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Sovereign Bank: Goal Savings Account $125 Bonus

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Soverign BankHere’s an interesting way to structure a bonus – you get more bonus money based on how much you “save” during the year. It is structured as an “interest bonus” and it’s based on your average daily balance increase in the account from the previous year. When it comes time to review your account, which is done annually, if your average daily balance has increased by $2500 then you are eligible for a $12.50 bonus. If it increases by over $25,000, then you qualify for the maximum $125 bonus.

You will also need to add one recurring monthly automatic transfer to this savings account from another account, which can be a checking account at the same bank or an external bank. Having an automatic transfer also avoids the monthly fee, which is $3.50. There is a $25 minimum opening balance.

Here are the bonus tiers:

  • $12.50 bonus for a $2,500 to $4,999.99 increase in savings
  • $25 bonus for a $5,000 to $7,499.99 increase in savings
  • $37.50 bonus for a $7,500 to $9,999.99 increase in savings
  • $50 bonus for a $10,000 to $14,999.99 increase in savings
  • $75 bonus for a $15,000 to $24,999.99 increase in savings
  • $125 bonus for a $25,000 increase and above in savings

Click here for the full details.

It’s interesting how they structured this as a “savings goal” because you don’t often see it. They were also savvy in that you only get the bonus after a year, which will be tough for bonus chasers.

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One Response to “Sovereign Bank: Goal Savings Account $125 Bonus”

  1. Shafi says:

    Hi Jim, thanks for the nice post and sharing it with us. That seems like a good option for many folks. For me, NO! I am on fixed income and that’s less than $2,500 a month. Needless to say, folks like me cannot take advantage of it.

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