Santander $20 every month for $1500 in DD and 2 Billpays

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I saw this in another post regarding the re-branding of Sovereign Bank to Santander and credit goes to DEGLASS.

I thought this is a great deal and I was already a check/savings customer already so for me to convert it to the new accounts was a no brainer for me. It took a 5 minute call to convert the accounts and I was eligible for the promotion.

http://apply.santanderbank.com/promotions/extra20.asp 

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Not at all related to this promotion, but since the thread seems to be over anyway I hope you don't mind the off-topic p... (more)

doveroftke (Nov. 14, 2016 @ 10:46a) |

Same here!  I closed the acct months ago (I thought).  Yesterday I received my statement showing $.07 & $.13.  What a wa... (more)

pattyB (Nov. 14, 2016 @ 2:38p) |

JW10 (Nov. 25, 2016 @ 8:29p) |

Update 4/21/2016: All accounts will be converted to Santander's Simply Right checking as of July 1st. Last bonuses will be paid following your June Statement. If your account was opened in the last 12 months, your bonus end date may be later,

routing #: 231372691

Employer direct deposit is strongly recommended.  ACH transfer from other banks had been working in the past but there are recent changes that now mostly prevent this from working.  By March 20, 2015, banks  are required to code ACH transfers as P2P transfers and Santander Bank does not treat P2P transfers as a qualifying direct deposit. 

Here is a partial list of banks that code ACH transfers as P2P transfers as reported in this thread:
Ally, Citi, FNBO, Nationwide, NFCU, PNC, USBank, UFB Direct (Bank of the Internet)

From the Terms and Conditions:

To receive extra20 bonuses, you must have both an extra20 checking and an extra20 savings account (minimum opening deposit of $25 and $10, respectively). Conditions to receive bonuses: You will receive a $10 Direct Deposit bonus with direct deposits of $1,500 or more to your extra20 checking account in a service fee period. If you qualify for the Direct Deposit Bonus and you pay two bills from your extra20 checking account through the BillPay tab in Online Banking in the same period, you will receive the $10 BillPay bonus. Bonuses will be credited to your extra20 savings account on the first business day after your extra20 checking account service fee period ends. Your bonuses will be reported as interest on a Form 1099-INT in the year received. Limit 1 extra20 package per person.

Banks/CUs from which ACH push still counts as direct deposit:

  • Alliant CU


Banks/CUs from which ACH push does not count as direct deposit:
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This is pretty good. It's too bad Santander has such a dearth of ATMs/branches in my area or I might just switch to them for my primary checking account.

Seems decent once you get past the fact that virtually no one has heard of this Spanish bank until they unveiled all their new signs recently.

$240 a year is a pretty good bank bonus - but $1500 in DD a month...every month....is a little high. Sure you can always transfer it out, but that makes it a hassle...or else you end up using these guys for your main bank...

Can anyone using their online services comment on how easy it is to set up recurring bill pays and transfers?

BenH said:   Seems decent once you get past the fact that virtually no one has heard of this Spanish bank until they unveiled all their new signs recently.

$240 a year is a pretty good bank bonus - but $1500 in DD a month...every month....is a little high. Sure you can always transfer it out, but that makes it a hassle...or else you end up using these guys for your main bank...

Can anyone using their online services comment on how easy it is to set up recurring bill pays and transfers?

  
I use their online services and it's very easy to set up recurring bill pays and transfers. I basically auto transfer out 1400 of the 1500 out every month and schedule 2 payments to my cable and cell phone bill in the amount of $50.

Also if you're opening accounts, looks like they have CC funding for up to $500

Anyone know if a ACH push will qualify as a direct deposit?

hard credit pull to open the checking+savings? (Like Cap1 does) or no hard pull?

But no interest....

if you're in a rush, don't forget to upload your IDs after submitting your app

I'm dumbfounded that Banco Santander used the Federal banking license they got from their Puerto Rican-bought assets (they have been in the Island since the '70s on retail and commercial full-service banking, are considered not very competitive (interest-wise) in offerings and have been trying unsuccessfully to sell all or part of their assets in the Island for over 2 years) and "forgot" our clients here.

I hope that American clients in the Northeast (where Sovereign is based) and the Southeast (where they're going next after their competitors, BBVA (Banco Bilbao Vizcaya Argentaria, best known Stateside as BBVA Compass Bank)) and the growing Mexican and Central American-based community) pressure Santander into keeping competitive prices and offers for their Stateside clients, something they hadn't done in Puerto Rico...

There's a button on the App about "I authorize Santander Bank to obtain my Consumer Report". Not sure if Consumer = Credit...but makes me nervous to hit apply.

Edit- Called their # listed on the App page and the rep said its a soft inquiry, not a hard inquiry.

Probably a silly question, but does anyone know offhand what the minimum balance requirements are to avoid fees?

From their fees pages, looks like minimum balance is $0, and instead of required avg. daily balance it requires the $1500 DD/month.

There's a $100 minimum for the savings but it has an OR is linked to an extra20 checking, so that one shouldn't have a minimum balance as well.

I'm debating whether it's worth it to put paycheck here, then automatically forward 95% of it to the same account I currently use (which doesn't require DD), and billpay Netflix and/or cell (although maybe you can't? haven't used billpays before).

This is kind of OT - but related to BillPay. I have never done a deal which requires BP and I don't really use BP from my banks (it is setup with the vendors).
If I do a BP each month to say my Gas and Electric company of like $20 each, should my auto payment setup with that vendor just take out the balance?
Seems logical, and easy enough - I just wonder about complications.

Seems like it is $20/month for as long as you keep the account. This is not a bad deal. I have 2 questions:

1- Does ACH transfer count as "direct deposit"? It would be nice if anyone knows.

2- Does the direct deposit has to be for $1,500+, or can you have multiple direct deposits during the statement cycle that ADD to $1,500?

BenH - That is exactly what I do. I billpay a small amount using my bank and the balance is withdrawn from the vendor side from a different bank.

noelandres said:   Seems like it is $20/month for as long as you keep the account. This is not a bad deal. I have 2 questions:

1- Does ACH transfer count as "direct deposit"? It would be nice if anyone knows.

2- Does the direct deposit has to be for $1,500+, or can you have multiple direct deposits during the statement cycle that ADD to $1,500?
 

  from their extra20 checking page:

"extra20 checking

  • No monthly charge with $1,500 or more in total direct deposits for the service fee period (otherwise, $10)"


It possibly leaves open the question whether the service fee period is a calendar month or based on the day you open it though.  i don't see the definition of "service fee period" at least on the main page, although it references it several times.

Also to further clarify:
It charges you $10 monthly fee if you don't have $1500 in DD for the month, or pays you $10 if you do, and also an extra $10 for 2 billpays if you meet the DD requirement.  The savings has no monthly fee when linked to the extra20 checking.

So, there's several possible scenarios:
- no 1500 DD, then $10 fee for the month.
- 1500 DD but no billpays performed, then $10 credit for the month
- both 1500 DD and 2 billpays, then $20 credit for the month

edit:good points brought up below, all "credits" are reported as interest to IRS. Noelandres also pointed out I had a scenario that is not possible, so I corrected the info.

$20 bonuses are reported as interest.

Bend3r said:   
- no 1500 DD but the billpays performed, then $0 net fee/credit for the month.

<edit>

To be clear, the $10 service fee is linked to the absence of the DD's -- the bill pay credit will offset the fee. However, I'm sure they'll still tag it as $10 in interest for 1099 purposes.

is there any way to waive the monthly service fee without $1,500 DD and a minimum balance?

what is "during the service fee period"?

Bend3r said:   
noelandres said:   Seems like it is $20/month for as long as you keep the account. This is not a bad deal. I have 2 questions:

1- Does ACH transfer count as "direct deposit"? It would be nice if anyone knows.

2- Does the direct deposit has to be for $1,500+, or can you have multiple direct deposits during the statement cycle that ADD to $1,500?

  from their extra20 checking page:

"extra20 checking

  • No monthly charge with $1,500 or more in total direct deposits for the service fee period (otherwise, $10)"


It possibly leaves open the question whether the service fee period is a calendar month or based on the day you open it though.  i don't see the definition of "service fee period" at least on the main page, although it references it several times.

Also to further clarify:
It charges you $10 monthly fee if you don't have $1500 in DD for the month, or pays you $10 if you do.   The $10 for 2 billpays seems to be separate.  The savings has a $3.50 monthly fee with < $100 balance, but is waived due to being linked to the extra20 checking.

So, there's several possible scenarios:
- no 1500 DD and no billpays, then $10 fee for the month.
- no 1500 DD but the billpays performed, then $0 net fee/credit for the month.
- 1500 DD but no billpays performed, then $10 credit for the month
- both 1500 DD and 2 billpays, then $20 credit for the month

edit:good points brought up below, all "credits" are reported as interest to IRS
 

From the Terms and Conditions:

To receive extra20 bonuses, you must have both an extra20 checking and an extra20 savings account (minimum opening deposit of $25 and $10, respectively). Conditions to receive bonuses: You will receive a $10 Direct Deposit bonus with direct deposits of $1,500 or more to your extra20 checking account in a service fee period. If you qualify for the Direct Deposit Bonus and you pay two bills from your extra20 checking account through the BillPay tab in Online Banking in the same period, you will receive the $10 BillPay bonus. Bonuses will be credited to your extra20 savings account on the first business day after your extra20 checking account service fee period ends. Your bonuses will be reported as interest on a Form 1099-INT in the year received. Limit 1 extra20 package per person.

It seems like you need to qualify for the Direct Deposit bonus to qualify for the BillPay bonus. In that case, the 2nd scenario needs to be changed.
 

AugustFour said:   is there any way to waive the monthly service fee without $1,500 DD and a minimum balance?
  There is no way to avoid the fee without the $1500 DD. You also need to open both a Extra20 Checking account and an Extra20 Savings account in order for this to work. 

This is based on what the rep was telling me over the phone.

"If you qualify for the Direct Deposit Bonus" probably means no bank to bank deposit is considered DD?

Is interest taxed like normal income? So $240/year would be more like $170 in a ~30% bracket?

BenH said:   Is interest taxed like normal income? So $240/year would be more like $170 in a ~30% bracket?
  yes

So let's look at this comparatively to the other deals that have been out there. I would say that an average bank deal is in the $150 range for opening a new account.
So, on average, the $170 you would net after taxes seems a pretty good return.
Additionally, you don't need to worry about cancelling your account and playing the game with each bank to try to get your money.
One can assume that once you have established the criteria here it will be a steady stream.

Other Disadvantages:
$20/month instead of the whole lump sum after 8-12 weeks from some other deal.
Big DD requirement locks you in. This is likely to be anywhere from 25-75% on average people's paychecks.

Overall, I think this might be a really good ongoing earner. It certainly seems more convenient than finding and churning 3 or 4 other bank deals a year.
And - nothing to say you can't churn the others too if you have the $ to meet those requirements.

Any other negatives?

Does Santander mind lots of Chex inqs?

BenH said:   So let's look at this comparatively to the other deals that have been out there. I would say that an average bank deal is in the $150 range for opening a new account.
So, on average, the $170 you would net after taxes seems a pretty good return.
Additionally, you don't need to worry about cancelling your account and playing the game with each bank to try to get your money.
One can assume that once you have established the criteria here it will be a steady stream.

Other Disadvantages:
$20/month instead of the whole lump sum after 8-12 weeks from some other deal.
Big DD requirement locks you in. This is likely to be anywhere from 25-75% on average people's paychecks.

Overall, I think this might be a really good ongoing earner. It certainly seems more convenient than finding and churning 3 or 4 other bank deals a year.
And - nothing to say you can't churn the others too if you have the $ to meet those requirements.

Any other negatives?

Aren't all the checking account bonuses taxable?  If so, this is even more favorable.  I'm definitely in once we can confirm no hard pull.

We're writing to let you know of an exciting change coming!

Starting yesterday, we will no longer offer $20 every month. Instead, you can customize your own debit card!

I always wonder about BillPay from a bank's website instead of the payee's website. It seems less safe to me -- if there are problems who would I talk to?. I guess I could start with my electricity and gas payments.

kvs25 said:   We're writing to let you know of an exciting change coming!

Starting yesterday, we will no longer offer $20 every month. Instead, you can customize your own debit card!

Yes - they can always change their terms - but you can always close down your account.  Inconvenient, yet - but I doubt they will change their terms for at least a year - making it worthwhile.
Additionally, their marketing material is showing the accumulation over the course of 5+ years...so I think they intend this a long term promotion.

kvs25 said:   We're writing to let you know of an exciting change coming!

Starting yesterday, we will no longer offer $20 every month. Instead, you can customize your own debit card!

  is this true .. or are you foretelling the future?

Does Santander mind lots of Chex inqs?

Just switched to this on Sunday and don't see it lasting very long. They'll probably increase the minimum balance or something to keep most people away. If 10 people get it that's already 2400 a year they're giving away for you doing nothing. Their online interface is alright, but their customer service always seems so apathetic and tired.

mjoply said:   Just switched to this on Sunday and don't see it lasting very long. They'll probably increase the minimum balance or something to keep most people away. If 10 people get it that's already 2400 a year they're giving away for you doing nothing. Their online interface is alright, but their customer service always seems so apathetic and tired.
  Massive amounts of money were funneled through TARP/AIG to Santander.  $2400 is no problem!  

how many can I have?

this is a big bank in latin countries and spain/mexico so its good to see them here. hope they continue the $20 promo atleast 1 year!

Any confirmation of no hard pull yet?

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