Wow. This is cool.
Usually banks charge you to use their services, but Santander Bank has a new promotion where they will pay you $20/month ($240 year) to open and use a checking account.
Here’s how it works:
1. First, use this promotional link to open an account.
2. To qualify for the $20 monthly bonus, customers must open an extra20 checking and a linked extra20 savings account, make direct deposits of at least $1,500 to their checking account each month and pay two bills or more each month using Santander’s online bill pay service.
Customers who direct deposit $1,500 or more but do not pay bills through the online service will receive a $10 monthly bonus. Monthly bonuses will be deposited into customers’ extra20 savings accounts.
3. We’ve reached out to Santander for clarification, but it doesn’t appear that there is an end to this promotion. Meaning, you should get $20/month for as long as you have the account open! This is huge!
I’ll update the post when we hear back from them.
4. Bonuses are credited to your extra20SM savings account on the first business day after your extra20® checking account service fee period ends. Your bonuses will be reported as interest on Form 1099-INT in the year received. Limit 1 extra20® checking and savings account per person.
Good luck Penny Hoarders!
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