Need some help starting an emergency fund?
I’ve got a really simple way to make it happen: Open a separate bank account, put a free $150 in it and don’t touch the money. Ever.
Check your budget to see what you can spare to save, then designate part of your paycheck to automatically go into the account. And then set it, forget it and don’t touch that account unless catastrophe strikes.
With that money directed into a special account where you don’t see it, it’s easy to avoid the temptation to spend it on other things.
How to Get $150 When You Open a New Checking Account With Santander
If you’re a new customer, Santander Bank will give you $150 for opening a new checking account. Use this account to hold your savings, and you can kickstart your emergency fund with free cash!
The offer works for Basic, Classic and Premium checking accounts, which offer a variety of options to fit your needs.
Here’s how the deal works:
1. Open an eligible new Santander checking account with a minimum deposit of $25 (if you prefer, they’ll send you a coupon code to open your account in person at a local branch.
2. Have direct deposits totaling $500 or more within the first 90 days.
3. Keep your account open for at least 90 days.
4. Once you meet these conditions, your $150 will be paid within 30 days.
Start Your Emergency Fund Now
Open your new checking account with $25 today. Direct deposit at least $500 into it over the next 90 days, then keep adding a small amount from each paycheck — even if it’s just $10 or $20 — until you have enough to cover an unexpected car repair or medical bill.
Then, just as you’re watching your emergency fund grow, Santander will give you a $150 bonus within the month to boost it even further.
This deal is good until June 30.
Your Turn: Do you use a separate bank account to avoid temptation and save money? Do you have an emergency fund? Why or why not?
Disclosure: Some of the links in this post are affiliate links. We would have shared them with you anyway, but a true “penny hoarder” would be a fool not to take the company’s money.