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Santander Has A Checking Account Bonus You Keep Earning, Month After Month

Savers from across the nation can score a $20 monthly bonus indefinitely with a checking and savings account from Santander Bank.

It will pay you $20, month in and month out, after you open an extra20 Checking and extra20 Savings account.

To qualify, you must:

  • Receive $1,500 in direct deposits, and you’ll receive a $10 credit.
  • Make two online bill payments, and you’ll get another $10 credit.

There’s no obligation to do both things to get extra cash. Even if you just receive the direct deposits, or just make the online bill payments, you’ll receive $10.

Most big banks will credit your new account with a $100 or $200 bonus after a qualifying direct deposit has been created and a few online bill payments have been made.

With the Santander bonus, the longer you stick to the monthly schedule of receiving regular direct deposits and making online bill payments, the more you can earn. At $20 a month, it will take less than a year to make more than most other bonuses are paying.

The extra cash will hit your savings account the first business day after your statement cycle ends.

You need a minimum deposit of $25 to open the checking account and a $10 minimum deposit to open the savings account.

While the monthly service fee for the extra20 Checking account is $10, if you receive direct deposits worth $1,500, the fee is waived.

The only disappointing thing about this offer is that the extra20 Savings account pays a paltry 0.03% APY interest.

Anyone across the country can open the extra20 Checking and extra20 Savings accounts.

But if you live outside Santander’s main service area in the Northeast, you’ll most likely have to pay fees for using your local ATMs.

Santander Group is based in Madrid and has 13,600 branches with 90 million customers around the world. It came to the U.S. in 2005 by purchasing a 25% stake in Boston-based Sovereign Bank.

It bought the rest of the operation three years later and rebranded Sovereign’s network of 700 branches and 2,100 ATMs as Santander Bank just last fall.

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