Offer at a glance
- Maximum bonus amount: $250
- Availability: OK only
- Direct deposit required: Yes, no minimum mentioned
- Additional requirements: 1 ACH transaction, 6 debit card purchases
- Hard/soft pull: Unknown
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: Unsure
- Household limit: None listed
- Expiration date: None
The Offer
- Sovereign Bank is offering a $250 bonus when you open a new checking account and complete the following requirements for each month for 90 days:
- Set up 1 direct deposit
- Complete 1 ACH transaction
- Make 6 PIN-based debit card purchases
The Fine Print
- Offer available for a limited time.
- To qualify for the one-time $250 bonus, customer must open a new Red, White & Rewarded Checking account and complete the following each month for the first 90 days after account opening: one (1) qualifying direct deposit, one (1) ACH transaction and six (6) PIN-based debit card transactions.
- Account requires $25 to open, is non-interest bearing, and has no minimum balance.
- Limit one bonus per customer.
- Bonus is paid within 30 days after meeting qualifications.
- Account must be open and in good standing at time of bonus payment.
- Joint accounts are considered one customer for the purposes of this promotion.
- Offer subject to change or cancellation at any time. Member FDIC.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
There is a free checking account with no monthly fees to worry about.
Early Account Termination Fee
I wasn’t able to find a fee schedule so unsure if there is any EATF or not.
Our Verdict
Hat tip to reader Bockrr
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