bank rates

Sovereign Bank Checking $100 Bonus

Here’s an alternative to the high-yield checking accounts we’ve been writing about.

Sovereign Bank Checking Account BonusOpen a new “Premier” or “Interest” checking account at Sovereign Bank and you can qualify for a $100 bonus in less than three months.

We think you should pass on the Premier account because it imposes a $25 monthly maintenance fee if your balance falls below $15,000.

No one should keep $15,000 in an account that’s only paying a lousy 0.15%.

Interest Checking pays even less — a ridiculous 0.02%. But there’s no minimum balance requirement and the $5 monthly maintenance fee is waived if you have at least one regular, direct deposit.

To qualify for the bonus you must make six check card purchases totaling at least $250 during the first 60 days the account is open. Do that and the $100 is credited within the next 15 days.

You’d have to put $10,000 into a high-yield checking account paying at least 4% interest to earn $100 in three months.

Play this deal right and you can earn $100 in less than three months while tying up less than $1,000 of your money.

Even if you don’t bother with the direct deposit and pay the $5 monthly maintenance fee, you still net $85.

If you like Sovereign’s service and other perks, such as its Cash Rewards program, maybe you stick around.

This offer is available nationwide.

But if you don’t live near one of Sovereign’s 700 branches in the Northeast, here’s something to keep in mind.

Sovereign doesn’t charge a fee for using someone else’s ATM, but it won’t reimburse you for the fees other banks charge like high-yield checking accounts.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (3)
1 Star2 Stars3 Stars4 Stars5 Stars (6 votes, average: 2.83 out of 5)
Loading...
3 Existing Comments
  1. marian said:
    on April 29th at 12:20 pm

    I have a very bad experience with this bank. Besides their monthly fees, their other fees are amazingly high.
    Overdraft fee $125
    Daily negative balance fee $25 (daily!)
    When I lost my job and direct deposit, I tried to close the account, but they took time and didn’t want to help.
    Stay away from this bank.

  2. lee said:
    on April 29th at 01:59 pm

    Bank of The West is offering $100 for new checking. Check out this link for more info:
    http://bankofthewest.hllphosting.com/freechecking

  3. chris said:
    on April 29th at 02:27 pm

    Bad Bank. Would not stop emailing me to get me to sign up for an account. Once a member, could never get a hold of anyone to help me with problems. They gave me a phone number for some a voicemail system that after 5 minutes of “Push 3 if you want to…” I finally got someone who was just a phone operator.

    Overdrew from my checking account. Paid the huge fee for this and never received my bonus for opening the checking account.

    Go elsewhere for banking and for bank bonuses. Don’t waste time with them.