Start with Free Business Checking.
You get:
$100 within 90 days when you open your new account with a minimum of $50
$50 when you make 6 qualifying VisaŽ CheckCard purchases in those same 90 days
Add a Business Owner Premier Checking.
You get:
$100 when you open your new account with a minimum of $10 and then reach a combined balance of $15,000 within 90 days
$50 when you make 6 qualifying VisaŽ CheckCard purchases within those same 90 days
Bonus terms as copied from bank's website on 9/23/08:
Open a new Free Business Checking or Business Checking Plus account by October 24, 2008 with a standard minimum opening deposit of $50 and request a Business Visa CheckCard (Business VCC). You will receive a credit of $100 to your new business checking account within 105 days after the account is opened. If you make 6 Business VCC purchases within 90 days after you open your account, you will receive an additional credit of $50 to your new business checking account within 15 days after the expiration of this 90-day period. Your account must be in good standing in order to receive your bonus. One $150 credit per business entity as identified by taxpayer identification number (TIN). The amount of the bonus credited to your account will be reported to the IRS as interest for the year in which the bonus is credited to your account. Customers that currently have or have had a business checking account in the last 60 days at Sovereign or any of its divisions are not eligible for this offer. Open a new Business Owner Premier Checking account by October 24, 2008 with a standard minimum opening deposit of $10 and request a Visa CheckCard (VCC). If the combined balance of your Sovereign personal checking, savings and money market savings accounts, CDs, IRAs, investments and loans (not including mortgages, student loans, credit card balances, unsecured personal loans and lines of credit issued by FIA Card Services, N.A., the unused portion of any Sovereign credit line, and for Sovereign Bank customers in New England, indirect auto loans obtained through automobile dealers) is $15,000 or more on the 90th day after you open your account (or, if the 90th day is not a bank business day, the immediately preceding bank business day), you will receive a credit of $100 to your new Business Owner Premier Checking account within 15 days after the expiration of this 90-day period. If you make 6 VCC purchases within 90 days after you open your account, you will receive an additional credit of $50 to your new Business Owner Premier Checking account within 15 days after the expiration of this 90-day period. One $150 credit per customer. Your Business Owner Premier Checking account must be open and in good standing in order for you to receive your account credit. Business Owner Premier Checking is only available to owners and officers of a business with a business checking account at Sovereign or any of its divisions. Annual percentage yield (APY) of 0.10% for Business Owner Premier Checking when balance is less than $5,000 and 0.45% APY when balance is $5,000 and above. APYs effective as of 9/6/08 and are subject to change at any time. Fees may reduce earnings. The amount of the bonus credited to your Business Owner Premier Checking account will be reported to the IRS as interest for the year in which the bonus is credited to your account. Current personal checking customers or anyone who has had a personal checking account with Sovereign Bank or any of its divisions in the last 90 days are not eligible for the Business Owner Premier Checking offer. Business Owner Premier Checking offer cannot be combined with other personal checking account offers.
** Transactions include checks paid, teller deposits, ATM deposits, deposited items, and ACH items (electronic debits and credits not originated by customer). Sovereign Merchant Services (credit and debit card payment processing), Sovereign Payroll & HR Services, and ACH debit items are not included.
In the case of excessive cash deposits, Sovereign reserves the right to transfer you to an account with more appropriate cash handling services.
*** All loans subject to approval.
