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$50 Checking/Savings Account Bonus at Sovereign Bank

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Santander Bank, N.A
Sovereign Bank is offering a $50 bonus for opening a new checking and savings account by April 24th. This bonus doesn't seem to be listed at the bank's website. It was advertised in yesterday's Providence newspaper. The ad is available online here. The nice thing about this bonus is no direct deposit requirements. However, it does have some hoops to jump through.

You must open both accounts with a minimum deposit of $500 and request a Sovereign Visa CheckCard. A minimum of $500 must remain in the savings account for 45 days after account is opened. The bonus will be credited to the savings account within about 45 days after the accounts are opened. The bonus is only available to those who haven't had a Sovereign Bank deposit acccount within the last 6 months. The bonus will be reported to the IRS as interest.

Sovereign Bank does have a free checking account with no minimum balance requirements and no monthly fees. However, the Statement Savings Account requires a minimum $400 to avoid a $3.50 monthly fee. You won't want to keep much money in this savings account since it only earns 0.35% interest.

Branches are mainly located in the Northeastern US in the states of Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. Sovereign Bank is FDIC insured (cert. # 29950).
  Tags: Santander Bank, N.A, checking account

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Comments
4 comments.
Comment #1 by Anonymous posted on
Anonymous
Anyone in a state that does not have a Sovereign bank give this a shot? It looks like you can signup online but I don't know if I should try or not.

1
Comment #2 by Daysha (anonymous) posted on
Daysha
According to the cust svc rep he said that we out of staters could qualify if we signed up online.

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
daysha, thanks for the info.

1
Comment #4 by Anonymous posted on
Anonymous
When it says we must deposit "$500 in each account" am I correct to assume that it means it's necessary to put in $1000 (500 in checking and 500 in savings)?

1