Dedicated to Deposits: Deals, Data, and Discussion

$100 Checking/Savings Account Bonus at Sovereign Bank in the Northeast States

POSTED ON BY

Santander Bank, N.A
Sovereign Bank has a new promotion in which you can earn $100 for a new checking and a savings account. The promotion page is located at sovereignbank.com/100. Here are the details:
  • 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
Some important small print:
  • 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
An important note regarding the Interest Checking is that direct deposit is required to avoid a $10 monthly fee (fee used to be $5). 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 $30/month fee (used to be $25). For the savings accounts, the Statement Savings appears to be the best choice with only a $100 minimum balance to avoid a monthly fee. Note, the monthly fees and minimum balance vary considerably based on your state.

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.

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

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Comments
4 Comments.
Comment #1 by Fumio (anonymous) posted on
Fumio
I strongly recommend to stay away from this bank. They have many different kinds of fees and they are all high.
Once I lost job last year and direct deposit, they started charging $5 monthly fee. Over draft was $35. Negative balance was $5 daily. Yes, it was daily.
Even you are careful watching your account every day, you may lose job in this economy. Usually banks waive the fee when we call, but this bank wouldn't.

1
Comment #2 by Anonymous posted on
Anonymous
Does anyone know where Sovereign Bank has the Deposit Account Terms and Account Agreements, the Electronic Transfer Funds ETF Agreement, and the Schedule of Fees? It's not shown during the application process. Also, where do they have listing all their CD's and their rates? I would 2nd to avoid this bank if they're not allowing me see details about the account.

1
Comment #3 by Anonymous posted on
Anonymous
Yeah, you'd better stay away from this bank. This January I opened both the premier checking with more than $15,000 and a saving account,plus made at leat 6 qualified purchases during the promotion. But up to now I don't get the $100 bonus yet, though I called them many times.

1
Comment #4 by gaelicwench (anonymous) posted on
gaelicwench
The terms and agreements, schedule of fees, etc. is federally mandated at the time of opening an account. If not, they can be reported, and that can get them into serious trouble. Even electronically (usually in pdf), they require you to read those prior to signing/funding a new account.

I was going to look into perhaps applying for this, since I live in PA, but after reading a few times here to keep away, I may just do that. Nothing like word of mouth. Thanks!

1