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This is an online offer, so anyone can apply here: http://www.sovereignbank.com/


Seems pretty straight-forward and easy. Steps:

1. Open a checking package by January 31st (A Checking and Savings account, along with Online Banking and a Debit Card)

2. Make 5 Debit Card purchases or 1 direct deposit by March 31st.

3. Get your cash bonus by April 15th.


Each of the three accounts comes with fees that can be avoided.

PREMIER: No monthly fee with $20,000 or more in combined balances in checking, savings, money market savings, CDs, IRAs, investments, or loans (otherwise, $30)
PREFERRED: No monthly fee with direct deposit or qualifying balance of $2,500 in Checking (otherwise, $15)
CLASSIC: No monthly fee with a $500 average daily balance (otherwise, $5)


So I think the $75 Bonus using Preferred is the best. Has anyone dealt with Sovereign Bank before?

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Mine posted 5/2 as well. Good stuff.
Edit: time to close!

BingBlangBlaow (May. 06, 2012 @ 8:06p) |

Please say if you're able to close online or over the phone. I read a handout that said a notarized letter is required ... (more)

sirbarksalot (May. 06, 2012 @ 8:17p) |

Tried with secure message and they said I had to call. Call worked, no letter needed. I think they mainly want you to ca... (more)

BingBlangBlaow (May. 28, 2012 @ 12:52p) |

Offer extended until May 31, 2012 per their website at link

Credit card funding of account up to $1000. Doesn't get coded as cash advance on Chase Freedom.

Soft pull only.

Bonus is $125 for Premier, $75 for Preferred, $50 for Classic

$75 bonus is the best way to go.

Early Account Closing (if closed within 90 days of account opening) $25.00
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Thanks OP, easy $75, seems like ACH push should work as per the previous bonus:
http://www.fatwallet.com/forums/finance/988225/

Standard disclaimer: Current personal checking customers or anyone who has had a personal checking account with Sovereign Bank or any of its divisions in the last year are not eligible for this offer.

It's been longer than that. Had an account in 2010 with them. They're okay, but didn't offer much useful to me except for the bonus last time.

Edit: Just had a 20-ish minute conversation after I signed up with a Sovereign rep who confirmed information and set everything up. Documents will be mailed tomorrow. For others applying who get the 'instant' popup, I'd say don't bother and wait for the call the next day unless you're in a rush to get it done, as I essentially had to repeat everything I had put on the application because 'It took a while to refresh' or whatever... *shakes head* /end rant/

Edit 2: No hard pull, soft. Confirmed with phone rep.

^^^quoted text from above post that was edited. mods can delete.

hard pull??

From Sovereign's site:

"If your Sovereign Preferred Checking account is closed, there is a $10 monthly fee when your average daily balance falls below $2,000."

So I guess you have to make sure and close both at the same time, or for sure Savings, and then Preferred Checking.

vickh said:   hard pull??

no, soft.

Just get the bonus and close the account after 6 months?

Do they hard pull?

flowfaster said:   Do they hard pull?

Soft. It was answered several time

Looks good. Is there a fee for closing in x months?

Quovatis said:   Looks good. Is there a fee for closing in x months?From their Personal Deposit Account Fee Schedule:
Early Account Closing (if closed within 90 days of account opening) $25.00

FYI:

Since you have to open a corresponding Savings account, pick one with no fees:

"Preferred Money Market Savings: No fee with Sovereign Preferred Checking or $2,000 average daily balance"

***assuming you do the $75 bonus with Preferred, which I think all of us will do.***

another FYI:

Sovereign does have a "Refer A Friend" program, but it is for a gift to both parties.

The value of the gift is $50 to the current member, and $50 gift to the new incoming member. Sovereign counts this as $50 interest on your 1099, so consider all of this before doing it.

***I think you'll probably get something you don't really need, that you can get on Amazon for $25-$35 that will cost you about $15 in taxes on your 2012 return, but that is just my 2cents.

fuchl said:   flowfaster said:   Do they hard pull?

Soft. It was answered several time


You'd think once would have been enough when there were only 7 posts at the time of the question.

ungar2000 said:   Has anyone dealt with Sovereign Bank before?

Yes, they have been our bank for 11 years. I don't have any major complaints, other than the fact that they got us to sign up for a special kind of checking account, then took away all the benefits of doing so about a month after we did it. We will probably be switching to a smaller bank if I can find the right one.

hmmm....this was in finance and got moved to hot deals??? Signed up yesterday for the 75 dollar offer and only do driver's lic. and personal information online and they call you for the rest of the information? I wonder how much of this is setup for a sales call.

When it get's moved you need to resubscribe to the topic which is odd. Don't understand why this goes to hot deals, as other bank bonuses remained in FWF.

Extra bonus as they allow credit card funding of account up to $1000 and doesn't get coded as cash advance on Chase Freedom.

emgeecee said:   When it get's moved you need to resubscribe to the topic which is odd. Don't understand why this goes to hot deals, as other bank bonuses remained in FWF.

The thread was actually deleted by mods due to a "referral link" used in OP. So now the link is just to sovereign bank's website, and the promo is easily visible on their homepage.

I don't understand why it was moved to Hot Deals upon coming back. I think that all bank promos like this one should belong in Finance. It is annoying to have to search both places for the same type of info.

emgeecee said:   When it get's moved you need to resubscribe to the topic which is odd. Don't understand why this goes to hot deals, as other bank bonuses remained in FWF.

Extra bonus as they allow credit card funding of account up to $1000 and doesn't get coded as cash advance on Chase Freedom.


I sent an email to fatwallet last night, and it said the "After we reviewed it, we have reason to believe that the post in question was to the benefit of the poster. Therefore it was removed." Don't know why it appears again.

Could you please provide more info about funding using credit card? It's only for Chase freedom or also works for others? And where's the related link/fine print? Thanks a lot!

fuchl said:   

I sent an email to fatwallet last night, and it said the "After we reviewed it, we have reason to believe that the post in question was to the benefit of the poster. Therefore it was removed." Don't know why it appears again.


I simply used the link that is given once you click on the deal from www.sovereignbank.com/

I don't get how that would help me at all...maybe they think I work for Sovereign or something, lol.

I do not quite understand about this condition. So you have to bring in $2000 in order to close the accounts

ungar2000 said:   From Sovereign's site:

"If your Sovereign Preferred Checking account is closed, there is a $10 monthly fee when your average daily balance falls below $2,000."

So I guess you have to make sure and close both at the same time, or for sure Savings, and then Preferred Checking.

woodsley said:   I do not quite understand about this condition. So you have to bring in $2000 in order to close the accounts

ungar2000 said:   From Sovereign's site:

"If your Sovereign Preferred Checking account is closed, there is a $10 monthly fee when your average daily balance falls below $2,000."

So I guess you have to make sure and close both at the same time, or for sure Savings, and then Preferred Checking.


No, it means if you close the checking account, but not the savings account, you will pay a $10 fee if the savings account doesn't have $2000 in it. There is no fee if you have the checking account open too. So, as was said, all you would need to do is close both accounts if you want out.

fuchl said:   emgeecee said:   When it get's moved you need to resubscribe to the topic which is odd. Don't understand why this goes to hot deals, as other bank bonuses remained in FWF.

Extra bonus as they allow credit card funding of account up to $1000 and doesn't get coded as cash advance on Chase Freedom.


I sent an email to fatwallet last night, and it said the "After we reviewed it, we have reason to believe that the post in question was to the benefit of the poster. Therefore it was removed." Don't know why it appears again.

Could you please provide more info about funding using credit card? It's only for Chase freedom or also works for others? And where's the related link/fine print? Thanks a lot!


YMMV, all depends on your credit card. There's no related link, when they call you for their extremely lengthy security process for account opening(Clearly the most efficient use of resources to combat terrorism is to ask me what year my parent's house was built(which I had to guess), and what year my citi credit card was opened(I have several and all the dates on the multiple choice were years I opened citi credit cards)), they tell you, that you can fund with credit card. If your credit card allows the funding coded as a purchase is up to the individual credit card(set your cash advance limit to 0 to avoid problems which is what I do for chase and citi credit cards). If this security process is the new normal, I may do less of these bank bonuses, as that took a solid 20 min on the phone. Maybe it's because they're now owned a Spanish bank, and the regulations are different, but wow.

Got the email to call....thanks for the heads up on 20 mins...

emgeecee said:   
If your credit card allows the funding coded as a purchase is up to the individual credit card(set your cash advance limit to 0 to avoid problems which is what I do for chase and citi credit cards)


How do I set my ChaseFreedom cash advance limit to 0?

Thanks ungar2000!

Anybody know if using the FIA Fidelity AMEX to fund account would be processed as a purchase or cash advance?
Thanks!

emgeecee said:   what year my parent's house was built(which I had to guess)
Use zillow.com to find out. Chances are they are using the same info, so it doesn't matter if (both) are wrong.

fuchl said:   flowfaster said:   Do they hard pull?

Soft. It was answered several time


Jane: We're having a free get-acquainted session at our resort this weekend.
Homer Simpson: How much is this free resort weekend?
Glen: It's free.
Homer Simpson: And when is this weekend?
Glen: It's this weekend.
Homer Simpson: Uh-huh. And how much does it cost?
Glen: Um, it's free.
Homer Simpson: I see. And when is it?
Glen: It's this weekend.
Homer Simpson: And what are you charging for this free weekend?

Just a note, if you need a place for $20000, the permier checking bonus will effectively pay you 1% annualized for the money, or 1.15% if you put it in the permier mma account (.6% APY).

Zaos said:   emgeecee said:   what year my parent's house was built(which I had to guess)
Use zillow.com to find out. Chances are they are using the same info, so it doesn't matter if (both) are wrong.


Good to know. Although seems like incredibly useless for verifying identity if I don't know that information offhand, and anyone can look it up on zillow if they were trying to impersonate me. As always the regulations in the pursuit of terrorism continue to impress me.

alanmax said:   Thanks ungar2000!

Anybody know if using the FIA Fidelity AMEX to fund account would be processed as a purchase or cash advance?
Thanks!


I have never heard of a new account funding taking any AMEX It's always Visa or Mastercard.

ungar2000 said:   
How do I set my ChaseFreedom cash advance limit to 0?


I set my Chase Freedom to $0 cash advance limit by simply sending a message through the Secure Message Center requesting this. There were a few replies from them stating they were escalating my request, and then a week later the limit showed $0.

Ok, has anybody actually opened the accounts and funded it for anything more than the minimum of $25.00 for checking and $10.00 for savings?
The rep. only let me fund the minimums with my Visa.
She said any funding more than the minimums would have be deposited after the accounts are open and not with a Visa or MC.

alanmax said:   Ok, has anybody actually opened the accounts and funded it for anything more than the minimum of $25.00 for checking and $10.00 for savings?
The rep. only let me fund the minimums with my Visa.
She said any funding more than the minimums would have be deposited after the accounts are open and not with a Visa or MC.


Probably because the moment the post went up about funding with a credit card they got 1000 calls from FWers with 10% Citizens/Charter or 5% AARP card requesting a max-out funding of the account

I funded with 500 in each checking and savings, however, the charge is still pending on my CC as of today, but we'll see if everything goes through, as yesterday I started the opening process, and today did the phone call.

A lot of futzing around with an account representative to set up the count, but no sales talk. Essentially redundant with most of the online application, and a process that many other large banks do entirely online. Probably took about 20' total, but I suppose if you figure the whole process takes about 30' then you're looking at ~$150/hr for the Preferred Checking. Note that, if you have a co-applicant, s/he must go through the same verbal confirmation process--potentially a nuisance. Representative also said it takes about 48h for account number to be established, and it is not sent by email. Finally, you have to agree to online banking/bill pay, using the debit card 6x (not 5) before "mid-February" (they are being a bit vague here "so that that all applicants over the offer time-span receive their checks about the same time"), and you must agree to account protector and debit accounts (both free). You have to fund the account with $25 to checking and $10 to savings at the time of the call, and must return the confirmation and signature cards within 30d.

n3rdcore said:   ungar2000 said:   
How do I set my ChaseFreedom cash advance limit to 0?


I set my Chase Freedom to $0 cash advance limit by simply sending a message through the Secure Message Center requesting this. There were a few replies from them stating they were escalating my request, and then a week later the limit showed $0.


Chase's reply to my secured message is: The cash advance limit is set as 20% of the credit limit. Sorry, we can't change that for you.

Call them to change the cash advance limit. Has always worked for me.

Zaos said:   Just a note, if you need a place for $20000, the permier checking bonus will effectively pay you 1% annualized for the money, or 1.15% if you put it in the permier mma account (.6% APY).

If you leave the 20k @ Sovereign Premier for 3 months, the $125 bonus comes out to about 2.5% annualized return. The $75 bonus for 2.5k Preferred deposit comes out to about 12% annualized returned... You can add the additional (low) interest to bump those numbers up a smidgen, but for 3 months it's basically negligible.

Skipping 53 Messages...
Tried with secure message and they said I had to call. Call worked, no letter needed. I think they mainly want you to call so they can try to get you to keep it open, which she did, but really not more than would be expected (not annoyingly). One interesting thing is I told them I was not able to set up an additional DD at my work, and she said that a transfer from another FI would work, and even mentioned Paypal and ING, and said that is what a lot of customers use. So looks like those would all count as DD to waive monthly fee, and I would assume to trigger bonus as well.



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