If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
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.
On Santander Bank's Secure Website.
Member FDIC.
Openbank High Yield Savings
On Santander Bank's Secure Website.
On Santander Bank's Secure Website.
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.
Openbank disclosure:
*Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 AM ET . The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential ZIP code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at our discretion any time without notice. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only.
Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured.
Openbank Customer Service Phone Support is available to help Monday-Saturday, 8:00 AM to 8:00 PM ET or visit www.openbank.us/help.
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 NexBank High-Yield Savings Account from Raisin
On Raisin's Secure Website.
4.70/5
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 |
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 3.97% APY (subject to change). No minimum account balance required. Deposit or withdraw at any time with no additional fees. See product terms for complete details.
Min. to earn: $1
|
Earn up to $1,200 when you sign up and fund your account using code SUMMER26.¹
|
Open Account for NexBank High-Yield Savings Account from Raisin
On Raisin's Secure Website. |
Open Account for Happen Bank LevelUp Savings
On Happen Bank's Secure Website.
4.70/5
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 |
4.00% APY with $250+ in monthly deposits
Rate info
*LevelUp Rate of 4.00% APY applied to full balance with $250+ in deposits in Evaluation Period. Otherwise, accounts earn Standard Rate of 3.00% APY. LevelUp Rate applies to first two statement cycles. Rates variable & subject to change at any time. See terms: https://www.happen.com/legal/deposits/levelup-savings-t-and-cs
Min. to earn:
|
N/A
|
Open Account for Happen Bank LevelUp Savings
On Happen Bank's Secure Website. |
¹New customers only. Earn a cash bonus (the "Base Bonus") when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive a Base Bonus of $50 for depositing between $10,000 and $24,999; $125 for depositing between $25,000 and $49,999; $250 for depositing between $50,000 and $99,999; $500 for depositing between $100,000 and $199,999; and $1,000 for depositing $200,000 or more.
Customers may earn an additional bonus by setting up a recurring deposit within 14 days of their initial deposit (the “Recurring Deposit Bonus”). To qualify, the recurring deposit must be established within 14 days of the initial deposit date and it must execute at least two (2) times within 90-days of the initial deposit. Recurring Deposit Bonus eligibility is determined by your Base Bonus tier:
Customers are eligible to earn the Recurring Deposit Bonus associated with their Base Bonus tier or any lower Recurring Deposit Bonus tier. For example, a customer with an initial deposit of $200,000 (qualifying for the highest Base Bonus tier) whose aggregate recurring deposits total $500, is eligible for the lower tier and will receive the $50 Recurring Deposit Bonus. However, setting up a recurring deposit greater than your Base Bonus tier's required threshold will not qualify you for a higher Recurring Deposit Bonus.
The Recurring Deposit Bonus is paid in addition to the Base Bonus. To qualify for the Base Bonus and Recurring Deposit Bonus, your first deposit must be initiated between June 1, 2026, and August 31, 2026, by 11:59 PM ET, and the promo code SUMMER26 must be entered at the time of sign-up. 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 the Base Bonus. Bonus cash will be credited directly to your 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 may modify or end this offer at any time and may withhold or revoke bonuses in cases of fraud, abuse, or violation of these terms or Raisin’s Terms of Service.
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.
On Santander Bank's Secure Website.
Member FDIC.
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.
On Santander Bank's Secure Website.
Member FDIC.
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
Charles Schwab is an advertising partner of Motley Fool Money. SLM is an advertising partner of Motley Fool Money. Ally is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Wells Fargo is an advertising partner of Motley Fool Money. Synchrony Financial is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Cole Tretheway has no position in any of the stocks mentioned. Matt Frankel has positions in Ally Financial, American Express, and Capital One Financial. The Motley Fool has positions in and recommends Alphabet, Apple, Axos Financial, Goldman Sachs Group, Mastercard, and Target. The Motley Fool recommends Barclays Plc, Capital One Financial, and Charles Schwab and recommends the following options: short September 2025 $92.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.No-Penalty/11-MO CD
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.
