Review
Updated
Fact Checked
Ashley Maready
Santander Bank operates through its branch network, which is primarily based in the Northeast U.S. It offers a variety of checking, savings, and CD accounts, some of which have competitive interest rates and perks. In this full review, find out if Santander Bank could be a good choice for you.
Santander Bank
Bottom Line
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.
Pros
- Strong checking account for high-balance customers
- Some excellent CD yields
- Select Money Market Savings is a solid product
- Branches located throughout the Northeast
Cons
- Several of its products aren't competitive with peers
- Lack of CD yield transparency
- Branches only in a few areas
Santander Bank savings accounts
Santander offers three different types of savings accounts, two of which it categorizes as "money market savings" accounts. Here are the details of each one.
Santander® Select Money Market Savings
The Santander® Select Money Market Savings account is only available to customers who have a Santander® Select Checking account (more details in the checking account section of this review). It has no monthly fees, up to $30 in monthly ATM fee reimbursement, and pays interest.
However (and this will come up throughout the review), Santander Bank's rate transparency is not great. It doesn't publish the current rates for the Santander® Select Money Market Savings account, and only says "for current rate information, please speak with one of our experienced bankers" on the account page. According to several sources, the rate is quite competitive with other high-yield money market accounts, but the transparency could certainly be better.
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Ratings Methodology
Rates as
of Apr 26, 2024
Santander® Select Money Market Savings
Member FDIC.
Monthly Fee
$0
Min. Balance
$25 to open, then $0
APY
Undisclosed
Min. To Earn APY
$0.01
- Competitive APY
- ATM fee reimbursement
- No monthly fees
- Rate transparency is lacking
- Only available to Santander®
Select Checking customers - Can only be opened in person
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
The Santander® Money Market Savings account is far less competitive than the Select account. It pays an extremely low APY, and has a $10 monthly fee unless you also open a checking account or maintain a $10,000 balance.
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Ratings Methodology
Rates as
of Apr 26, 2024
Santander® Money Market Savings
Member FDIC.
Monthly Fee
$10, waived with any personal Santander® checking account or with $10,000 average daily balance in the Santander® Money Market Savings account.
Min. Balance
$25 to open, then $0
APY
0.03% to 0.05%
Rate info
Balance of $1- $9,999.99 earns 0.03% APY, balances $10,000 and up earn 0.05% APY
Min. To Earn APY
$1
- No minimum balance requirement
- Over 2,000 free ATMs
- $10 monthly fee (can be waived)
- Very low APY
- No ATM fee reimbursement
- Cannot be opened online
The Money Market Savings account isn't terribly competitive with other money market accounts on our radar. There's a monthly fee, no ATM fee reimbursement, and a low interest rate.
Santander® Savings
Santander® Savings is the bank's basic savings account, and is the only one of the three that can be opened online. It does have a small ($1) monthly fee, but it can be easily waived by maintaining a $100 balance or by opening a checking account. There is no minimum balance requirement and access to over 2,000 ATMs for free.
However, the Santander® Savings account isn't competitive when it comes to yield. It pays a miniscule APY, so if you're looking for higher yield, you might want to look at one of our top high-yield savings accounts.
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Ratings Methodology
Rates as
of Apr 26, 2024
Santander® Savings
Member FDIC.
APY
0.03%
Min. To Earn APY
$0.01
- Fee is easy to waive
- No minimum balance
- Over 2,000 free ATMs
- Extremely low APY
- No ATM reimbursement
The Santander® Savings account has a very low and easily waivable monthly fee, and has free ATM access at more than 2,000 locations. However, with a near-zero APY, it isn't competitive with most of the other savings accounts we cover.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
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 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
|
Rating image, 4.75 out of 5 stars.
4.75/5
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 |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
|
N/A
|
|
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
4.35%
Min. to earn: $0
|
New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
|
Santander Bank CD accounts
Santander Bank offers CDs in various maturity terms, and some have highly competitive yields.
Santander Bank CDs
Santander Bank offers a variety of CD products, but it isn't transparent about what it offers or its current rates. 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 9-month), its APYs are quite competitive with CD rates at top banks.
Rates as of April 25, 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 CD rates
CD yields are at their highest level in years, and it's important to compare several before you choose one.
Rates as of April 25, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
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 |
Santander Bank checking accounts
Santander Bank offers three different types of checking accounts.
Santander® Select Checking
The Santander® Select Checking account is Santander Bank's top-tier checking account product. It is an interest-bearing account, and is great for those who tend to keep relatively large balances. It has a $25 monthly fee, but this can be waived with a minimum combined balance of $25,000 across Santander Bank accounts.
There are no minimum balance requirements for the checking account itself. Not only can customers access their money at over 30,000 ATMs around the world, but Santander Bank will reimburse up to $30 per month in non-Santander ATM fees.
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Ratings Methodology
Rates as
of Apr 26, 2024
Santander® Select Checking
Member FDIC.
APY
Undisclosed
Min. To Earn APY
N/A
- Interest bearing
- Excellent ATM reimbursement
- No minimum balance requirement
- High monthly fee (and balance requirement to waive it)
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
The Santander Simply Right® Checking account is designed for everyday use, and while it has a $10 monthly fee, it can be waived with just one qualifying transaction in the account per month. There is no minimum balance requirement, although there's a $25 opening deposit requirement to get started. The account isn't interest bearing, but is a solid basic checking account.
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Ratings Methodology
Rates as
of Apr 26, 2024
Santander Simply Right® Checking
Member FDIC.
APY
N/A
Min. To Earn APY
N/A
- Low opening deposit
- Easy to waive monthly fee
- No minimum balance
- Doesn't pay interest
- Few unique features
The Simply Right® Checking account is the easiest way for most customers to get a fee-free checking account at Santander, as waiving its monthly fee requires just one transaction per month.
Santander® Essential Checking
As the name suggests, the Santander® Essential Checking account is the bank's basic checking account product. There is no minimum balance requirement, and you can open an account with as little as $10. It doesn't allow overdrafts, so customers don't have to worry about overdraft fees.
The biggest drawback is the $4 monthly fee, which can only be waived if an account owner is under 26 or over 65.
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Ratings Methodology
Rates as
of Apr 26, 2024
Santander® Essential Checking
Member FDIC.
APY
N/A
Min. To Earn APY
N/A
- Free for younger and older customers
- $10 opening deposit
- No overdraft fees
- No minimum balance
- $4 monthly fee unless waived by age
- Not interest-bearing
The Essential Checking account is an excellent choice for younger or older customers, as they are entitled to an automatic fee waiver. For customers older than 26 but younger than 65, it might make sense to look for a fee-free option elsewhere.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
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 |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
|
|
Rating image, 4.75 out of 5 stars.
4.75/5
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 |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
|
|
Rating image, 4.25 out of 5 stars.
4.25/5
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 |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
|
Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
|
Santander Bank customer service and experience
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. It doesn't have particularly stellar phone or online support and mainly focuses on providing in-branch service.
Santander Bank relationship benefits
The only relationship benefits program is for Santander® Select Checking clients, who also get premium money market account interest rates, the excellent Santander Select World Debit Mastercard, a few complimentary banking services, and more.
Alternatives to Santander Bank
No bank is perfect for everyone, and Santander Bank is no exception. Here are a couple of alternatives that might be a better fit.
SoFi Bank
If you aren't worried about being able to visit a banking branch, SoFi 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 Bank
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.
Is Santander Bank right for you?
Santander Bank is a solid regional bank, if you live where it has branches, and you plan to utilize its Select accounts or CDs.
Other products by Santander Bank
In addition to the account types we've already discussed, Santander Bank offers several other banking products and services.
- Personal loans
- Private banking (for high-net-worth customers)
- Investment advisory services
- Money market accounts
Santander Bank credit cards
- The Santander® Ultimate Cash Back® Card is the bank's credit card product, and is a no annual fee credit card product. It earns 1.5% cash back on purchases, and 3% for the first 12 months (up to $20,000 in purchases).
Our bank and credit union methodology
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 The Motley Fool Ascent rates bank accounts.
FAQs
-
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 decided to stop originating mortgages in the United States in early 2022, choosing to focus its efforts on other banking products instead.
Our Banking Experts
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
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