Dedicated to Deposits: Deals, Data, and Discussion

$100 Checking Account Bonus at Sovereign Bank

POSTED ON BY

Santander Bank, N.A
Sovereign Bank has a promotion in which you can earn $100 for a new checking account. The promotion page is located at sovereignbank.com/100. Here are the details:
  • Open a Primier or Interest Checking Account along with a Sovereign CheckCard and a $10 deposit by 2/27/2009
  • Make 6 purchases within 60 days of opening your account
  • Receive a $100 cash bonus credited to your account 15 days after the 60-day opening period
Some important small print:
  • bonus will be reported to the IRS as interest
  • Current personal checking customers or anyone who has had a personal checking account with Sovereign Bank or any of its divisions in the last 6 months are not eligible for this offer
An important note regarding the Interest Checking is that direct deposit is required to avoid a $5 monthly fee (I'm not sure if any ACH deposit will count as a direct deposit). On the plus side is that they provide free checks. The Premier Checking is even worse in terms of potential fees. A $15,000 combined balance is required to avoid a $25/month fee.

A reader in my September 2008 Sovereign Bank post reported problems with a previous promotion and poor customer service. If you've tried a previous Sovereign promotion, a comment about your experience would be appreciated.

When I called Sovereign Bank in April 2008 regarding a similar promotion, I was told that there's no account closure fee if an account is closed after 90 days. Otherwise, it's $25. The CSR also said they don't perform a hard credit inquiry. They just use ChexSystem in the application.

There's an online application link in the promo page, and it appears available to people in any state. However, in April I received conflicting reports about if a branch visit was required to receive the bonus. I recommend checking with Sovereign Bank if you're considering this offer. 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).

  Tags: New York, Santander Bank, N.A, Rhode Island, checking account, Massachusetts, New Hampshire, Pennsylvania, Maryland, New Jersey, Connecticut

Related Posts

Comments
6 Comments.
Comment #1 by Anonymous posted on
Anonymous
I opened an account at Sovereign in September and received the bonus in a very timely fashion, it was credited to the account on the 91st day it was open. I opened the account in person, and the staff was very friendly and helpful.

1
Comment #2 by Anonymous posted on
Anonymous
I tried to get the September 2008 Sovereign Bank bonus promotion. I emailed Sovereign Bank 4 times & they said it was good for out of state applications.

I did online application, then sent in money order. It was returned, no explanation, I called Sovereign Bank & their customer service had no idea of anything. One customer service rep said because I "didn't live in Boston"...

1
Comment #3 by Anonymous posted on
Anonymous
anyone know if paypal ach count as direct deposit?
or does it have to be payroll

1
Comment #4 by Anonymous posted on
Anonymous
I'll try it again. (I tried to get the September 2008 Sovereign Bank bonus promotion.)

is the Sovereign Bank bonus promotion good for out of state applications?

"Thank you for your recent email. As long as you fulfill all of the promotional requirements.

You may reach a Personal Banking Representative by contacting us at: 1-877-SOV-BANK (768-2265), select your language preference, Option 1 for personal accounts, and select the appropriate menu option. "

1
Comment #5 by Anonymous posted on
Anonymous
Identity theft for some Sovereign CheckCard holders:

"Sovereign Bank was recently notified by Visa that Heartland Payment Systems, a provider of card processing for merchants, has had a breach of customers' credit and debit card information, including some Sovereign CheckCards."

http://www.sovereignbank.com/personal/promotions/announcements/heartland-payment-system.asp

1
Comment #6 by Anonymous posted on
Anonymous
Actually Sovereign Bank is very unhelpful, their staff are not knowledgeable and they make no effort to keep their customers happy, or even keep their customers. They are one of the worst banks I have ever dealt with in terms of customer service.

If you have an issue and call their customer service line all you get is a robot reading from a script.

1