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Thread: Santander Extra 20 Checking

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  1. #1 Default Santander Extra 20 Checking 
    Heard about this on the radio when I was home last week. It seems like they are giving you $10 to your account if you do direct deposit more than $1500 monthly and another $10 for setting up 2 bill pays. Sounds like a good deal to get $20 monthly for something I already do with Bank of America which doesnt give me anything.

    Anyone currently enrolled in such a program?

    The way I see it, $20 monthly is almost monthly interest for some of the higher interest online savings banks if you have $25,000 in the account. Or if you look at it from a credit cards rewards point of view, its the rewards for spending $1,000 monthly at 2% cash back.

    So this extra 20 checking from Santander actually sounds more lucrative than high interest savings and chasing after rewards credit cards. (of course the key is to take part in all of them instead of picking and choosing)

    As a side note and a more board observation. Does this mean big banks are returning to being very profitable, similar to what we saw in 05-08 where they were figuratively begging for people to deposit money with them? And are we heading into another bubble in a few years
    Last edited by cheu_f50; 03-25-2014 at 02:22 PM.
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  2. #2 Default  
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    ken knows a lot about this

    brace yourself.
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    love to see your V... we have a bunch on the forum
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    If referring to me, I have all the aids...
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  3. #3 Default  
    with link

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

    Cash like clockwork.

    Just have $1,500 or more in total direct deposits, pay two bills using the BillPay tab in Online Banking and we’ll credit $20 every month into your extra20 savings account.
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  4. #4 Default  
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    Seems like they're trying to grab market share because they're new here and free money is the easiest way to do it. I had never heard of them until one day the local Sovereign bank had a Santander sign on it.
    Are there fees on the account?
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  5. #5 Default  
    Santander is a spanish bank i believe that bough sovereign

    would like to know what their fees are like, no way a bank would just give away money
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  6. #6 Default  
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    And no monthly fee on your extra20 checking account when you meet the above direct deposit requirements (otherwise $10).

    1 To receive extra20 bonuses, you must have both an extra20 checking and an extra20 savings account (minimum opening deposit of $25 and $10, respectively). You will receive a $10 Direct Deposit bonus with total 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 schedule at least two bills to be paid in the same period from your extra20 checking account using the BillPay tab in Online Banking, 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.
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  7. #7 Default  
    Quote Originally Posted by Snowflake View Post
    consumer banking agreement that is associated with the account



    2 You can withdraw funds from your extra20 savings accountaccount. no more than 6 times by computer, telephone, preauthorized transfer, check or Debit Card purchase each service fee period. Fees apply if you exceed these limits, and if you repeatedly exceed these limits, we will close your account or convert your account to a type of account that does not have these restrictions, such as a checking
    that is typical for savings account with other big banks as well. For example with BofA regular savings, "Your first 3 withdrawals each monthly statement cycle is at no fee. For each additional withdrawal a $3 Excess Withdrawal fee applies." From what I have read, everything seems to be fairly standard and typical. Since it cost nothing (except for time) to open an account, and it doesnt have any negative affects associated with credit score (like a credit card would), I probably will open one tonight to see how it goes. After confirming the fact that my existing BofA account will not end up giving me a fee for stopping direct deposit with them.
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  8. #8 Default  
    Quote Originally Posted by cheu_f50 View Post

    The way I see it, $20 monthly is almost monthly interest for some of the higher interest online savings banks if you have $25,000 in the account.
    what banks are you getting $20 a month interest with $25,000 ?
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  9. #9 Default  
    Quote Originally Posted by inter1032 View Post
    what banks are you getting $20 a month interest with $25,000 ?
    Ally Bank is paying 0.87% APY for savings account, which is the highest one I know of. For $25,000 that comes to approx. $18+change. I rounded up to $20. And to me it doesnt make any sense to open an account with say ... Capital One for their 360 Savings if they only pay you 0.75% APY knowing that Ally pays more. (even though we are talking only $2.50 a month difference with a $25,000 account balance)

    And it further reinforce the point that if Santander is paying $20 if you abide to their fairly typical restrictions for a checking and savings account, it is a hell of a deal.
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  10. #10 Default  
    thanks will look into ally
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  11. #11 Default  
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    Quote Originally Posted by cheu_f50 View Post
    that is typical for savings account with other big banks as well. For example with BofA regular savings, "Your first 3 withdrawals each monthly statement cycle is at no fee. For each additional withdrawal a $3 Excess Withdrawal fee applies." From what I have read, everything seems to be fairly standard and typical. Since it cost nothing (except for time) to open an account, and it doesnt have any negative affects associated with credit score (like a credit card would), I probably will open one tonight to see how it goes. After confirming the fact that my existing BofA account will not end up giving me a fee for stopping direct deposit with them.
    Yea my feeling on the account is .... If you don't have checking and don't have savings and can meet the requirements ...why not 20$bucks is 20 bucks.... But I don't think I'd take the time to close any other accounts risk fees and go running to this one.

    I'd double check and be 100000% sure no hard pull is done. I'd be shocked if you could open an account via the web without a credit check at a major bank. Scott on here is very knowledgeable on this type of stuff he might be able to chime in.
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  12. #12 Default  
    Quote Originally Posted by cheu_f50 View Post
    Does this mean big banks are returning to being very profitable, similar to what we saw in 05-08 where they were figuratively begging for people to deposit money with them? And are we heading into another bubble in a few years
    Banks can still borrow from the Fed for just about 0%, probably just hoping by having to deposit $1,500 a month they will become your primary bank and you end up using them for some type of loan product they make money on
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  13. #13 Default  
    Quote Originally Posted by inter1032 View Post
    what banks are you getting $20 a month interest with $25,000 ?
    I get a little over that at East Boston Savings Bank online division http://ebsbdirect.com/, 1% but requires $50k min


    Quote Originally Posted by Snowflake View Post
    I'd double check and be 100000% sure no hard pull is done. I'd be shocked if you could open an account via the web without a credit check at a major bank. Scott on here is very knowledgeable on this type of stuff he might be able to chime in.
    Not sure about online but I opened an account in a Sovereign Branch and no hard pull. I don't have the above mentioned account, I have some relationship package that gives me free checking/savings and safe deposit box
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  14. #14 Default  
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    Quote Originally Posted by BadJew View Post
    I get a little over that at East Boston Savings Bank online division http://ebsbdirect.com/, 1% but requires $50k min



    Not sure about online but I opened an account in a Sovereign Branch and no hard pull. I don't have the above mentioned account, I have some relationship package that gives me free checking/savings and safe deposit box
    i googled...soft pull to open this one....so no adverse affects..
    Last edited by Snowflake; 03-25-2014 at 05:17 PM.
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  15. #15 Default  
    Quote Originally Posted by Snowflake View Post
    Yea my feeling on the account is .... If you don't have checking and don't have savings and can meet the requirements ...why not 20$bucks is 20 bucks.... But I don't think I'd take the time to close any other accounts risk fees and go running to this one.

    I'd double check and be 100000% sure no hard pull is done. I'd be shocked if you could open an account via the web without a credit check at a major bank. Scott on here is very knowledgeable on this type of stuff he might be able to chime in.
    the last bank account I opened via web was in 2010 with Chase. Back then I can open accounts online without a hard pull. Don't recall reading anything about that being changed. Besides my concern has more to do with average account length vs hard pull. Hard pull will be off your record in a considerable shorter time compared to the fact that I have credit accounts opened for months bringing down the overall average length.
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  16. #16 Default  
    Another option is your old employer Salem Five, http://www.salemfivedirect.com/. Cannot be opened in branch and everything needs to be done online, if you use a teller for any transaction you pay a fee. They have eOne Checking and eOne savings package, no min required, savings pay 1% and checking .25%. But I would avoid this scumbag bank. You only get those rates as a new customer and down the road you will go into lower rates
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  17. #17 Default  
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    Quote Originally Posted by cheu_f50 View Post
    the last bank account I opened via web was in 2010 with Chase. Back then I can open accounts online without a hard pull. Don't recall reading anything about that being changed. Besides my concern has more to do with average account length vs hard pull. Hard pull will be off your record in a considerable shorter time compared to the fact that I have credit accounts opened for months bringing down the overall average length.

    yea this one is only a soft pull, so no worries....always a good idea to look i recall a thread on another forum that was designated just to people calling up banks asking what type of credit pull was done (this was 07ish when there were online accounts paying 6%) and the results over the various different online accounts varied from hard to soft......lol
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  18. #18 Default  
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    Quote Originally Posted by BadJew View Post
    Another option is your old employer Salem Five, http://www.salemfivedirect.com/. Cannot be opened in branch and everything needs to be done online, if you use a teller for any transaction you pay a fee. They have eOne Checking and eOne savings package, no min required, savings pay 1% and checking .25%. But I would avoid this scumbag bank. You only get those rates as a new customer and down the road you will go into lower rates

    yea that was the account myself and 2 others were in charge of over my 3 yrs there....there whole sales department ( 4 people ) is based on that account.

    when it launched it was at 6% up to the first 1m and anything over that was transferred into a separate funding account that paid dirt .5%.....

    and your 100% correct ...has to be new money and the rates never ever stayed put. everything has to be done online.




    remember the Plat. Cash Account......if i recall someone had more than one maxed out
    Last edited by Snowflake; 03-25-2014 at 05:43 PM.
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  19. #19 Default  
    Quote Originally Posted by Snowflake View Post

    Lol remember the Plat. Cash Account......if i recall someone had more than one maxed out lol
    Yea when that account started rates changed monthly to whatever the LIBOR rate was, I remember it being over 6%. Then they lowered the max but I got grandfathered in and could still keep a million there before I maxed out and they put in funding account. What was really great about that account is it was a checking account, I would write out large checks on a Friday before a long weekend and deposit to another local bank paying high rates, would get interest on both accounts for 4 days, would make an extra $130+ everytime
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  20. #20 Default  
    Quote Originally Posted by BadJew View Post
    Yea when that account started rates changed monthly to whatever the LIBOR rate was, I remember it being over 6%. Then they lowered the max but I got grandfathered in and could still keep a million there before I maxed out and they put in funding account. What was really great about that account is it was a checking account, I would write out large checks on a Friday before a long weekend and deposit to another local bank paying high rates, would get interest on both accounts for 4 days, would make an extra $130+ everytime
    That sounds an awful lot like kiting - may not want others to try the same.
    Just the right amount of way too much.

    Don't make me assume my ultimate form.
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