$300 Business Checking Account Promotion at Sovereign Bank

Sovereign Bank has a business checking promotion in which you can earn up to $300. Below are the steps required for the $300:

• Open a new Free Business Checking account by May 30, 2008, with a minimum opening deposit of $500 and request a Business Visa CheckCard. You will receive a credit of $150 to your new business checking account within 75 days after you open your account.
• Open a new Business Owner Premier Checking account by May 30, 2008 with a minimum opening deposit of $100 and request a Visa CheckCard.
• If the combined balance of your Sovereign checking, savings, money market savings, CDs, IRAs, investments or certain loans is $15,000 or more on the 60th day after you open your account, you will receive a credit of $150 to your new checking account within 15 days after the expiration of this 60-day period.

Some of the important fine print details include:

• The amount of the account credit will be reported to the IRS as interest.
• Funds for opening deposit must come from another financial institution.
• Current personal checking customers or anyone who has had a personal checking account with Sovereign Bank or any of its divisions in the last 60 days are not eligible for this offer.

The promo page states that you can "Open your accounts by calling our Business Solution Center at 877-768-1145 or by visiting a local Community Banking Office." If it's like the personal checking account bonus that I reported on last week, you may only be eligible for the bonus if you apply at a branch. Also note, opening business checking accounts typically requires documentation such as an employer identification number and/or a state business license. Please check with Sovereign for these details.

For more information on Sovereign Bank's $150 personal checking account promotion, please see my last week's post.

Branches are located in the Northeast in the states of Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. The bank is FDIC insured (Certificate # 29950).

Thanks to the reader who mentioned this promotion in the finding-the-best-deals post.

Tags: New York, Sovereign Bank, Rhode Island, checking account, Massachusetts, New Hampshire, Pennsylvania, Maryland, New Jersey, Connecticut