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Sovereign Bank $150 Checking Promotion

If 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 [3] 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:

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 [4] 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 [5]. It’s not often that you see notable interest rates from a brick and mortar bank now.