Average User Rating:
3 star rating based on 4 reviews.

Sovereign Bank

1130 Berkshire Blvd
Wyomissing, PA 19610
877-768-2265
www.sovereignbank.com

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Sovereign Bank is headquartered in Wilmington and is the 6^th largest bank in the state of Delaware. It is also the 27^th largest bank in the nation. It was established in 1907 and as of September of 2011, it had grown to 8,002 employees at 720 locations. Sovereign Bank's money market rates are 36% higher than the national average, and it boasts a 5-star health rating.

Sovereign 5-Year CD Special Available Nationwide (Forum) - 2/12/2011

I just confirmed with a Sovereign Bank's CSR that they now allow anyone in the nation to open their CDs. So anyone can open their 3% APY 5-year CD special. I updated my Thursday blog post with info from my conversation with the CSR. Please refer to my

Competitive 5-Year CD Rate Special at Sovereign Bank - Available Natiowide - 2/10/2011

Sovereign Bank is offering two special CDs. The one with the most competitive rate is the 5-year CD which has a 3.00% APY. The other one is a 1.25% APY 18-month CD. Both have a minimum deposit of $500 ...

Promotions At Sovereign Bank (Forum) - 10/4/2010

$150 checking/savings acct. promotion is back untill 11/12/2010...

$150 Checking/Savings Account Bonus at Sovereign Bank in the Northeast - 9/19/2010

Sovereign Bank is offering a $150 cash bonus for opening a checking and money market account. Here's the direct link to the promotions page . Accounts must be opened by November 12, 2010. Here are the ...

2010

8/24 - New Inactivity Fee At Sovereign Bank (Forum)
8/24 - $50 Student Checking Bonus At Sovereign Bank In The Northeast (Forum)
5/11 - Sovereign Bank (Owned By Satandar) Is Offering 2% 6 Month CD's (Forum)
4/20 - $150 Checking Account Bonus & CD Promotion at Sovereign Bank in the Northeast
2/7 - $150 Checking Bonus and 1.50% 3-Mo Money Market Guarantee at Sovereign Bank in the Northeast

2009

2008

2007

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See Rates for: Money Market | CD | IRA

Sovereign Bank Money Market Rates

Apy	Min	Max	Product
0.80%^†	$100k	-	Premier Money Market Savings
0.35%^†	$75k	-	Money Market Savings
0.35%^†	$75k	-	Preferred Money Market Savings

Sovereign Bank CD Rates

Apy	Min	Max	Product
0.60%	$50k	$100k	36 Month Rising Rate Relationship CD
0.50%	$50k	$100k	24 Month Rising Rate Relationship CD
0.45%	$50k	$100k	12 Month Rising Rate Relationship CD
0.35%	$50k	$100k	36 Month Rising Rate CD
0.25%	$50k	$100k	24 Month Rising Rate CD
0.20%	$50k	$100k	12 Month Rising Rate CD

Sovereign Bank IRA Rates

Apy	Min	Max	Product
0.35%	$50k	$100k	36 Month Rising Rate IRA
0.25%	$50k	$100k	24 Month Rising Rate IRA
0.20%	$50k	$100k	12 Month Rising Rate IRA

Rates updated: 2/11/2012

Data for Q3 2011

Institution Statistics

Sovereign Bank
OTS #	04410
FDIC Certificate #	29950
BankRate Report	View
Year Established	1907
Employees	8002
Primary Regulator	OCC
Assets and Liabilities
Assets	$76.11 billion
Loans	$49.83 billion
Deposits	$47.47 billion
Equity Capital	$12.55 billion
Loan Loss Allowance	$815.47 million
Unbacked Noncurrent Loans	$1.16 billion
Real Estate Owned	$173.72 million
Historic Data - September 2010
Assets	$72.22 billion
Equity Capital	$11.78 billion
Loan Loss Allowance	$944.21 million
Unbacked Noncurrent Loans	$1.87 billion
Real Estate Owned	$155.22 million
Profit Margin - Quarterly
Net Interest Margin	2.86%
Return on Assets	0.48%
Return on Equity	2.95%
Interest Income	$2.00 billion

Institution Health

Overall Score:

5 out of 5

Texas Ratio
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2011 Sovereign Bank had $1.33 billion in non-current loans and owned real-estate with $13.37 billion in equity and loan loss allowances on hand to cover it. This gives Sovereign Bank a Texas Ratio of 9.97% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Sovereign Bank decreased slightly from 15.89% as of September 30, 2010 to 9.97% as of September 30, 2011, resulting in a positive change of 37.23%.This indicates that the balance sheet and financial strength for Sovereign Bank has improved slightly in recent periods.
Deposit Growth
In the past year, Sovereign Bank has increased its total deposits by $6.48 billion, resulting in 15.82% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Sovereign Bank has shown is excellent.
Capitalization
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Sovereign Bank has $76.11 billion in assets with $13.37 billion in equity, resulting in a capitalization level of 17.57%, which is excellent.

SOVEREIGN BANK IS HORRIBLE!!
1 stars

- rsspobox - Friday, February 3, 2012 - 1:29 AM

Sovereign Bank is the worst financial institution I have ever had the misfortune to do business with. Steer very clear. I have 2 accounts. A personal, and a Joint account. They have both of my debit cards setup to come from one account, and thus cause me to over draw. I have called to correct this many times, they claim its fixed but it never gets fixed. Even though they acknowledge their mistake they refuse to remove the insufficient fund fees. They are a disgrace to banking and as soon as I can pay off all of my over drafts I will close all accounts with them and switch to credit unions. Nothing can be worse than this experience has been. Their customer service is non-existent.

Bank Elsewhere
1 stars

- kdoward - Monday, May 9, 2011 - 8:06 PM

Unfortunetly 0 stars is not an option. I have had nothing but problems with them. They don't care about their customers once they have hustled you into opening with them in the first place. They are not helpful at all and have no problem saying the customer is wrong. They can not take credit if one of their employees makes a mistake. I am now in the process of switching banks and can not wait to actually like where I bank!

Convenient Locations
4 stars

- user69 - Saturday, April 23, 2011 - 6:24 AM

I've been with this bank for the past seven (7) years, with a few different accounts. I have never run into any problems with them, even through the inevitable changes that all banks tend to make to their policies. If anything they were a little too proactive in letting its members know of changes that were occurring and explaining what to expect. Their customer service has always been friendly and helpful. I always enjoy my experience when I do have to venture inside of the actual bank. In my area there are a good amount of branch buildings as well as ATMs in every CVS, which is a plus if I need cash quick. I would definitely recommend this bank to anyone.

Always Friendly And Not So "By The Books" As Other Banks
5 stars

- barty1013 - Wednesday, July 14, 2010 - 6:17 PM

I've always had a good experience with my Sovereign. They've "stretched" the rules for me on more than one occasion when I've had overdrafts. And they're always friendly, which is the main reason I don't go anywhere else.