Sovereign Bank, one of the largest banking institutions in the northeastern U.S., is headquartered in Wyomissing, Pennsylvania.
The bank first opened its doors in 1907 as New Home Federal Savings And Loan Association. Its original goal was to provide loans to textile workers so that they could become homeowners. The bank has since expanded its scope of products and services. It has also expanded its reach with branch locations throughout New York and New England.
In 2010, Sovereign Bank claims to be one of the largest banking institutions in the northeastern United States. It is a subsidiary of Grupo Santander, a Spanish banking group operating one of the largest banks in the entire world. In 2008, Euromoney Magazine named Santander the Best Bank in the World.
This bank offers standard banking products including several checking account and savings account types. These are standard accounts such as classic checking, student checking, statement savings and money market savings.
One unique account is the bank's Triple Your Interest savings account, a high interest savings account with double and triple interest rewards based on recurring transfers from a Sovereign Bank checking account. This bank also offers a high-interest 3-year term CD in addition to other CD accounts.
This bank provides customers with consumer loans and mortgages. Consumer loans include home equity loans, auto loans and various lines of credit. Mortgages include standard mortgages as well as homeowner assistance loans such as refinancing loans.
Another way to borrow money through Sovereign Bank is to get a credit card with the institution. Options include a Visa Signature Card, a World MasterCard and a Student Platinum Plus MasterCard. These cards have no annual fee, come with automatic fraud monitoring and may be eligible for rewards.
Customers can invest in their futures with this bank in a number of ways. Those options include mutual funds, annuities and IRAs. Sovereign Bank also offers access to life, home and auto insurance, loan protection and identity protection.
Sovereign Bank has been insured by the Federal Deposit Insurance Corporation since 1938. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.