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Sovereign Bank $150 Checking Promotion

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Sovereign BankIf you live in the northeastern United States, need a bank account, and could use an extra hundred fifty bucks… do I have a bank deal for you. Sovereign Bank is offering a $150 cash bonus for new checking and savings account customers. The requirements are fairly standard – setup a checking and a savings account, enroll in online banking, and make five debit card transactions. In terms of bank deal requirements, it’s reasonable.

Here is the promotion page where residents of CT, DE, MA, MD, ME, NH, NJ, NY, PA, RI, WV, VT, and Washington DC can find out more (sorry, no one else is eligible). This expires May 28th, 2010. More details after the jump.

So this is what you’ll need to do to get the bonus:

  • Open a new Sovereign Premier Checking, Business Owner Premier Checking, Interest Checking, or Partnership Checking account with a minimum deposit of $100,
  • Open any new Sovereign savings or money market savings account with a minimum opening deposit of $100 or already have any Sovereign savings or money market savings account,
  • Setup Online Banking,
  • Request a debit card and make 5 debit card purchases within 60 days of opening the accounts,

Review the fees for the checking and savings accounts you select, as they can be substantial. The cheapest one is the Sovereign Interest Checking account which has no fee if you setup a direct deposit, otherwise it’s $10 a month. The $150 is deposit 75 days after you meet the conditions.

They have some pretty impressive CD rates including a 6-month Save CD (with no penalty features) offering 2.00% APY plus a 36-month indexed “invest” CD that uses the S&P 500 Index as a benchmark. You can learn more about both here. It’s not often that you see notable interest rates from a brick and mortar bank now.

{ 11 comments, please add your thoughts now! }

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11 Responses to “Sovereign Bank $150 Checking Promotion”

  1. Hannah says:

    Sovereign is my local bank. This bank has a TERRIBLE website. Many actions that other banks allow you to do completely online require you to call a branch or go in to speak with someone in person. You can’t even change your own address online. So if you’re not nearby a branch, be ready to deal with a lot of hassle to get that $150.

    • jsbrendog says:

      thank you. this would def turn me off as I do most everything online other than take out money.

  2. rtbeal says:

    Wish I lived out east to get this. Never see this out my way.

  3. Clare says:

    Just a question – but is there any downside to these promotions? Do they pull credit information to open a checking account, etc?

    • Jim says:

      Most do not but I would call to confirm. In the case of Sovereign Bank, they do no do a hard credit inquiry but will run a ChexSystems inquiry.

      • jsbrendog says:

        and chexsystems is a “soft” pull then i assume and doesn’t really affect (effect?) anything?

        • Jim says:

          ChexSystems isn’t related to your credit so it doesn’t matter.

          • cdiver says:

            That is correct. It is a check on your past banking experiences to see if any instituions have taken a loss on your accounts or if funds are owed to any institution.

  4. Fred says:

    Any way one can open this account, get the bonus and avoid monthly fees without having a job direct deposit?

  5. Roxann says:

    Sovereign had a promotional to open an account w/an ATM card, make 3 direct deposits, 7 withdrawls and they would deposit $150 into your account. Be sure that you closely and carefully monitor that they actually make the deposit. I quickly met all their requirements and have been waiting for 3 months for the $150 deposit to be made. After many phone calls to our local branch, visiting them etc… and basically them telling me that there was a “glitch” in the system that the deposit isn’t there and a district manager had to become involved and now she still is looking into “when the next batch of deposits will be made”…I feel they are taking advantage of their customers and not following through! Be sure you get what they say they will give you!

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