Sovereign Bank is offering a $250 checking account bonus when you open a new Red, White & Rewarded Checking account and complete the required banking activities during your first 90 days.
The promotion is being offered in celebration of America’s 250th birthday. The account requires just $25 to open, has no minimum balance requirement, and you can earn the $250 bonus by completing direct deposit, ACH, and debit card requirements each month.
The offer is only available locally. If you’re looking for offers available nationwide, check out our top picks here—including huge offers from Chase, CIT Bank and Axos Bank that you won’t want to miss!
Here are the details.
Sovereign Bank $250 Checking Bonus
Bonus: $250
Account: Red, White & Rewarded Checking
Minimum Opening Deposit: $25
Monthly Minimum Balance: None
Availability: Sovereign Bank markets this offer through its Oklahoma branch network
Expiration: Limited-time offer; no specific expiration date is listed
Direct Deposit Required: Yes
Bonus Posting: Within 30 days after completing the requirements
Limit: One bonus per customer
Trending Checking Account Deal:
How to Earn the $250 Bonus
To qualify for the $250 Sovereign Bank checking bonus:
- Open a new Red, White & Rewarded Checking account with at least $25.
- During each month for the first 90 days after opening the account, complete all of the following:
- Receive at least 1 qualifying direct deposit
- Complete at least 1 ACH transaction
- Make at least 6 PIN-based debit card purchases
- Keep your account open and in good standing through the time the bonus is paid.
- Sovereign Bank will deposit the $250 bonus within 30 days after you meet the promotional requirements.
The important thing to note is that these aren’t one-time requirements. According to the offer terms, you’ll need to complete the direct deposit, ACH transaction, and six PIN-based debit card purchases each month during the first 90 days.
Red, White & Rewarded Checking Account
The Red, White & Rewarded Checking account requires a relatively small $25 opening deposit.
According to Sovereign Bank, the promotional checking account:
- Requires $25 to open
- Has no minimum balance requirement
- Is non-interest bearing
- Is FDIC insured
The relatively low opening deposit makes this an accessible bonus compared with checking promotions that require customers to maintain thousands of dollars in their account.
Is the Sovereign Bank $250 Bonus Worth It?
This is a decent $250 checking bonus, particularly because there isn’t a large minimum balance requirement.
The biggest drawback is the number of transactions required. You’ll need to remember to complete all three requirements every month during the first 90 days, including six PIN-based debit card purchases.
That potentially means completing at least 18 PIN debit purchases over the three-month qualification period, in addition to the monthly direct deposits and ACH transactions.
Still, if you can easily redirect a qualifying direct deposit and use the debit card for a handful of small everyday purchases each month, the requirements should be manageable.
Important Terms
Here are some of the important terms to keep in mind:
- Offer is available for a limited time and may be changed or canceled at any time.
- You must open a new Red, White & Rewarded Checking account.
- A $25 minimum opening deposit is required.
- You must complete one qualifying direct deposit, one ACH transaction, and six PIN-based debit card transactions each month for the first 90 days.
- The account must remain open and in good standing when the bonus is paid.
- The $250 bonus is paid within 30 days after meeting the qualifications.
- There is a limit of one bonus per customer.
- Joint accounts are considered one customer for purposes of the promotion.
- The checking account is non-interest bearing.
- There is no minimum balance requirement.
- Sovereign Bank is a Member FDIC.
Sovereign Bank Locations
Sovereign Bank lists branches in several Oklahoma communities, including:
- Canute
- Edmond
- Granite
- Holdenville
- Lawton
- Mangum
- Midwest City
- Oklahoma City
- Shawnee
Because bank promotions can have geographic and account-opening restrictions, make sure you’re eligible to open the account before attempting to complete the offer.
See the Best Checking & Savings Account Bonuses and Start Earning Free Cash Today
Bottom Line
The Sovereign Bank $250 Red, White & Rewarded Checking bonus is worth considering if you’re eligible and can comfortably complete the monthly transaction requirements.
There is only a $25 opening deposit and no minimum balance requirement, so you don’t need to tie up a significant amount of money to earn the bonus.
The main thing to watch is the recurring activity requirement. For each of the first 90 days, you’ll need to stay on top of your monthly direct deposit, ACH transaction, and six PIN-based debit card purchases.
If those requirements fit your normal banking activity, earning $250 for opening a new checking account could be a worthwhile opportunity.
Bonus: $250
Minimum Opening Deposit: $25
Minimum Balance: None
Qualification Period: First 90 days
Bonus Payment: Within 30 days after completing requirements
Offer Expiration: Not specified; limited-time offer
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