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Santander is somewhat of a hybrid between an online and branch-based bank, and offers a few competitive account types, such as the combination of its Select Checking and Money Market accounts.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
This bank may be a good option for you if:
| Santander Bank Fee | Charge |
|---|---|
| Monthly maintenance fee | $0 to $25 depending on account type |
| Non-Bank ATM fee | $3 domestic, $6 international |
| Overdraft fee | $15 |
| Outgoing wire transfer fee | $25 domestic, $40 international |
| Paper statement fee | $3 |
Santander Bank gives you two savings accounts to choose from.
Openbank High Yield Savings is Santander Bank's premium savings account. It offers an extremely competitive APY, one of the best we've seen, and there's no monthly fee. Unlike the standard savings account, there are a couple requirements you must meet to open this account.
For one thing, you must deposit $500 minimum to open the account. For another, you must not already have an open account with Santander Bank. This bank account is 100% digital, so you can't walk into Santander Bank branches for help or order checks.
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Openbank High Yield Savings
The Openbank High Yield Savings account could be right for you if you're a digital native and comfortable managing your account 100% online. This account sacrifices some of Santander's extra features in favor of offering you an extremely high rate with low fees. It's a good deal, if it meets your needs.
The Santander® Savings account is a no-frills savings account. It may be worth opening if you have $25 and can waive the monthly fee. You can do so by opening a Santander checking account, maintaining a $100 savings account balance, or by being younger than 26 years old.
It's convenient to do your saving and checking in one place. That said, the APY is much worse than competitors. If you can swing another Santander account, it may be worth doing.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Bonus | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
4.90/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor |
up to 3.80%
Rate info
Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Min. to earn: $0
|
Earn $50 or $400 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC. |
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for EverBank Bank High-Yield Savings Account from Raisin
On Raisin's Secure Website. |
4.15%
Rate info
Earn a guaranteed 4.15% APY for 90 days. After that, your savings keep growing at a competitive standard rate -- currently 3.95% APY (subject to change). No minimum account balance required. Deposit or withdraw at any time with no additional fees.
Min. to earn: $1
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Earn up to $1,200 when you sign up and fund your account using code SUMMER26.¹
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Open Account for EverBank Bank High-Yield Savings Account from Raisin
On Raisin's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
4.80/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor |
up to 4.10%*
Rate info
4.10%* APY for balances of $5,000 or more; otherwise, 0.60%* APY
Min. to earn: $5,000
|
Earn up to 4.10% APY with promo code CITBoost
With the 6 month Boost limited-time offer, you earn 4.10%* APY on balances over $5,000 (balances less than $5,000 earn 0.60%* APY). After the boost is complete you will continue to earn standard rates -- 3.75% APY for balances over $5,000 (balances less than $5,000 earn 0.25% APY). The minimum to open a Platinum Savings account is $100. Member FDIC. No monthly service fees. |
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
¹New customers only. Earn a cash bonus when you deposit and maintain funds with partner banks on the Raisin platform. Customers can earn up to $60 for depositing between $10,000 and $24,999 ($50 welcome bonus + $10 bonus boost when you set up two recurring deposits or more totaling $100), up to $150 for depositing between $25,000 and $49,999 ($125 welcome bonus + $25 bonus boost when you set up two recurring deposits or more totaling $250), up to $300 for depositing between $50,000 and $99,999 ($250 welcome bonus + $50 bonus boost when you set up two recurring deposits or more totaling $500), up to $600 for depositing between $100,000 and $199,999 ($500 welcome bonus + $100 bonus boost when you set up two recurring deposits or more totaling $1,000), and up to $1,200 for depositing $200,000 or more ($1,000 welcome bonus + $200 bonus boost when you set up two recurring deposits or more totaling $2,000).
To qualify for the bonus, you must be a new Raisin customer who signs up between June 1, 2026, and July 31, 2026, and the promo code SUMMER26 must be entered at the time of sign-up. Deposit at least $10,000 within 14 days of your first deposit. You can make one or multiple deposits during this window, and your total deposited amount determines your bonus tier. You may add more funds during the 14-day window to reach a higher bonus tier. Satisfying these base requirements is mandatory to unlock and earn the optional recurring deposit boost. You can add this boost during your 14-day window by setting up an automated schedule that posts at least twice during the 90-day holding period. The recurring deposit boost is an extra cash reward earned by setting up an automated savings schedule within your first 14 days that posts at least twice during the 90-day holding period. Your base welcome bonus tier sets the maximum cap for this extra reward. If you choose to skip it, you will still earn your base welcome bonus by meeting the standard qualifying terms. However, you cannot earn the recurring boost on its own; satisfying the base welcome bonus requirements is mandatory to unlock it.
Once the deposit window closes, your balance must remain at or above your qualifying bonus tier for 90 days. If your balance drops below that amount during the 90-day period, you may no longer be eligible for that bonus. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for this bonus.
Bonus cash will be deposited by Raisin into the customer’s Cash Account within 30 days of meeting all qualifying terms. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin reserves the right to modify or terminate this offer at any time.
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of February 17, 2026.
* Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on February 13, 2026, and ends August 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
For complete list of account details and fees, see our Personal Account disclosures.
CIT General Disclosure
For complete list of account details and fees, see our Personal Account disclosures. https://www.cit.com/cit-bank/resources/forms
There isn't much transparency around the offers or rates of Santander Bank CDs. It features a couple of popular CD terms with special rates on its website, but for anything else, you'll need to speak with a banker. Plus, CDs can only be opened in a branch, not online.
Having said that, for the popular CD terms disclosed on its website (currently 6-month and 12-month), its APYs are quite competitive with CD rates at top banks.
CD yields are at their highest level in years, and it's important to compare several before you choose one.
EverBank CD Raisin
On Raisin's Secure Website.
CIT Bank No-Penalty CD
On CIT's Secure Website.
Santander Bank offers three different types of checking accounts.
Santander® Select Checking is the bank's premier checking account. It's worth looking into if you can get the monthly fee waived by maintaining a $25,000 balance. Perks include $0 cash withdrawal fees at ATMs in the U.S. and abroad, plus reimbursements for surcharge fees charged by non-Santander ATMs. You can get your card replaced for $0 if you lose it (standard accounts are charged $30 for debit card replacement). Paper statement fees are waived.
This is an interest-bearing account, but Santander doesn't disclose the APY on its website.
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Santander® Select Checking
The Santander® Select Checking account is an interest-bearing account with an excellent ATM fee reimbursement policy. Because of its above-average monthly fee and balance-based waiver, it is best suited for people with over $25,000 in Santander accounts.
Santander Simply Right® Checking is excellent for getting your monthly fee waived. You can do so by making a single transaction per month. However, the account lacks perks. Checking accounts don't need to be fancy to cover the essentials.
Santander® Essential Checking is ideal if you have less than $25,000 to deposit. If you're younger than 26 or at least 65 years old, the monthly fee is waived. Perks of this account include reduced ATM fees ($2.50) and reduced paper statement fees ($2).
Though the monthly fee is low, many competitor checking accounts have done away with monthly fees entirely. If you can't get the fee waived, you may want to bank elsewhere.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Bonus | Next Steps |
|---|---|---|---|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
Santander Bank offers two money market accounts we cover below.
Santander® Select Money Market Savings is the bank's premier money market account. There is no monthly fee, but you can only open it with a Santander® Select Checking account, which charges a monthly fee on balances lower than $25,000.
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Santander® Select Money Market Savings
While it's only for certain customers, the Select Money Market Savings account is a competitive money market account. It has a competitive APY and offers excellent ATM fee reimbursement, which is a rare feature of branch-based bank accounts.
Santander® Money Market Savings may be worth opening if you can get the fee waived. You can do so by opening a checking account with Santander or by maintaining a $10,000 account balance. The account pays interest, though not nearly as much as competitors.
Santander Bank reviews are about average for brick-and-mortar banks, which is to say, poor.
Online customer reviews for Santander Bank are poor. Like most brick-and-mortar banks, Santander's Trustpilot rating is between one and a three. It scores better than Capital One (1.3) and worse than SoFi® (4.5). On the plus side, the A- Better Business Bureau (BBB) rating indicates Santander responds to customer complaints.
Yelp reviews indicate that customer service is poor in-person and over the phone. Customers complain about long wait times, old machines, and slow service. One customer mentioned that the bank is very convenient for simple transactions as opposed to checks or international transfers. Your experience at in-person locations may vary by branch.
You can contact Santander Bank for remote banking help by calling 1-877-768-2265 from 8 a.m. to 8 p.m. ET, Monday through Saturday. You can walk into the nearest bank branch for in-person help.
Mobile app reviews for Santander Bank are mostly positive. Recent reviews indicate the app sometimes glitches, but it mostly works fine. The biggest recurring issue seems to be with mobile check deposits, a common issue among banking apps. The overall sentiment is that the app is similar to other banking apps and seems to be getting better over time.
The app lets you open accounts, view balances, manage cards, and more. You can use Face ID to log in with iPhones, a convenient security feature. You can see all your account balances from your home screen and easily navigate to Zelle to send money to friends from the app.
Santander Bank is primarily a branch-based bank, with locations throughout the Northeast and some in Southeast Florida, and many branches are conveniently located inside CVS Pharmacy stores. You can withdraw money from over 2,000 Santander ATMs spread across the Northeast.
No bank is perfect for everyone, and Santander Bank is no exception. Here are a couple of alternatives that might be a better fit.
If you aren't worried about being able to visit a banking branch, SoFi® (Member FDIC) could be a great fit for you. The bank offers a combination savings and checking account that is one of the best in the business, and has one of the highest APYs. SoFi® also offers a user-friendly investment platform, a variety of loan types, and excellent relationship benefits.
Capital One is a great combination of a branch-based financial institution and a high-yield online bank. It offers some excellent savings accounts and CDs, as well as some excellent checking account products. Capital One is best known for its credit cards, but it offers a full range of lending products as well.
Yes, Santander Bank offers a mobile banking app, which features mobile check deposit, online bill pay, account alerts, and more. It offers access to the Zelle money transfer platform, and has a high rating in the App Store.
Some types of deposit accounts can be opened through Santander Bank online. It is primarily designed to be a branch-based bank, but does offer a few of its products to be opened online. However, many are restricted to residents of certain states.
Santander Bank is a safe place to put your money. The bank is FDIC insured up to the typical limit ($250,000 per eligible account). If something happens to the bank, your money is covered up to FDIC limits.
Motley Fool Stock Disclosures
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APY — Annual Percentage Yield is accurate as of July 1, 2026. $1,000 minimum to open the account.
With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.
CIT General Disclosures
For complete list of account details and fees, see our Personal Account disclosures.
