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On This Page
- At a glance
- Overall
- Santander Bank bank products
- Bank fees
- About Santander Bank
- How Santander Bank compares to other banks
- FAQs
- Review Methodology
At a glance
3.7
Rating: 3.7 stars out of 5
Bankrate Score
CDs
Rating: 3.8 stars out of 5
Checking
Rating: 3.8 stars out of 5
Savings
Rating: 2.8 stars out of 5
About Bankrate Score
Overview
Santander Bank operates primarily in the Northeast and is best suited to those living near a branch in Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, Connecticut, Delaware, New Hampshire and Miami, Florida.
Highlights
- Free Checking
- Top CD Rates
- Highly Rated App
Compare offers
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.25
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 5/1/2024
Rating: 4.4 stars out of 5
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1
Min. balance for APY
Promoted offer:
American Express
Member FDIC
Savings Account Details
4.25
%
APY
$1
Min balance for APY
Offer rate as of5/1/2024
Interest rate4.16%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
CD
5.00
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 5/1/2024
Rating: 4.9 stars out of 5
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$500
Minimum deposit
Promoted offer:
Marcus by Goldman Sachs
Member FDIC
CD Details
5.00
%
APY
$500
Min. deposit
1yr
Term
Offer rate as of5/1/2024
Minimum deposit$500
Member FDIC
Checking Account
0.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 5/1/2024
Rating: 4.9 stars out of 5
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
SoFi
Member FDIC
Checking Account Details
0.50
%
APY
$0
To open
$0
To avoid fees
Offer rate as of5/1/2024
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.4
Rating: 4.4 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.25
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 5/1/2024
$1
Min. balance for APY
Promoted offer
American Express
Member FDIC
Savings Account Details
4.25
%
APY
$1
Min balance for APY
Offer rate as of5/1/2024
Interest rate4.16%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
CD
4.9
Rating: 4.9 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.00
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 5/1/2024
$500
Minimum deposit
Promoted offer
Marcus by Goldman Sachs
Member FDIC
CD Details
5.00
%
APY
$500
Min. deposit
1yr
Term
Offer rate as of5/1/2024
Minimum deposit$500
Member FDIC
Checking Account
4.9
Rating: 4.9 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
0.50
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 5/1/2024
$0
Min. balance for APY
SoFi
Member FDIC
Checking Account Details
0.50
%
APY
$0
To open
$0
To avoid fees
Offer rate as of5/1/2024
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
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Take a look at our list of other banks that may be offering the rate you're looking for.
Overall
Santander Bank has branches mainly in the Northeast. Its biggest presence is in Massachusetts, where it has nearly 200 locations. The bank’s offerings include a variety of savings and checking accounts, along with several terms of CDs. Some accounts can be opened online, while others need to be opened in person at branches. Those seeking a high-yield savings account won’t find it here, however, as the account earns below the national average.
Pros
Santander Bank operates 420 branches almost exclusively in the Northeast.
Santander offers three checking accounts, one savings account and CDs in a wide range of terms.
Appointments to open accounts and other banking needs can be booked on Santander’s website.
Cons
Those living outside of the Northeast or Miami will probably want to bank elsewhere.
The Santander Savings Account rate is below the national average for annual percentage yields (APYs).
Santander Bank banking products
2.8
/5
Rating: 2.8 stars out of 5
See methodologyCompare savings rates
SCORE BREAKDOWN
APY offering:
0.03%
Rating: 1 stars out of 5
1/5
Minimum balance to earn interest:
$25.00
Rating: 5 stars out of 5
5/5
Monthly service fee:
$1.00
Rating: 4 stars out of 5
4/5
Minimum balance to avoid fee:
$100.00
Rating: 5 stars out of 5
5/5
Access to funds:
Great
Rating: 5 stars out of 5
5/5
FEATURES
0.03% APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of5/1/2024
$25 minimum deposit to open
Santander Bank savings overview
The Santander Savings account requires either a Santander checking account or a $100 average daily balance to avoid a $1 monthly fee. In addition, the fee is waived if the owner of the account is under age 26. This account can be opened either online or at a branch.
There’s a low $25 minimum opening deposit requirement. While there’s a $3 out-of-network ATM fee, account holders under age 26 get ATM fees waived. The account’s APY is minimal.
Pros
Only $25 is needed to open the Santander Savings Account.
Cons
The savings account pays an APY below the national average.
To avoid the $1 monthly fee, account holders need to have either an average daily minimum balance of $100 or a Santander checking account, or to be under 26 years of age.
-
See how rates for this account have changed over time.Interact with the trend lines to view APY by date.
Santander Bank
APY
APY
National average APY
How do we get this data?
Santander Bank savings rates
Date
Santander Bank
APY
APY
National average APY
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.25
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 5/1/2024
Rating: 4.4 stars out of 5
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1
Min balance for APY
American Express
Member FDIC
Savings Account Details
4.25
%
APY
$1
Min balance for APY
Offer rate as of5/1/2024
Interest rate4.16%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Promoted offer:
3.8
/5
Rating: 3.8 stars out of 5
See methodologyCompare CD rates
SCORE BREAKDOWN
APY offering:
2.00% - 1 yr
Rating: 3 stars out of 5
3/5
Minimum deposit:
$500.00
Rating: 5 stars out of 5
5/5
Range of term lengths:
3 mos – 5 yrs
Rating: 5 stars out of 5
5/5
Early withdrawal penalty:
Average
Rating: 3 stars out of 5
3/5
Offer no-penalty or bump-up CDs:
No
Rating: 0 stars out of 5
0/5
Offer IRA CDs:
No
Rating: 0 stars out of 5
0/5
FEATURES
0.25% – 4.75% APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of5/1/2024
$500 minimum deposit to open
3 months – 5 years
Santander Bank CD overview
Santander Bank offers CDs with terms ranging from three months to five years. CDs need to be opened in person at a branch, and a $500 minimum deposit is required. Rates for the nine-, 13- and 18-month CDs are highly competitive. Rates were only posted for these three terms on the bank’s website at the time of this review.
The bank also offers Small Business CDs, some of which earn rates that are well above the national average CD rates.
Pros
Highly competitive yields are earned by some personal CD terms, including those of nine, 13 and 18 months.
Small Business CDs are also offered, many of which earn high yields.
Only $500 is required to open a CD.
CDs come in a wide range of terms.
Cons
CDs cannot be opened online.
Rates for some personal CDs weren’t posted on the bank’s website during Bankrate’s review.
-
See how rates for this account have changed over time.Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
Santander Bank
APY
APY
National average APY
How do we get this data?
Santander Bank CD rates
Date
Santander Bank
APY
APY
National average APY
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
CD
5.00
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 5/1/2024
Rating: 4.9 stars out of 5
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$500
Min. deposit
1yr
Term
Marcus by Goldman Sachs
Member FDIC
CD Details
5.00
%
APY
$500
Min. deposit
1yr
Term
Offer rate as of5/1/2024
Minimum deposit$500
Promoted offer:
3.8
Rating: 3.8 stars out of 5
Bankrate Score
Compare top checking rates
Santander Bank checking overview
Santander Bank’s Simply Right Checking account, which Bankrate scored for this review, doesn’t require a minimum balance and just $25 to open. You can avoid the $10 monthly maintenance fee if you make at least one transaction a month or if you’re under 26 years of age. Those under 26 also get a $1 discount on the $3 out-of-network ATM fee.
The Santander Select Checking account reimburses customers up to $30 each period for out-of-network ATM fees. The account charges a $25 monthly service fee that can only be waived by keeping at least $25,000 in bank deposits or investments at Santander Investment Services.
When it comes to overdrafts, Santander gives customers a $100 cushion before a $15 overdraft fee is assessed. The fee is only charged if the customer doesn’t pay off the overdrawn amount within five days. No fee is charged for overdraft protection transfers.
Santander’s Essential Checking account doesn’t require a minimum balance and waives the $4 monthly fee if you’re under age 26 or over age 65. This account provides no overdraft coverage and as such, no overdraft fees are charged. A $10 minimum opening deposit is required.
Santander’s mobile banking app allows customers to access online bill payments and use Zelle to send money to others.
Pros
The Simply Right Checking account requires just one deposit, payment, transfer or withdrawal a month to avoid the monthly service fee. The fee is also waived for account owners under 26 years of age.
Only $25 is required to open either the Simply Right Checking or Select Checking account.
Customers get five days to pay off an overdrawn balance before incurring a fee, and a fee is only assessed if the overdrawn amount is over $100.
Cons
The Simply Right Checking account charges $3 for using out-of-network ATMs in the U.S.
The minimum balance to waive the Select Checking monthly fee is steep.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Checking Account
0.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 5/1/2024
Rating: 4.9 stars out of 5
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
To open
$0
To avoid fees
SoFi
Member FDIC
Checking Account Details
0.50
%
APY
$0
To open
$0
To avoid fees
Offer rate as of5/1/2024
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
Bank fees
| Fee | Charged |
|---|---|
| Overdraft fee | $15 |
| Non-sufficient funds fee | $0 |
| Monthly maintenance fee | $10 for Simply Right Checking account when requirements are not met |
| Out-of-network ATM fee | $3 for Simply Right Checking account; $2 when account owner is under 26 years old |
| Paper statement fee | $3 for Simply Right Checking; $0 for savings accounts |
About Santander Bank
Santander Bank operates 420 branches, nearly all of which are in eight Eastern states: Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, Connecticut, Delaware and New Hampshire. It also has a branch in Miami and provides a network of more than 2,000 ATMs.
Santander Bank is a subsidiary of Banco Santander SA, based in Madrid. It was founded in 1857 when Queen Isabella II of Spain signed a Royal Decree authorizing its incorporation. Today, the bank has $89.5 billion in assets in the U.S. and 149 million customers globally, according to its website.
Customer experience
Santander Bank’s app is highly rated. It earned 4.7 stars in the Apple App Store and 4.4 stars on Google Play. Customers can use the app to send and receive funds via Zelle.
Customer service by phone. Customers seeking assistance can speak with a live agent by phone from 8 a.m. to 8 p.m. Eastern time, Monday through Saturday. The bank’s site provides estimated call wait times. Live chat is unavailable.
Limited ATM network. Santander’s network of 2,000-plus ATMs includes those located in CVS Pharmacy stores, mainly in the Northeast.
Scored slightly below average by J.D. Power for customer satisfaction. Among banks in the New England region included in J.D. Power’s 2023 Retail Banking Satisfaction Study, Santander scored 621 points on a 1,000-point scale for overall customer satisfaction. The regional average was listed as 630.
How Santander Bank compares to other banks
Santander Bank vs. TD Bank
Both Santander Bank and TD Bank have origins that date back to the 1800s, and both currently maintain branches in the eastern U.S. TD Bank has a wider reach, however, with more than 1,100 branches in 16 states. By comparison, Santander only has around 420 branches in nine states. TD Bank offers nearly 2,700 ATMs, while Santander offers more than 2,000.
The savings accounts from both Santander and TD Bank earn yields that are near rock-bottom, although Santander’s account pays a slightly higher APY. Both banks offer a number of CD terms that earn high yields, while TD Bank requires a slightly lower minimum deposit to open a CD. However, to earn the highest yield for TD Bank’s CDs, you must also have a checking account with the bank — Santander doesn’t have such a requirement. Both banks offer multiple checking accounts.
Santander Bank FAQs
Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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