- Open a Premier or Interest Checking Account along with a minimum $100 deposit by 10/31/2009
- Open any Sovereign savings or money market savings account with a minimum $100 deposit (or already have a savings account)
- Request a Sovereign CheckCard and make 2 check card purchases within 60 days of opening your account
- Enroll in Online Banking at account opening
- Whey you qualify, you will receive a $100 credit to your new checking account within 75 days after you open your checking account
- Residential address must be located in the following states: ME, VT, NH, CT, RI, MA, NY, NJ, PA, WV, MD, DE, District of Columbia.
- 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
This promotion is similar to Sovereign's April promotion. This new one requires a savings account, but on the plus side it only requires 2 check card purchases with no minimum purchase requirement. A reader in that April post commented about his positive experience with Sovereign and a previous promotion:
I signed up for the very similar January promo. I live out-of-state (Southwest); online application worked flawlessly, no hard pull. I made six online purchases with the debit card and got my $100 bonus about a week before the due date. ACH push (e*trade) counts as direct deposit for me -- no monthly fee.
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. However, the small print states that residential addresses must be located in the northeast states (see above).
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 a FDIC member (Certificate # 29950).
Credit for this find goes to markber who posted it at iBankDesign.
Other Bank and Credit Union Bonuses
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.