days after the referred person completes their requirements.
  • Terms and conditions: Each person referred to the bank qualifies one time for the referral bonus. This offer is not available for employees of the bank.
  • Monthly fee: N/A
  • Promotion page: Friends and Family Referral bonus offer

More About Banks: Best Regional Banks of 2020

Save for Your Future
Sponsors of

Past Santander Bank Promotions, Coupons and Offers

If you heard about a Santander promotion that you don’t see here, it might have expired. Knowing which promotions banks have offered in the past is helpful because it provides a glimpse into the types of Santander bonuses that might be available again in the future.

Here is the most recently expired Santander bank promotion:

Santander Investment Services IRA Promotion: Up to $1,000 Bonus

If you heard about a Santander promotion that you don’t see here, it may have expired. Knowing what banks have offered in the past is helpful because it provides a glimpse of the types of Santander bonuses that may be available again in the future.

Here is the most recently expired Santander bank promotion:

  • Cash value: Up to $1,000
  • Expiration date: Expired
  • How to get it: With this promotion, customers were instructed to open a new Santander Investment Services IRA. After that, they could roll existing IRA funds from another bank into Santander’s IRA or fund their existing Santander IRA with a minimum of $25,000 before the expiration date.

Read More: A Guide to the Best Investment Strategies at Every Age

Back to top

How To Open a Santander Account

You can open a Santander account online or in person, but you’ll have to visit a local branch to open a joint account. To open a bank account online, you’ll need to provide your Social Security number, email address and debit or credit card to fund your account. If you’re planning on visiting a bank branch to open an account, make sure you take the following:

  • Two forms of identification, including one government-issued photo ID and an additional form of ID to confirm your identity, such as an ATM or debit card, credit card, utility bill or birth certificate
  • Social Security Number or Individual Tax Reporting Number if you have one
  • Valid address and phone number
  • Method to fund the account

Everything You Need To Know: How To Open a Bank Account Online

Are Santander Bank Promotions Worth a Switch?

If you live in Santander’s service area and are searching for a personal checking or merchant services account, signing up for a new account bonus might be worth the switch. It doesn’t take a large deposit to qualify for the new account bonuses, and you can earn them without putting a lot of money into the accounts. Just remember that promotions shouldn’t be the only factor to consider when choosing a bank — it should also offer products and services that help you meet your financial needs and goals.

Back to top

Save for Your Future
Sponsors of

More on Santander

More Bank Promotions

This content is not provided by Santander Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Santander Bank.

This article has been updated with additional reporting since its original publication.

Related Video