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$125 bonus – Sovereign Bank : $25,000 increase of Sovereign Goal Savings Accoun balance; Exp. – unknown

By , June 12, 2011
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How It Works
Simply set up at least one recurring monthly automatic transfer from a Sovereign Checking account or from an account at another financial institution. Then you can earn one of the following:

$12.50 bonus for a $2,500 to $4,999.99 increase in savings
$25 bonus for a $5,000 to $7,499.99 increase in savings
$37.50 bonus for a $7,500 to $9,999.99 increase in savings
$50 bonus for a $10,000 to $14,999.99 increase in savings
$75 bonus for a $15,000 to $24,999.99 increase in savings
$125 bonus for a $25,000 increase and above in savings

The Sovereign Goal Savings Account will be reviewed annually to determine eligibility for an Interest Bonus. In order to be eligible for an Interest Bonus you must have: A Sovereign Checking account open at the time the Interest Bonus is credited and at least one automatic recurring transfer per month into the Sovereign Goal Savings account from a Sovereign Checking account or via ACH transfer from another financial institution. The increase in your account balance from the previous year will be reviewed to determine the amount of the Interest Bonus to be credited. An Interest Bonus is credited to your Sovereign Goal Savings account if the average daily balance increase in the account from the previous year falls into one of the following tiers: $12.50 bonus for $2,500 to $4,999.99 in savings; $25 bonus for $5,000 to $7,499.99 in savings; $37.50 bonus for $7,500 to $9,999.99 in savings ; $50 bonus for $10,000 to $14,999.99 in savings; $75 bonus for $15,000 to $24,999.99 in savings; and $125 bonus for $25,000 and above in savings.

For the first year your account is open, the average daily balance of the statement cycle ending on or after the account opening anniversary date will be reviewed. If the average daily balance falls into one of the Tiers, the applicable Interest Bonus will be credited to the account. For example, a new Sovereign Goal Savings account opened on May 22, 2011 has a statement cycle ending May 31. The average daily balance of the May 2012 statement cycle (ending May 31, 2012) will be reviewed and if the average daily balance for that month falls into one of the Tiers, the appropriate Interest Bonus will be credited to the account. If the May 2012 average daily balance is $5,000, an Interest Bonus of $25 will be credited to the account.

In the second and subsequent years your Sovereign Goal Savings account is opened, and for accounts that converted into a Sovereign Goal Savings from another type of account, the Interest Bonus will be determined based on how much the balance of the account has increased from year to year based on comparing your average daily balance from year to year. For example, by the statement cycle ending May 31, 2013, the average daily balance has increased to $20,000 from $5,000 the previous year, meaning the account average daily balance has increased by $15,000. The Interest Bonus will be based on the increase of $15,000 so a $75 Interest Bonus will be credited to the account.

Converted accounts: A customer converts his Sovereign Statement Savings account into a Sovereign Goal Savings account on May 22, 2011 with a balance of $10,000 (statement cycle date of May 31, 2011). The average daily balance of the statement cycle ending on May 31, 2012 is $15,000 meaning the average daily balance increased by $5,000 during the year. An Interest Bonus of $25.00 will be credited to the Sovereign Goal Savings account.

An Interest Bonus will be credited to a Sovereign Goal Savings account every year if the average daily balance increase from year to year falls into one of the Tiers shown. If the average daily balance increase from year to year is below $2,500, no Interest Bonus will be credited to the account for that year. The Interest Bonus will be credited to the Sovereign Goal Savings Account within 60 days after each account opening anniversary date. The Interest Bonus will be credited to your Sovereign Goal Savings Account and will be included in your Form 1099-INT for the tax year in which the Interest Bonus is credited.

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