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Santander Bank Review: A Solid Regional Bank for Savings and Checking

Review Updated
Matt Frankel, CFP®
By: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

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.

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Our Banking Expert

Ashley Maready
Check IconFact Checked Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

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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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Offer image for
Member FDIC.

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

  • 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.

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.

Ratings Methodology
Rates as of Jun 28, 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.

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

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 Circle with letter I in it. 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.

Compare savings rates

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 Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. 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!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 28, 2024
Min. to earn: $1
N/A

Certificates of deposit

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 9-month), its APYs are quite competitive with CD rates at top banks.

Rates as of June 7, 2024

APY = Annual Percentage Yield

Offer image for Santander Bank CD
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 10 months, and you'll need to visit a Santander Bank location to open your CD.

MINIMUM DEPOSIT $500
6 Mo. APY 10 Mo. APY
4.75% 5.00%

Compare Santander 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 June 7, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.70% Term: 1 Year Min. Deposit:  $2,500
Open Account for Discover® Bank CD
APY: 5.25% Term: 1 Year Min. Deposit:  $1
Open Account for
APY: 5.10% Term: 9 Months Min. Deposit:  $1
Open Account for

Checking accounts

Santander Bank offers three different types of checking accounts.

Ratings Methodology
Rates as of Jun 28, 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

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

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.

Compare checking accounts

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 Promotion Next Steps
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')
up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month
0.40% (up to 3.30%)
Rate info Circle with letter I in it. 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
Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.

Customer experience

Physical locations

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.

Customer service

It doesn't have particularly stellar phone or online support and mainly focuses on providing in-branch service.

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.

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.