Santander Bank has a program called “Extra $20“. This program gives you an extra $20 every month that you complete 2 requirements. It is simple to complete the 2 things and by doing these two things they will deposit $20 in your “savings” account. Watch the money grow at the end of the year you will have amassed $240 (plus interest).
$20 Free For Having A Santander Bank Account
What Are The 2 Things You Need To Do?
- Have a Direct Deposit of $1,500 or more
- Make 2 bill payments from your checking account
Are you ready to signup?
Here is a little more information. Before you can start you need a to:
- Open an extra20® Checking and extra20SM Savings account. You can open one up easily online here.
- You will need $35, $25 for the checking account and $10 for the savings account
- Then you will need to Have a Direct Deposit of $1500 or more (within service fee period)
- Pay 2 bills with BillPay through the Online Banking (within service fee period)
- Then you will e rewarded with the $20 bonus into your extra20SM Savings account.
Get $10 when you have $1,500 or more direct deposited into your extra20® checking account each monthly service fee period.1
Get another $10 when you schedule two or more bills to be paid during the same monthly service fee period through the Online Banking BillPay tab.
There’s no cap on how long you can collect your $20 as long as the product is offered. The money goes directly into your extra20SMsavings account.1
So what is the scary part?
Actually there is a few things that people may overlook.
- There is a service fee if you do not have the Direct Deposit.
Only open this account if you can have a Direct Deposit. It is not worth the fees if you do not have a way of receiving a Direct Deposit. (An ACH would work).
There is a tiny fine print way down on the bottom that you can’t even read with reading glasses. I blew up the letters for all the old folks to read.
- Your bonuses will be reported as interest on Form 1099-INT in the year received.
In short, you will be taxed on this as earnings, there goes 15% of your earnings. Maybe it isn’t as worthwhile as you thought. Credit card signup bonuses are not considered earnings or income, so they (currently) are ot taxable. As my accountant explained it to me it is a rebate. Here is a cut out from an IRS letter.
The IRS will not assert that any taxpayer has understated his federal tax liability by reason of the receipt or personal use of frequent flyer miles or other in-kind promotional benefits attributable to the taxpayer’s business or official travel.
The next paragraph can be a concern:
This relief does not apply to travel or other promotional benefits that are converted to cash, to compensation that is paid in the form of travel or other promotional benefits, or in other circumstances where these benefits are used for tax avoidance purposes.
1099 INT Form
It also pays to keep in mind that Citi does consider the Citi Checking account with the AA bonus taxable. Other banks have added a clause in their Terms and conditions indicating that they may tax you for your miles like this Bank of America one.
The value of this reward may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of such reward. Please consult your tax adviser, as neither Bank of America, its affiliates, nor their employees provide tax advice.
Wow, I got off on a tangent over here. Enough said.
Do I have an Extra20 account?
Signup for the Santander Extra20 to Get $20 Bonus Every Month that you make two Bill payments and have a Direct Deposit.