- 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
- 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
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).