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Terms:

Open a new Free Business Checking account by May 30, 2008, with a minimum opening deposit of $500 and request a Business Visa CheckCard. You will receive a credit of $150 to your new business checking account within 75 days after you open your account. Your account must be in good standing in order to receive your bonus. One $150 credit per business entity as identified by taxpayer identification number (TIN). The amount of the account credit will be reported to the IRS as interest. Funds for opening deposit must come from another financial institution. Customers that currently have or have had a business checking account in the last 60 days at Sovereign or any of its divisions are not eligible for this offer. Open a new Business Owner Premier Checking account by May 30, 2008 with a minimum opening deposit of $100 and request a Visa CheckCard. If the combined balance of your Sovereign checking, savings, money market savings, CDs, IRAs, investments or loans (not including mortgages, student loans, credit card balances, unsecured personal loans and lines of credit issued by FIA Card Services, N.A. and the unused portion of any Sovereign credit line) is $15,000 or more on the 60th day after you open your account, you will receive a credit of $150 to your new checking account within 15 days after the expiration of this 60-day period. One $150 credit per customer. Your account must be open and in good standing in order for you to receive your account credit. Annual percentage yield (APY) of 0.10% when balance is less than $5,000 and 0.45% APY when balance is $5,000 and above. APYs effective as of 3/29/08 and are subject to change at any time. Fees may reduce earnings. The amount of the account credit will be reported to the IRS as interest. Funds for opening deposit must come from another financial institution. Current personal checking customers or anyone who has had a personal checking account with Sovereign Bank or any of its divisions in the last 60 days are not eligible for this offer. Current employees of Sovereign Bank or any of its divisions are also not eligible for this offer. Cannot be combined with other offers.