Sovereign Bank checking account bonus

Open a Sovereign Bank checking account package by July 31, 2011, and you could earn a cash bonus. To earn a cash bonus you must make five debit card purchases by Sept. 5, 2011.

Banking packages that are eligible for the cash bonus are the Premier, Preferred and Classic accounts. All three banking packages require you to:

• Deposit a minimum of $25 to open a checking account
• Deposit a minimum of $10 to open a savings account
• Enroll in online banking
• Request a MasterCard debit card when opening an account

Once you complete the requirements for the cash bonus, the money will be credited to the checking account by Oct. 15, 2011. Premier checking packages receive a bonus of $100, Preferred packages receive $75 and Classic banking packages receive $50.

The Premier Checking Account is an interest-bearing account. It has no monthly fee if you have a combined balance of at least $15,000 on checking, savings, money market, CDs, IRA and loans. That minimum balance will rise to $20,000 Sept. 1, 2011. The Preferred Checking Account also earns interest. There is no monthly fee on this account with direct deposit or qualifying balances. The Classic Checking Account has a low balance requirement and no monthly fee with an average daily balance of $500.

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