Among few banks that offer a vast range of banking products and facilities, Sovereign Bank holds a dignified name. It also ranks as nineteenth largest financial institution in the United States. This bank has something for everyone including businesses, corporate clients, individuals, governments and institutions.

Personal

Low cost or free checking accounts with minimal balance requirement are available for individuals. Different types of savings accounts including health saving accounts, money market account, certificates of deposit, individual retirement accounts and holiday club accounts are offered to maximize savings. Individual borrowing facilities at Sovereign Bank include mortgages, credit cards, consumer loans, equity loans, auto loans and lines of credit. Investment opportunities for individuals include asset allocation, capital budgeting, retirement planning, college planning, financial planning, wealth management products, planning services, custody services etc. Rollover individual retirement accounts extend tax free facility until the age of seventy and a half. Sovereign bank acts as your finance secretary by providing custody services and tracks for your income sales, splits, coupons and mutual funds. Insurance services in the form of life insurance, disability and small business insurance are also provided.

Business

Businesses are also offered zero cost and frequent transactions checking accounts to facilitate their day to day banking. Online banking services for businesses include payroll services, onsite check deposit, e-statements, alerts and bill payments. Cash management services including cash services, merchant services, outside payroll, tax payments, wire transfers, retail lockbox and credit are also offered to businesses at Sovereign Bank.

Loans and lines of credit, small business loans, vehicle leasing, American Express cards, equipment leasing and financing are available for businesses.  Insurance products are also offered as business insurance, life insurance, personal insurance and benefits consulting to business clients. Mutual funds, business money market savings account, investment sales and trading, employee pension plan, wealth management, trust management, investment management, estate settlement and employee retirement benefit are also extended to small businesses. On the international level, letters of credit on import and export are issued to business clients. At Sovereign, financing solutions are provided to businesses in order to attract more business partners. Online services are provided to facilitate businesses in terms of online foreign exchange, direct collections and providing cover against negative currency movement and receiving competitive pricing. 

Government

A large array of banking facilities and products are available for the government sector and are divided into four broad categories namely: cash management, information reporting, loans and investments and capital markets. Cash management at Sovereign Bank includes disbursement and reconcilement whereby government banking accounts of different types are available, payroll services, collection services and insurance products are also there. The bank processes payroll, pays taxes and maintain HR records for government institutions. Payroll processing, tax deductions, calculating and filing, deposit and reconciliation of federal, state and local tax payroll services are extended by the bank. Not only that, retirement planning for employees is also available for employees of government institutions.

Insurance and information reporting for government agencies are also offered. Insurance against transportation and even environmental risk management is also provided by the bank. Investment products are offered in the form of investment accounts, employee pensions whereas lending products including line of credit, term loans, construction financing, municipal vehicle and equipment financing are available for government institutions and agencies. Sovereign Bank also offers wealth management products and mutual fund sweeps for these agencies.

The bank offers interest rate derivative feature working with the interest rate hedging and interest rate swaps for the investments of government institutions. Government financing service provides debt financing solutions for the government entities. With investment sales and trading facility; tax free notes and bonds, commercial paper, money market funds, tides, certificates of deposits, federal funds and treasury securities are made available to this sector for smooth trading operations.