Updated
Fact Checked
Eric McWhinnie
Although it lacks in term variety, Santander Bank CD rates more than make up for the limited selection. Provided you can show up in person to open an account, the 9-month CD rates are some of the best we've seen. See all of the details in our complete Santander Bank CD review.
Santander Bank CD rates for 2024
Rates as of May 14, 2024
APY = Annual Percentage Yield
Santander Bank CD
Bottom Line
Santander Bank features just two CD rates and terms on its website and they are quite competitive. However, the longest term you'll find is 9 months, and you'll need to visit a Santander Bank location to open your CD.
MINIMUM DEPOSIT $500
| 6 Mo. APY | 9 Mo. APY |
|---|---|
| 5.00% | 5.30% |
Compare Santander Bank CD rates
This smaller regional bank has big rates. While CD (certificate of deposit) options are limited, the APYs are exceptionally competitive, easily comparable to our top CD rates.
Rates as of May 14, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
Details about Santander Bank CDs
Santander Bank doesn't have a ton of CD options; the bank offers only standard CDs, with just two maturity terms (both short-term) from which to choose. That said, the APYs (annual percentage yield) are fantastic.
Santander Bank CD
Pros
- APYs are highly competitive
- Modest minimum deposit
Cons
- Only two maturity term options
- CDs must be opened in a branch location
As long as you want a short-term CD, you could do far worse than a Santander Bank CD. They have a very reasonable minimum deposit, making them fairly accessible. And the rates are stupendous. The 6-month CD is already competitive, but the 9-month CD is stellar.
You're out of luck if you want anything longer; the bank doesn't offer 12-month CDs, let alone anything over a year. You'll also need to physically be within the bank's service area since you need to show up in person to open a CD.
Other Santander Bank CD accounts
Santander Bank also offers the following CD accounts:
- Small Business CD
Who is a Santander Bank CD right for?
A Santander Bank CD is a good choice for folks who want an excellent rate on a short-term CD. The only caveat is that you'll need to be in -- or able to travel to -- the Santander Bank service area, as Santander Bank CDs can't be opened online.
Locations are limited to the following states:
- Connecticut
- Delaware
- Florida (Miami)
- Massachusetts
- New Hampshire
- New Jersey
- New York
- Pennsylvania
- Rhode Island
Bottom line: Santander Bank CD rates
Santander Bank CD
- 6 APY: 5.00%
- 9 APY: 5.30%
Rates as of May 14, 2024
APY = Annual Percentage Yield
Term
Santander Bank CD
6 Mo.
9 Mo.
5.00%
5.30%
Keep reading about Santander Bank:
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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Santander Bank CDs can only be opened in-person in a branch. Branches are primarily located in the northeastern U.S., with one straggler in the Miami, Florida, area.
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Yes, like most CDs, Santander Bank CDs will charge a penalty if you withdraw your funds before the CD matures. If the CD reaches its maturation date and rolls over to a new CD, you'll have a small window to withdraw your funds without a fee.
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No, Santander Bank is a regional brick-and-mortar bank with dozens of locations throughout the northeastern United States. The bank does offer online banking and a mobile app, however.
Our Banking Experts
Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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