With over 800 branches from Philadelphia to Boston, Philadelphia based Sovereign Bank is making a run on the coast. The company offers consumer and small business banking products as 'America's neighborhood bank. Sovereign Bank also features personal online banking services.' Spain's Banco Santander controls 25% of Sovereign Bank's stock.
2 Reviews Through Sovereign Mortgage, Sovereign Bank offers fixed rate mortgages, as well as FHA and VA mortgages. Loans are made for as little as $15,000 and bi-weekly payments are available.
1 Review Both online and at 750 branches throughout the Northeast, Sovereign Bank offers Money Market Savings with a tiered interest rate structure with a minimum initial deposit of $10.
2 Reviews Both online and at 750 branches throughout the Northeast, Sovereign Bank offers Sovereign Free Interest Checking with BillPay, no monthly maintenance fee and no minimum balance.
2 Reviews Both online and at 750 branches throughout the Northeast, Sovereign Bank offers Passbook Savings with no monthly maintenance for account balances above $1,500 and tiered interest rates.
DO NOT BANK WITH SOVEREIGN!!! Be forewarned. This is the worst banking experience you'll ever have. They do not tell you, but they issue you a credit/debit card and then charge you 50 cents each time you use it as a debit card. It's only 50 cents right? Except it adds up and and at the end of the month you can easily be paying $100-200 for using your own money. Ok. So you use it as a credit card, right? They charge you $33 dollars for over-drafting. They cash the biggest checks/charges first, so they can charge more over-drafting fees for the smaller charges incurred. Make sense?! NO?! EXACTLY! On top of that, they have the WORST customer service. Try it so you can find out for yourself.
